Sterling
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Possible fundamental changes to troubled UK water industry to send a chill through bond market -
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Borrower follows Engie in getting big book for a sterling deal this week
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration
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Supply eased in recent weeks after late summer burst
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Borrower swaps £450m facility with £500m deal
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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Confluence of factors leads investors to pile £1.5bn into book
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Investors expect additional bond issuance, with £15bn-£20bn already priced in
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Market reaction suits unsecured deals, from those not in blackout, as soon as Friday
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Social housing company signs range of revolvers from existing lenders
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
