Sterling
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◆ Pace of European FIG issuance slows ◆ UK's Co-op Bank set to sell sterling senior ◆ Mediocredito Centrale completes euro senior roadshow -
Four hybrids draw attention from rampant subordinated FIG market
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◆ UK bank taps home market ◆ Minimal signs of attrition ◆ Specialist UK pension provider Just Group consolidates tier two
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◆ Transaction ‘complements’ short end sterling trend ◆ Development bank prices flat to curve ◆ A book size ‘which you don’t see every day in the sterling market’
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No let-up in demand as the third week of high issuance activity gets underway
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction
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Volumes tipped to be down next week, with borrowers cramming into first three days
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◆ IDA navigates busy dollar market ◆ IFC deal ‘ticked a number of boxes' ◆ Size important for IDA, while not the objective for IFC
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Potential Gilt volatility prompts market debate
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◆ Record size, record book and record investor offers ◆ UK financial year syndication target 80% complete ◆ Demand diversity ‘very notable’
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◆ Issuer takes £750m with first deal since 2021 ◆ Trade the joint tightest three year deal of 2024 ◆ Small premium paid
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◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand
