Sterling
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◆ Deal starved sterling investors pile into Wessex Water ◆ Final demand of £2.45bn ◆ First sterling deal this year from UK wastewater -
◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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◆ Wessex Water and Bunzl in sterling ◆ Manchester Airport and Mondi in euros ◆ Market shrugs off Friday’s weak non-farm payrolls number
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The issuer is also looking to end a six year absence from publicly placed RMBS
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◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper
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◆ First sterling benchmark from UK water this year ◆ Lands inside fair value ◆ Comes amid wild moves in rates market
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Loan brings to total revolving credit to £850m
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◆ Athene prints £250m off £255m peak orders ◆ Spread lands at top of guidance ◆ Short-dated FRN a 'defensive trade'
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Listed investment company is striving to cut debt costs
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◆ 'Cheeky' issuers reference low coupon Gilts ◆ RBC prints £300m senior deal off £375m final book ◆ Speculation 'less sophisticated investors' not aware of Gilt anomaly
