Sterling
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Second electrical distribution company to issue in two days gets thumping response -
Cost was lower than euros and cheaper than the bank's debut Sonia deal
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◆ PIC preparing to take £200m new net capital after maxing tender offer ◆ Sogecap takes the road for first deal since 2014 ◆ Meanwhile parent SocGen calls dollar AT1
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◆ ECB terminal rate belief anchors yields and stabilises mood ◆ Bond performance gives confidence ◆ But concerns linger over smaller borrowers' market access
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Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals
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◆ Deal resuscitates near two-month hiatus in sterling unsecured FIG issuance ◆ Final book above £3.6bn hailed as ‘confidence’ booster for sterling market ◆ Varying NIP views at 20bp-30bp
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Asset-liability management exercises may become more popular as investor credit lines fill
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Stadtsparkasse München to test demand for five year Pfandbrief
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The ground breaking deal sent a green light to other UK issuers
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Issuer has funded almost 98% of its annual target with no new benchmark expected for rest of 2023
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Sterling and euro corporate bond markets turn hostile on Monday
