Sterling
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Sterling corporate bond issuance is on a roll -
Issuer raises nearly $4bn within three days across different currencies
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TSB had the option to print a tighter deal but in smaller size
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◆ Bank aims for volume in the currency ◆ First deal since 2021 adds scarcity appeal ◆ Longer than five year maturity helped by Gilts outperformance
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TD has followed CBA into dollars, TSB plans a sterling deal
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◆ UK issuer tightens pricing in contrast to recent FIG deals ◆ Shorter tenor gives alternative to oversupplied five year sector ◆ YBS nearly doubles demand of previous outing
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Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
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Demand for issuer's 25 year was more than double that for its 12 year tranche
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◆ UK lender issues to meet MREL needs ◆ Deal follows tier two from this year and AT1 from 2021◆ Pricing around 50bp above fair value
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Wild rush of trades was never going to last
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◆ Inaugural trade to follow two days of marketing ◆ Deal to be priced off outstanding tier two paper ◆ Proceeds to top up MREL levels ahead of 2024 interim target
