Sterling
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Asian investors bought more than 40% of the deal following a recent roadshow -
◆ Only 5bp needed to seal rare sterling senior pref deal ◆ Top quality orders fuel bumper book ◆ Illiquid secondary curve causes pricing conundrum
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Busy week across products and currencies reduces chance of saturation
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Finnish issuer ended an 18-month hiatus in the currency to bag savings versus euros
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Muted SSA market welcomes European pair
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◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
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ABS, and euro and dollar covered bonds, may be preferred instead
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Caterpillar takes £500m a day after Mercedes-Benz reopens market
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UK issuer is latest to use the market to diversify its funding lines
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The focus will be on currencies other than dollars
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The first batch of European corporate earnings have shown multi-year weaknesses
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Tightly trading bonds look ripe to gap wider as conditions expected to deteriorate
