Sterling
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Investors forced to accept deals priced close to secondary curve as supply dwindles -
Borrowers push out maturities, printing bigger size across conventional and labelled deals
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Central bank money is gone and rising rates are hacking at corporate credit quality
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UK achieves second largest order book ever for linker sale
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Issuer has already been active in the currenty earlier in the year
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Long-dated bonds to be tapped and issued, Greece mounts tender offer
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Bondholders are happier despite the utility not securing the £1bn it said it needs
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Arbitrage lures issuers amid volatile backdrop
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Issuance boost for currency as supra joins CPPIB in issuing £1bn
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◆ Over 90bp of pick-up offered over larger building society peers ◆ Investors presented a wide range of comps for inaugural sale
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◆ Debut bail-in bond expected on Tuesday at the earliest ◆ Welsh borrower to offer a pick-up to larger building society peers ◆ Proceeds to fund senior bond tender
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◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note
