Sterling
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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 -
Sterling AT1 revival comes amid dispute over Deutsche Bank's foreign exchange losses
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◆ Two sterling AT1s price within 3 days ◆ Strategy limits foreign currency losses ◆ BIL sells euro AT1 with no premium
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◆ Three sterling deals come at once ◆ Some orderbook attrition displayed ◆ Investors say they want more sterling
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◆ New week starts with UK banks painting a 'good and rosy picture' for AT1 sales ◆ Lloyds offers the year's first sterling AT1 ◆ HSBC moves towards sub-7% mark in dollars
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£900m equity raise plans come as Southern tries to save its investment grade rating
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ First EU green bond from FIG after corporate and SSA debuts ◆ Bank turbocharges senior funding in euros a day after sterling visit ◆ Deals have similar structures and maturities
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Company is evaluating equity bids
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Issuer slips a notch as debt to regulatory capital metric worsens
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Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards
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◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea
