Sterling

UK bank prices flat to fair value as sterling delivers size across the capital structure

Canadian lender pays ‘marginal’ concession and lands through dollars

Issuers including Belgium and Italy are queuing up to access the market

Preparations begin for structural debuts and the first sterling bond of the year

Banks look to get ahead of obstacles on the horizon with almost €25bn of unsecured issuance in first week of 2023

Unsecured sterling FIG start its busiest since before the coronavirus pandemic

KfW and BNG were out with euro issuance, while EIB opened books on a dollar bond and others added to sterling supply

Size and spread close to what was possible in euros

UK lender dominated Wednesday's bond supply in UK currency

Public sector issuers from across the spectrum brought deals in a variety of currencies

US insurer pays a premium, but unearths tasty double digit arbitrage

As the world came out of the coronavirus pandemic, bond market conditions in 2022 did the opposite of what was expected of them and sharply deteriorated. Rising inflation, in part a result of the war in Ukraine, supply bottlenecks and fast tightening central banks all hurt banks’ abilities to access stable funding in international markets. Accessing unsecured primary financing, even senior debt, was no mean feat as new issue premiums moved higher for most of the year on top of skyrocketing spreads. Refinancing subordinated bonds at economic levels was far more challenging amid extreme volatility that brought back memories of the 2008 global financial crisis. Four bellwether deals are recognised this year for their market-leading achievements and successful execution that empowered the rest of the FIG market in Europe. They not only re-opened market access to a broader issuer base but also gave much needed confidence boost to battered investors. By Atanas Dinov and Frank Jackman.