Sterling
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Wild rush of trades was never going to last -
◆ 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
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Whether to push on with supply or take a break divides participants
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◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
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Pricing tension rising at the edges of the market as money lured into public debt
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◆ Bank attracts £455m of orders for £500m print ◆ Price-sensitive investors resist 7bp move ◆ Bond holds firm on the offer side post-pricing, ask spotted 5bp wider
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Offshore pair eye diversification with sterling and Swiss franc covered deals
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year
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‘Undersupplied’ investors hunger for rare sterling paper from domestic banks
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Supra sells the longest SSA bond in the currency in recent weeks
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The issuer has kept sterling investors busy with 12 deals this year
