Sterling
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Access to the UK market cannot be taken for granted -
Super sterling goes ballistic, pricing is attractive
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Last January's book and deal size records tumble to encourage bankers with 'trillions' of issuance still to be digested
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Class B creditors' chances of having their rescue plan adopted appear slim as lawyers judge their timing to be too late and highlight unprecedented nature of case
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◆ Issuer matches previous record ◆ Pricing level was 'never a question' ◆ Market shrugs off Gilt selling
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◆ Deal lands flat to fair value without tightening ◆ Canadian spreads 'super tight' to UK names ◆ Sterling spreads have widened less than euro peers
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◆ Issuer among tightest US insurance companies in euros ◆ Euro volume from the sector reviving ◆ Sterling market has been growing in diversity since 2020
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◆ Sterling market goes from busy to busier ◆ OeKB takes ‘decent book’ ◆ Agency looks to dollars next
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◆ UK builder lands strong £1bn size ◆ Bankers confident more sterling supply will follow ◆ Slim premium paid, if any
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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◆ Whether issuer priced through euro curve debated ◆ French bank opting for sterling 'pretty smart tactically' ◆ Euro-sterling cross-currency basis lures other issuers
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◆ Joint largest size from non-UK public sector issuer ◆ ADB also raised £1bn ◆ Cross currency basis allows for sterling concession
