Sterling shimmers as P&G and Martlet win attractive terms

By Jon Hay
27 Apr 2017

The revival of sterling bond issuance powered ahead on Thursday, as Procter & Gamble brought a £750m deal that one banker said was “as rare as Halley’s Comet”. That coincided with a £1bn covered bond from Santander and a £400m debut from Martlet Homes.

The banker was only exaggerating a little about P&G — its two previous sterling issues were in 2000 and 2002. While those were both in the classic sterling sweet spot of 30 years, this week P&G went for the intermediate part of the curve, often ignored for years ...

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