Principality and Sainsbury’s shop for sterling

By Tyler Davies
16 Nov 2017

Principality Building Society was marketing its first senior unsecured deal in more than a decade in the sterling market on Thursday, as Sainsbury’s Bank opened books on its first ever subordinated bond transaction.

Market conditions deteriorated over the first few days of this week, following an impressive rally for bank credit in October and early November. The slightly weaker conditions in the market have largely kept issuers from raising new debt in recent days.

But joint lead managers HSBC,

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