Sterling gloom ahead for SSAs despite tumbling records

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By Burhan Khadbai, David Freitas
23 Jan 2020

Public sector borrowers have been ripping up new issuance records in the sterling market since 2017. But that rich run could all be about to end with underlying spreads making the market unattractive versus euros and dollars. However, that will not deter bank borrowers who are set to party on in pounds, write Burhan Khadbai and David Freitas.

“Total volumes are lower than last year, which was a record year, but market conditions are arguably better just now,” said Mark Byrne, an SSA syndicate banker at TD Securities. “Sterling is functioning like a large, liquid benchmark market — deals are larger, books are multiple times oversubscribed, ...

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