VW, UUW find post-Brexit sterling a charm

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By Mike Turner
06 Feb 2020

Volkswagen Financial Services and United Utilities Water hit the sterling bond market this week to print £650m of debt. Issuers are finding a warm reception in the currency, despite the UK having left the European Union last Friday.

VWFS came on Monday via Barclays and Lloyds. It seemed ready to print at a low single digit new issue premium, as the primary market remained heavily weighted in favour of borrowers, despite the upheavals of Brexit.

“For now, Brexit worries are a way off again,” said a syndicate ...

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