Close Brothers extends sterling curve at next to no cost

By Frank Jackman
26 Nov 2020

Close Brothers returned to the public market after a two year absence on Thursday, launching a 10 year sterling deal from its operating company at a very flat level compared to its shorter dated bonds.

“The most interesting thing here is how flat the curve is between five and 10 years,” said one banker away from the deal.

Close Brothers’ existing 2026 bond was spotted at 140bp over mid-swaps ahead of Thursday's deal, the banker said.

The UK merchant bank went on to ...

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