More issuers flock to sterling but worries remain

12 Apr 2010

Nordea Bank and Société Générale are looking to issue long dated five year notes in sterling later on Tuesday, following Commonwealth Bank of Australia and Danske Bank’s recent deals with the same tenor, with more expected to follow.

As issuing in sterling has recently been expensive, market participants said the deals were to diversify funding sources, and not opportunistic as there is not good arbitrage.

“If issuing costs are in line with the home currency I expect issuance in sterling to continue,” said one syndicate banker away ...

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