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Volumes rose 6% year on year
Heavy euro and sterling flows meet firm demand, but costs are higher for issuers
Post-Budget window lures sterling issuers while January pipeline swells for a busy start to 2026
◆ Aroundtown returns with first deal since 2019 ◆ LondonMetric makes debut ◆ Busiest December for sterling issuance in more than a decade
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Investors expected deals on Wednesday after Woolworths’ chunky demand
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◆ Australia’s biggest supermarket chain over six times subscribed ◆ Trade started marketing well wide of fair value ◆ Market still trying to find spread levels after chaos last week
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◆ US firm picks euros to refi dollars ◆ Investors see whipsawing arbitrage between currencies ◆ General Mills deploys bookbuilding tactics designed to sooth investors
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◆ Short week starts on stronger footing ◆ Gasunie lands with single digit new issue concession ◆ But high order book attrition is on display
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Three headed to market on Thursday
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◆ Blistering demand in euros and debut sterling for Australian name ◆ Spread thunders in by 40bp ◆ Doubt that this level of investor demand will continue for others