Currencies

Machinery maker now has 20 relationship banks

◆ Sterling market embraces diverse set of insurance sector deals ◆ L&G underlines different current dynamics in tier two and RT1 asset classes ◆ Proceeds to go for buyback ahead of October call

Higher sovereign rates are here to stay, but borrowers can cope

◆ Rare deeply subordinated capital from an insurer in sterling very popular ◆ Potentially negative new issue premium ◆ First possible window taken

◆ Issuer waited for stable market ◆ Mixed views on concession ◆ Deal gives 'capital structure arb'

Founder Matthew Moulding injects £60m while extending a term loan and revolver

◆ Issuer strikes 'fine balance', prioritising size ◆ Pricing came in line with recent peers and KfW ◆ Have 10 year Länder bonds found their level?

◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'

◆ Value versus domestic curve debated ◆ Scarce Nordic tier two supply helped trade ◆ Nordic names 'still performing during volatility'

◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most

Subordinated deals make up a larger share of March's supply than usual

◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024