Issues
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Sustainability-linked revolver refinanced two years early -
◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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Risk shifted from lending banks to insurance companies
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Loan comes after the company prints debut $1bn hybrid bond last week
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Two more syndications to come and market is strong, but issuer is aware that 'uncertainty is still there'
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◆ Gilts rocked on macro fears but sterling bond issuance booms ◆ Just how much of a basket case is the UK anyway? ◆ Debt-for-nature swaps blossom
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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Access to the UK market cannot be taken for granted
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Elite group of companies now considered safer than France in the primary market
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Super sterling goes ballistic, pricing is attractive
