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Being ‘flexible and fast’ proves key for public sector issuers amid uncertain market backdrop
‘A strong focus on a fast execution process’ aimed to minimise uncertainty and volatility, says sovereign’s funding head
◆ Combined book one of the sovereign’s largest ◆ Swap spread volatility observed overnight ◆ Issuer ‘did well not to stretch’ the pricing
UK government has a £4.9bn higher net financing requirement
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Whether Germany pushed investors too far this week was of secondary importance
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Market split over whether the issuer pushed pricing too far
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Usual fourth syndication to follow after the summer
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Sovereign achieves bigger greenium than in 2023, but orders fell by more than half after price was tightened
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Domestic investors dominate despite European interest but Asia buyers take less than in previous deals
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OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise'