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◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1
Sovereign issuer overcomes challenges to revive public dollar presence after half a decade’s silence
Spreads expected to remain ‘well anchored’ in coming weeks despite this week’s blip
◆ Issuer’s first public dollar deal since late 2021 ◆ New five, 10 and 30 year offered simultaneously ◆ Interest from European sovereigns grows for dollars
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Primary activity is set to ease into next week as Lunar New Year holidays take place
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Belgium next with second syndication of the year
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The trade might not be the sovereign's only one of the year
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Years of credit improvements have given landlocked country a loyal following among EM investors
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Borrowers from both sides of the Atlantic make their second or third appearances this year
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Syndication 'important achievement' for sovereign though greater challenge lies ahead