Sterling
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Issuer completes sterling funding at better levels than its recent euro outing -
Issuer lands mid-teens new issue concession in short end outing
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Deals went well but have not dispelled concerns around the fragility of euro covered bond demand
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After recent issuers choose size over pricing, HSBC prepares a rare visit with an expected ‘tight’ five year
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Sterling corporate bond issuance is on a roll
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Issuer raises nearly $4bn within three days across different currencies
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TSB had the option to print a tighter deal but in smaller size
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◆ Bank aims for volume in the currency ◆ First deal since 2021 adds scarcity appeal ◆ Longer than five year maturity helped by Gilts outperformance
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TD has followed CBA into dollars, TSB plans a sterling deal
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◆ UK issuer tightens pricing in contrast to recent FIG deals ◆ Shorter tenor gives alternative to oversupplied five year sector ◆ YBS nearly doubles demand of previous outing
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Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
