Sterling
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◆ Sterling market embraces FABN duration and issuance proximity ◆ Longest publicly marketed deal by multiple arrangers ◆ Athene pays premium in sterling but saves versus dollars -
◆ A3 rated exchanges group prints long three and seven year paper ◆ Orderbook holds firm at £4.5bn ◆ Sterling depth proven ahead of BoE decision
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Big mining merger reignites confidence in M&A
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◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal
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◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints
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Market participants hope more jurisdictions will follow as Canadian duo attract record demand
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◆ Protective Life executes its third and largest sterling deal ◆ Global Atlantic captures long end euro bid with a 'club deal' approach… ◆ …after an unusually long 15 year sterling outing
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◆ 10 year non-call period is longest since 2014 ◆ Pricing comes very close to shorter Nationwide deal from June
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◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base
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◆ Lack of supply a factor ◆ Slim premium paid ◆ Domestic accounts accustomed to Gilt volatility and headlines
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◆ Abundant demand for UK water credit ◆ Order book about three times deal size
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◆ Record Gilt and hot sterling bonds give the lie to ‘UK crisis’ chatter ◆ Emerging market bonds bask in rampant demand ◆ Qualms creep into public sector bonds as investors get choosy
