Sterling

◆ First leg of financing for Aegon UK acquisition ◆ Popularity of FIG capital attracts large demand ◆ Deal seen with negative new issue concession

◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid

◆ 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

Higher rates a stumbling block for issuers that could overshadow strong demand

◆ Thin summer bid tests final SSA supply push ◆ Iran, CPI and holidays squeeze last pre-summer window ◆ Washington supras circle in dollar market

Standard Life and Paragon Banking Group have started the week of issuance with deal announcements

France’s Bastille Day and US inflation data expected to subdue supply early in the week

Valentino opts for euro FRN, while Iberdrola looks to offshore renminbi

◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid

◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession

◆ Canadian borrower issuing outside BoE collateral rules pays same spread as Quebec ◆ Asset managers lead book as bank treasuries take just a quarter ◆ Second sterling benchmark extends PSP's curve past debut

Collateral change has SSA issuers eyeing sterling — but it has strengthened one bid, not brought in new buyers