Sterling
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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Confluence of factors leads investors to pile £1.5bn into book
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Investors expect additional bond issuance, with £15bn-£20bn already priced in
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Market reaction suits unsecured deals, from those not in blackout, as soon as Friday
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Social housing company signs range of revolvers from existing lenders
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◆ First 10 year plus sterling deal outside of UK issuance for years ◆ Pricing will appeal to bank treasuries despite tight level to Gilts ◆ Third 2024 World Bank sterling trade
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Hotel company raises €600m across private markets
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Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
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Rachel Reeves's first Budget needs to pass the Truss test and avoid spooking the Gilt market
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◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity
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Shopping mall company received a blowout response to its £400m bond last week and good take-up of a tender offer
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◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow