Sterling
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Four other SSA issuers notch MTN funding -
◆ Issuer prices inside fixed rate equivalent ◆ Technical cashflows supportive ◆ Challenger bank treasuries prefer floating over fixed format
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Heavy euro and sterling flows meet firm demand, but costs are higher for issuers
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Loans bankers wary of potential overbuilding amid Europe data centre growth
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Post-Budget window lures sterling issuers while January pipeline swells for a busy start to 2026
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Novel exercise welcomed as a way of enhancing transparency and accountability in lightly regulated sector
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◆ CaixaBank's first sterling trade in almost three years ◆ No orderbook attrition on reoffer ◆ Unsecured pipeline discussed
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◆ Aroundtown returns with first deal since 2019 ◆ LondonMetric makes debut ◆ Busiest December for sterling issuance in more than a decade
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Deal supply swelled as issuers sought to lock in funding at attractive levels
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French bank predicts euro, sterling and dollar issuance will all grow next year
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◆ Dual-tranche sterling deal first from a financial institution since UK Budget ◆ Dutch bank also issued the first euro EuGB ◆ Deals follow ABN's capital markets day
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◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value
