Sterling

Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit

Eight banks provided loan facility to company

◆ Canadian banks ramp up European senior and covered funding ◆ BMO restarts this year's unsecured sterling issuance from the sector ◆ Deal provides more favourable funding than euros

◆ ESM set for first syndication of 2026 ◆ EIB drawn to popular 10 year dollar demand ◆ KfW taps sterling market

Books were nearly three times the issue size

◆ First sterling bond will not be issuer’s last ◆ ‘Element of price discovery’ for inaugural trade ◆ Accessing new markets key to funding bigger needs, says issuer

Investors and bankers consider prospects for UK country's first bond issue

◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

Volume of SSA dollar issuance drops but duration increases

German sovereign goes for conventional over green as smaller peers join a crowded Tuesday