Sterling
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‘Very important transaction’ for the DMO in meeting investor needs where they are, says debt chief -
◆ Amazon adds sterling to funding tool kit ◆ Deal the second largest in the currency after Alphabet's own debut ◆ Trade prices tight but higher price needed for size
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◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
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Four-part deal could come as soon as Wednesday, adding sterling as Amazon’s fifth funding currency
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Heavy domestic supply from banks and corporates also meets strong demand
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Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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◆ Lender joins lively sterling FIG market ◆ Deal said to be three times covered ◆ HSBC also about to price three-part Samurai
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Looming political upheaval is putting pressure on French banks to pay up to pre-fund but recent deals show what is possible and at what price
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◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
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◆ UK insurer returns to home currency after two years ◆ Gilt yield surge aids revival in sterling FIG across capital structure ◆ High single digit NIP
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◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year
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◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
