Sterling

Diverse mix of companies to get issuance going but will have to navigate Epiphany

Investors look to short-dated sterling as more rate cuts from BoE expected

The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen

The public sector bond market digested more than $900bn of benchmark syndications in the first 10 months of 2025, close to the amount raised the previous year. New issue premiums varied by currency, with the biggest annual change in the euro market, writes Sarah Ainsworth

Investment grade companies demonstrated just how much liquidity was sloshing around in the euro, dollar, sterling and Swiss franc markets with a string of large deals. But these bonds did not just stand out for the amount issued. Rather, they showed that there is not always a trade-off to be made between size and price

Aroundtown and Toyota tap private markets as public supply winds down

Funding head Ruud Jaegers on pioneering green bonds, pricing dynamics of EuGBs and heavier focus on senior preferred issuance

Four other SSA issuers notch MTN funding

◆ Issuer prices inside fixed rate equivalent ◆ Technical cashflows supportive ◆ Challenger bank treasuries prefer floating over fixed format

Heavy euro and sterling flows meet firm demand, but costs are higher for issuers

Loans bankers wary of potential overbuilding amid Europe data centre growth

Post-Budget window lures sterling issuers while January pipeline swells for a busy start to 2026