Sterling
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Hong Kong dollar issuance stays hot, while Middle East names add to a steady run in private placements
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◆ German bank's first sterling senior note in almost four years ◆ Premium paid ◆ Valuations 'quite squeezed' in wider sterling market
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◆ UK ports operator extends sterling run ◆ Orderbook remains sticky despite tighter spread ◆ Negative new issue premium
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◆ Orders swell despite lack of new issue premium ◆ 'Severe shortage' of deals ◆ Nationwide 'optimises' its tier two capital
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◆ Several factors led to choosing sterling maturity ◆ New UK investors arrived in recent deal ◆ Patience when evaluating cross-currency basis and spreads
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Green loans and project financing needed for Europe-wide rollout
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Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
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FIG supply clustered at the front end with a flurry of floaters
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◆ Deal first in sterling from Australia since late 2024 ◆ Trade prices flat to euros ◆ October redemptions could drive further supply
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◆ Canadian bank returns to senior sterling market 13 years after first attempt ◆ Similar strategy taken as in euro, Australian dollar and Swiss franc markets ◆ Treasurer eyes subordinated issuance in future
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◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities
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◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros