Sterling
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European Central Bank's more 'balanced' tone may offer reprieve for bond execution -
Inflation fears and rate volatility keep euro issuance at bay
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Corporate and unsecured financial issuance unlikely to restart in earnest as yields climb
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FIG issuers pile into front to mid-end floaters in private placements across currencies
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European banks’ absence from primary market is ‘different this time’
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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
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Jessica Pulay, CEO of the UK Debt Management Office, discusses investor engagement
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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
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ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
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Issuers said to be holding back until market steadies
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Primary issuance conditions were looking great before latest Middle East war brought uncertainty
