Sterling
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The usual supply slowdown moves fast into sight but issuance windows remain open for next two weeks -
◆ Next extends sterling burst ◆ Order book pares back to £950m from £1.2bn ◆ Spread tightens by 20bp
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A strong year so far for the public sector as issuance jumps 11.5% year-on-year while new issue premiums compress
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◆ Dealer inventories hinted at demand ◆ IFC takes different approach from IBRD ◆ Deeper dollar swap spreads make issuers eye sterling
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◆ Transaction increased ◆ Premium debated ◆ Lack of competing supply
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European private credit funds poised for more inflows following Trump tariffs
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◆ Toyota and Logicor drum up strong books in euros ◆ Volkswagen proves sterling investors still looking to allocate funds ◆ Liquidity trumps all
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Agreement includes accordion facility
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US fiscal woes across keep investors on edge as sensitivity to public debt grows
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Second busiest week of the year but some see signs that investors are losing interest in new paper
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Larger deals expected to hit market 'anytime'
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◆ Mercedes-Benz continues corporate sterling run ◆ Small orderbook after lead interest discounted ◆ 2030 bond lands inside the company's 2028 notes
