Sterling

Rates and credit under pressure as battle to be UK prime minister looks set to heat up

◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers

◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks

◆ General Motors brings dual currency trade ◆ Ford ups size on 5.2 year euro bond ◆ Both print euro tranches inside dollar curve

◆ Smaller institutions attract investors' attention with higher yielding capital ◆ Shawbrook issues its first benchmark ◆ LV= returns to bond market after 13 years

The bloc's funding update and trio of central bank meetings held the SSA market's attention on Wednesday-Thursday

◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance

◆ Pearson pays up to reopen UK sterling paper ◆ Investors hungry for scant sterling supply ◆ Fellow UK media firm Informa opts for euros

Bank completes more than half its annual funding before first quarter blackout

◆ Fatigue visible in sterling FIG as Westfield secured bond also grabs attention ◆ UniCredit funds in line with euros ◆ Nova Scotia comes flat to dollars

Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance

◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies