Sterling

◆ Larger deal than its previous subordinated sterling issuance ◆ Funding cost comes close to euros ◆ Two ways to construct fair value

Private equity buyers look for finance as they buy up infrastructure assets

◆ HSBC raises more than $11bn-equivalent senior and subordinated funding in a little over a week ◆ Hits improved sterling market for first time since September ◆ Broker IG Group makes its second bond appearance

◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars

◆ New deals expected to encourage other borrowers into euros and sterling ◆ Tight funder DNB shows spreads still a touch wider than pre-tariff volatility ◆ Lloyds' home foray underlines improved relative funding cost in sterling

◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF

Utilities, healthcare and telecoms among the sectors highlighted as prime targets for consolidation

Diversity of deals on offer as recession fears subside

Both decisions met market expectations, despite prevailing economic uncertainty

◆ Issuer becomes second tier one in HK dollars ◆ 'Definitely' demand for labelled bonds in Hong Kong ◆ Sterling helps differentiate from crowd

The Manchester based company was advised by debt specialist Alvarez & Marsal

Non-UK names offer sterling investors depth and diversity