Sterling
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Number of deals set to be priced this month much lower than in previous years -
◆ New investors take part in 1.5 day sale ◆ Deal lands flat to peers ◆ Picking the right window 'difficult'
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Deal will be the first in sterling since early March and suggests senses of stability
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UK government has a £4.9bn higher net financing requirement
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Market welcomes the move, but the tone around non-UK covered bonds is set to remain 'cautious'
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Tool hire company sees significant opportunity coming to the sector from government support
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Ex-Credit Suisse banker joined Ares in 2023
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◆ Blistering demand in euros and debut sterling for Australian name ◆ Spread thunders in by 40bp ◆ Doubt that this level of investor demand will continue for others
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Loss of LCR eligibility could hit sterling covered demand, but issuers expected still to come
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FIG and EM cover ratios fall while other markets rise
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Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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◆ Some question timing ◆ Source close to deal defends outcome ◆ Debate on how much inaugural issuers should pay up
