Sterling

◆ Deal first in sterling from Australia since late 2024 ◆ Trade prices flat to euros ◆ October redemptions could drive further supply

◆ Canadian bank returns to senior sterling market 13 years after first attempt ◆ Similar strategy taken as in euro, Australian dollar and Swiss franc markets ◆ Treasurer eyes subordinated issuance in future

◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities

◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros

◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers

Guidance slashed but still a rare chance to earn 10% in primary market

◆ Issuer returns after decade absence ◆ 'It’s a very different organisation now,' says person involved in deal ◆ Rare level of demand for sterling bonds

◆ Unsecured sterling supply ranges from highly rated US insurers to debut, unrated capital ◆ Aldermore's inaugural benchmark to be a tier two ◆ MassMutual brings September's third sterling FABN

UK issuer to return to high grade corporate bond market with a long-dated bond

◆ Sterling market embraces FABN duration and issuance proximity ◆ Longest publicly marketed deal by multiple arrangers ◆ Athene pays premium in sterling but saves versus dollars

◆ A3 rated exchanges group prints long three and seven year paper ◆ Orderbook holds firm at £4.5bn ◆ Sterling depth proven ahead of BoE decision

Big mining merger reignites confidence in M&A