Sterling

◆ 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

◆ Choice of three or five year tenor considered ◆ 'Intensive schedule' of investor meetings pays off ◆ Other CAD issuers likely to be 'inspired' by deal

◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints

Market participants hope more jurisdictions will follow as Canadian duo attract record demand

◆ Protective Life executes its third and largest sterling deal ◆ Global Atlantic captures long end euro bid with a 'club deal' approach… ◆ …after an unusually long 15 year sterling outing