Sterling

The sovereign wealth fund paid no concession, but a lead conceded fair value estimates will vary widely

◆ UK insurer prints inaugural dollar tier two a day after main sterling leg ◆ Achieves currency and investor diversification while meeting £750m funding target ◆ Revival in sterling FIG across capital structure

Demand was nearly £4bn for the sovereign wealth fund's first ever debut in a new currency

◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds

The Saudi wealth fund and sovereign have issued tens of billions of dollar bonds in the last two years

◆ Improved arb lures bank to issue first sterling senior deal for two months ◆ It funds close to where it can issue in euros ◆ But while hopes of more issuance rise, prospects are uncertain amid return of rates vol

Bankers off deal say it was arb-driven

Market should reject the widespread use of a higher rated hybrid

Swisscom readies five tranches for €8bn Vodafone Italia purchase

UK water company prints long maturity debt weeks before major regulatory changes

Leads struggle to spot pricing benefit after Moody's gives hybrid a rating boost

UK long term mortgage lender eyes a private placement for inaugural deal