Sterling
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The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
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Société Générale arranges facility, which sees UK's National Wealth Fund join
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◆ Yorkshire Water markets two bonds at identical IPTs ◆ Tranches neck-and-neck through guidance ◆ Longer maturity ultimately tightened farthest
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Plans could revive offshore sterling issuance suppressed by poorly received PRA proposals
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Yorkshire Water casts lonely figure in rapidly thinning issuance market
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The usual supply slowdown moves fast into sight but issuance windows remain open for next two weeks
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◆ Next extends sterling burst ◆ Order book pares back to £950m from £1.2bn ◆ Spread tightens by 20bp
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A strong year so far for the public sector as issuance jumps 11.5% year-on-year while new issue premiums compress
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◆ Dealer inventories hinted at demand ◆ IFC takes different approach from IBRD ◆ Deeper dollar swap spreads make issuers eye sterling
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◆ Transaction increased ◆ Premium debated ◆ Lack of competing supply
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European private credit funds poised for more inflows following Trump tariffs
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◆ Toyota and Logicor drum up strong books in euros ◆ Volkswagen proves sterling investors still looking to allocate funds ◆ Liquidity trumps all