Sterling
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◆ Sterling covered bond follows AT1 and senior deals in US dollars ◆ Latest trade is the tightest Sonia covered of 2025 ◆ Comes amid visible recent performance in the asset class -
◆ UK electricity brings 12 and 30 year sterling bonds ◆ Tighter spread on longer tranche ◆ Sterling supply from IG papers down 21% year-on-year
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◆ Sterling covered market on a 'hot streak' ◆ Strong demand pledged, including international interest ◆ Offshore sterling covered spreads compress
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The hire aims to strengthen the bank's middle market direct lending platform
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Issuers paid higher new issue concessions this week as investors turned more selective
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◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal
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◆ UK water company prints 6.75 year bond ◆ Orders stick at almost seven times deal size ◆ Deal lands close to fair value
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Additional reserves could be freed, enabling banks to scale up lending
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French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday
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◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs
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◆ Deal follows Honda's $2bn issuance in September ◆ Modest tightening in a weaker credit market ◆ Auto sector tone improves as tariff path clarifies
