Sterling

◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession

◆ Canadian borrower issuing outside BoE collateral rules pays same spread as Quebec ◆ Asset managers lead book as bank treasuries take just a quarter ◆ Second sterling benchmark extends PSP's curve past debut

Collateral change has SSA issuers eyeing sterling — but it has strengthened one bid, not brought in new buyers

◆ US insurance company prints in Europe for the first time since September ◆ Attains favourable funding versus dollars ◆ Second sterling FABN in less than a week

◆ Antoine Mannevy at AFD on UK political uncertainty ◆ Cross-currency inside euros keeps sterling arbitrage alive ◆ Mid-July deadline gone, another deal possible

◆ Clean-up calls set to change how banks manage senior debt ◆ The Bank of England's SSA bond booster ◆ What is behind booming corporate bond issuance in sterling

Bank of England's repo change tempts new issuers after fewer, bigger deals and a floater boom marked the first half of year

Yield-hungry investors and global issuers return could broaden sterling supply in H2

Supranationals also find demand in emerging market currencies, while banks turn to floaters and corporates add to existing lines

Primary Market Monitor data shows sharp uptick in volumes across sectors

◆ UK insurer's first RT1 deal in six years ◆ Trade attracts market's attention as it comes before new prime minister begins ◆ Issuer to buy back dollar and sterling debt

◆ Tight spreads entice specific demand ◆ Sterling FRN supply quadruples versus last year ◆ Leads pushed to execute as pipeline builds