Sterling
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◆ UK issuer tightens pricing in contrast to recent FIG deals ◆ Shorter tenor gives alternative to oversupplied five year sector ◆ YBS nearly doubles demand of previous outing -
Issuer brings multicurrency deal that found ample demand in the long end of the sterling curve
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Demand for issuer's 25 year was more than double that for its 12 year tranche
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◆ UK lender issues to meet MREL needs ◆ Deal follows tier two from this year and AT1 from 2021◆ Pricing around 50bp above fair value
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Wild rush of trades was never going to last
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◆ Inaugural trade to follow two days of marketing ◆ Deal to be priced off outstanding tier two paper ◆ Proceeds to top up MREL levels ahead of 2024 interim target
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Whether to push on with supply or take a break divides participants
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◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
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Pricing tension rising at the edges of the market as money lured into public debt
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◆ Bank attracts £455m of orders for £500m print ◆ Price-sensitive investors resist 7bp move ◆ Bond holds firm on the offer side post-pricing, ask spotted 5bp wider
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Offshore pair eye diversification with sterling and Swiss franc covered deals
