Sterling

◆ Near-record book of ‘exceptional’ quality ◆ Ten year tenor, fixed income inflows help demand

◆ Tight deal reprices new issue market ◆ Deal comes through Leeds ◆ Investors keen to pick up sterling covered paper

◆ Housing association prints 15 year sustainable bond ◆ Low single digit new issue concession paid ◆ Long end Gilt market yields hit multi-decade high

◆ First benchmark since May ◆ Pent-up demand results in blowout ◆ Foreign issuance expected

◆ Flow picks up in undersupplied currency ◆ Deals get decent support ◆ More sterling issues to come

Bankers see stabilising activity after sustainability-linked volumes 'decoupled' from wider lending market

◆ More agencies bite the bullet to issue after confidence vote surprise ◆ AFL keeps commitment to sterling ◆ Bpifrance follows SNCF into popular euros

Retail sector issuers among those eying debut deals

Volume for 2025's reopening week is billions down on 2024

◆ Six year note from US automaker ◆ Order book lifts size to £400m ◆ Spread tightened 18bp inside the tight end of initial thoughts

◆ MetLife, Northwestern restart sterling issuance after two-month hiatus ◆ Corporates print as supply scarcity, redemptions create demand for credit ◆ Others beyond highly rated FABN unlikely to join

Private credit investors say market is back on track after tariff shock of second quarter