Sterling
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year -
‘Undersupplied’ investors hunger for rare sterling paper from domestic banks
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Supra sells the longest SSA bond in the currency in recent weeks
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The issuer has kept sterling investors busy with 12 deals this year
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◆ Investors flock to rare senior sterling sale ◆ 35bp spread move the joint largest of the year so far ◆ Danske joins sterling frenzy with second helping of senior pref
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‘Things didn’t add up’ for a tap until this week
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Asian investors bought more than 40% of the deal following a recent roadshow
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◆ Only 5bp needed to seal rare sterling senior pref deal ◆ Top quality orders fuel bumper book ◆ Illiquid secondary curve causes pricing conundrum
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Busy week across products and currencies reduces chance of saturation
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Finnish issuer ended an 18-month hiatus in the currency to bag savings versus euros
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Muted SSA market welcomes European pair
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◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
