Sterling
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Bondholders are happier despite the utility not securing the £1bn it said it needs -
Arbitrage lures issuers amid volatile backdrop
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Issuance boost for currency as supra joins CPPIB in issuing £1bn
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◆ Over 90bp of pick-up offered over larger building society peers ◆ Investors presented a wide range of comps for inaugural sale
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◆ Debut bail-in bond expected on Tuesday at the earliest ◆ Welsh borrower to offer a pick-up to larger building society peers ◆ Proceeds to fund senior bond tender
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◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note
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Holding company bonds battered: so far, secured bonds are only scratched
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Wednesday’s deals feel the strain as investors warn of pain to come
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Canadian issuer prints the largest SSA sterling bond since January
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High yields ensure the first deal since the Bank of England's 50bp rise was amply covered
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◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity
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Sterling rush continues as 13th consecutive interest rate rise is on the horizon
