Sterling

◆ Issuer lands £200m deal 62.5bp tighter than initial guidance ◆ Demand continuously grew to £1.4bn ◆ First sterling AT1 since February

◆ Aviva takes advantage with with long dated tier two ◆ Close Brothers prepares debut AT1 ◆ Co-op Bank buys back £164m of old tier two after issuing a fresh £200m

Saint-Gobain, Kering and EnBW join buzzing corporate debt market

◆ Deal comes amid pronounced bid for yield ◆ Pricing new deal inside 12% seen as 'good result' ◆ Issuer combines tender of old bond five months ahead of early redemption

Second electrical distribution company to issue in two days gets thumping response

Cost was lower than euros and cheaper than the bank's debut Sonia deal

◆ PIC preparing to take £200m new net capital after maxing tender offer ◆ Sogecap takes the road for first deal since 2014 ◆ Meanwhile parent SocGen calls dollar AT1

◆ ECB terminal rate belief anchors yields and stabilises mood ◆ Bond performance gives confidence ◆ But concerns linger over smaller borrowers' market access

UK financials continue to draw big books

Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals

◆ Deal resuscitates near two-month hiatus in sterling unsecured FIG issuance ◆ Final book above £3.6bn hailed as ‘confidence’ booster for sterling market ◆ Varying NIP views at 20bp-30bp

Asset-liability management exercises may become more popular as investor credit lines fill