Sterling
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Issuer slips a notch as debt to regulatory capital metric worsens -
Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards
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◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea
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Other markets overshadow labelled public sector issuance in sterling
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◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves
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Choice of 10 year tenor key to success, says DMO
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◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
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◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?
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◆ Three big SSA syndications scheduled for Tuesday ◆ EU and Italy on the same day, again ◆ UK to bring second to last syndication this FY
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Embattled utility makes final plea for court to sanction £3bn in emergency funding
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Thames Water refinancing battle is an unedifying mess
