Sterling

◆ United Utilities lands flat to fair value with rare green bond ◆ Southern Water draws book size over £3.75bn at peak ◆ Optimism regained in the troubled sector

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1

◆ UK insurer to add debt capital after equity ◆ Deal to finance HSBC acquisition ◆ Credit markets are receptive for subordinated debt

Company's core lenders provided loan for development pipeline

◆ Debut issuer draws solid demand ◆ Orderbook almost touches £1bn at peak ◆ Investors see triple B corporate sterling as enticing prospect

◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans

Proposals a welcome surprise that could lead to new names and tighter spreads

No sign of an issuance drought in hot market

Company's bespoke financing will help fund growth

The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime

Société Générale arranges facility, which sees UK's National Wealth Fund join

◆ Yorkshire Water markets two bonds at identical IPTs ◆ Tranches neck-and-neck through guidance ◆ Longer maturity ultimately tightened farthest