Sterling

◆ Books reach more than £2.5bn for £1bn print ◆ Safe-haven Canadian credit in demand ◆ Light supply leaves cash waiting

◆ Issuer raises large size for the currency ◆ Pricing break through 100bp level ◆ Book stays almost intact despite macro volatility

◆ Issuer takes advantage of attractive sterling funding levels ◆ Printing during UK school holidays no problem for 'very well loved name' ◆ Sterling FIG senior undersupplied versus last year

Less frequent issuers making the most of market with strong bid for yieldy assets

Issuers encouraged to squeeze into bond market before mid-June by-election

◆ Bank refreshes own record from last September ◆ Deal's non-call 10 period unusually long for the sterling market ◆ Lack of sterling tier one supply attracts 'huge book'

◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance

Higher dollar yields dampen some of the callable demand

Rates and credit under pressure as battle to be UK prime minister looks set to heat up

◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers

◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks

◆ General Motors brings dual currency trade ◆ Ford ups size on 5.2 year euro bond ◆ Both print euro tranches inside dollar curve