Sterling

Company is refinancing to cut costs

Borrowing task is second largest ever after Covid response

◆ Sterling market embraces diverse set of insurance sector deals ◆ L&G underlines different current dynamics in tier two and RT1 asset classes ◆ Proceeds to go for buyback ahead of October call

◆ Rare deeply subordinated capital from an insurer in sterling very popular ◆ Potentially negative new issue premium ◆ First possible window taken

Founder Matthew Moulding injects £60m while extending a term loan and revolver

◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024

◆ Deutsche Bank calls one AT1, extends another ◆ Market appears accepting to 'idiosyncratic' event ◆ Metro Bank issues public AT1 with the highest coupon

The decision made by the High Court was upheld on Monday

The solar energy investment company slashes 30bp off part of its loan margin

The sovereign has raised more than £59bn from syndications in this financial year

◆ Deal starved sterling investors pile into Wessex Water ◆ Final demand of £2.45bn ◆ First sterling deal this year from UK wastewater

◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up