Sterling
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Upcoming Bank of England corporate sell off is supporting sterling FIG supply
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Inaugural issuer set to bring deal on Tuesday as trio leap into buoyant market
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The €95m revolving credit line is an increase on its previous €30m deal
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The spread rupture between the best and the rest of the investment grade corporate bond market is just the beginning of a welcome trend
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The issuer did not need the funding but was keen to establish a strategic presence
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International demand supported the UK lender’s sterling transaction
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UK issuers wanting to avoid regulatory uncertainty in euros are expected to switch to sterling
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Lloyds chooses additional tier one (AT1) funding in sterling while Allianz and Société Générale hit euro market for tier two financing
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New deal takes Swiss bank's senior funding to $10.5bn-equivalent in August
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BNP Paribas offers riskiest debt with AT1 in euros while Commerzbank and Bank of Ireland to issue tier two in euros and sterling
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Sterling market offers funding arbitrage at the short end of the curve
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PBB was unable to tighten against a softer backdrop, but still sealed a €500m new issue