UK

Investors and bankers consider prospects for UK country's first bond issue

◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

◆ UK lender stays patient for volatility to subside before commencing unsecured euro funding ◆ Investors show strong support for both tranches ◆ Pricing at fair value, though some debate on longer leg

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

◆ Good capital issuance window for smaller UK financial institutions ◆ Both use liability management to refi ahead of calls ◆ Close Brothers paying hefty coupon due to heavier motor finance exposure

issuer identifies 'most important' syndication metric amid rising international interest

◆ Deal follows new regime for UK water companies ◆ Strong bid helps secure tiny NIP ◆ Outcome could tempt others to follow

Threat of tariffs between Nato allies push EGB yields down but 'sustainable shift into risk-off' not expected — yet

First use of sterling tokenised deposit to buy tokenised Gilt

Fahy will also lead asset-based finance origination