UK

Loans bankers wary of potential overbuilding amid Europe data centre growth

◆ Private credit and equity to come under oversight for first time... ◆ ... as Bank of England eases burden on banks... ◆ ... amid global shift to lighten up on lenders, with ECB expected next

Novel exercise welcomed as a way of enhancing transparency and accountability in lightly regulated sector

Fill the cracks before they break the private market's back

◆ Aroundtown returns with first deal since 2019 ◆ LondonMetric makes debut ◆ Busiest December for sterling issuance in more than a decade

Bank of England's latest stress test results in first regulatory easing on lenders in a decade

◆ Demand peaks at 3.3 times the deal size ◆ Spread tightened by 30bp ◆ Final deal size at the upper end of expectations

◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas

◆ UK government guns for growth but did it miss? ◆ French fancy: FIG in favour again ◆ Pandas and Wontons with the AIIB

Company's relationship banks provided the funding

Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders

Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist