UK

Fund established through a credit secondary sale focuses on senior secured loans for European private equity and corporate-backed businesses

Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns

Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs

◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names

Funding follows National Wealth Fund investment

◆ Are investment bank bonuses going up this year, and when does everyone get paid? ◆ How the UK government's 'binary' Budget is affecting bank bond issuers ◆ Legal pressure builds on MDBs to reassess climate impact

Bankers say Budget may determine if FIG issuers print in sterling through December or hold off until January

Banker worked on the first major SLL

◆ UK regional lender refinances AT1 from 2021 ◆ £650 final book ◆ Market participant predicts wind down of 2025 primary issuance beginning

◆ Gilt market wobbles again ahead of UK Budget ◆ Investors pile into highly rated credit ◆ Wise makes sterling bond debut

Lower rates and ample cash reserves could drive deal momentum

◆ Buyers flock to water credits ◆ Dual-trancher lands at the tight end of guidance ◆ Books hold at £3.1bn at final terms