UK

◆ Strong demand for first sterling bond under Andy Burnham's government ◆ Deal navigates market vol ◆ Concession small, but investors attracted to spread

John Healey resigned because the money was not there for defence. It may not be there for anything

◆ One chancellor in, one unfunded offset spotted already ◆ UK defence equities gain, but Gilts wait ◆ Wages do the Bank of England's work

◆ Japanese financial services group's UK arm prints three year bond ◆ Orderbook falls as issuer prices 'very tightly' ◆ Week front-loaded ahead of ECB meeting

Higher Gilt rates have powered yields on credit, making up for tight spreads

Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief

◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid

◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1

Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress

◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid

◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession

◆ Rare format from issuer amplifies trend of UK lenders printing opco debt ◆ Arrives amid demand for debt from national champions ◆ Follows equivalent senior preferred bonds from French banks