UK

◆ 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

◆ Attractive yields allow for tight spreads in sterling ◆ Manchester Airport flies in with £300m long 10 year ◆ Further sterling supply could follow

Hire comes from law firm, Mayer Brown, where he was also a partner

◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce

◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors

Investors look to short-dated sterling as more rate cuts from BoE expected