Safest Sterling Bond Issuers Take Advantage of Nervous Investors Ahead of Brexit Vote
- Overseas public-sector borrowers open 2019 with rush of deals
- Banks sales have made slow start in traditionally busy period
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Concerns about a potential no-deal Brexit are a boost for one corner of the sterling-bond market -- overseas sovereign agency sales.
The market has already seen 16 offerings totaling at least 7.65 billion pounds ($10 billion) from non-U.K. government agencies or supranational bodies, surpassing the total for the whole of January last year, according to data compiled by Bloomberg. The rush has largely offset a slump in bank sales, where issuance in a traditional busy period is less than half last year’s pace.