STERLING

摘要

Corporate issuers went into overdrive last week to capitalise on the positive momentum fuelled by the Bank of England's announcement that it would start buying up to £10bn of corporate bonds from September (see Top News for more). BMW started marketing a six-year benchmark deal at initial price thoughts of Gilts plus 75bp, before moving guidance to plus 70bp area (+/-3bp) on orders of over £1bn of interest. Final terms were announced for a £600m size at plus 67bp. Bookrunners were HSBC and Morgan Stanley.