STERLING

摘要

Royal London provided the latest in a succession of strong sterling subordinated deals last Wednesday, demonstrating the revival of a market that issuers were locked out of for months earlier in the year. Almost £3bn of orders rained down on the £350m 13-year bullet, which came in the wake of strong deals from Old Mutual, Legal & General and Rothesay Life. Before that, Barclays and the Co-op had provided the only sub supply since early summer. "Cash levels had built up and the market had drifted wider. Investors have got cash, good credits are paying a decent yield, they're not overly risky - it's a really good combination and these factors have helped the market get back on its feet," said one syndicate official.