“Three deals on the screens this morning an exceptional quantity!” exclaims the global origination manager at a Dutch investment bank. Eurosterling issues have already delivered £8.5 billion this year. Following a record 1996, when total issuance was £34.6 billion, Eurosterling looks set to surpass gilt (UK government bond) issuance in 1997.
The recent growth in the number of Eurosterling deals is matched by increased investor sophistication. On February 12, Fannie Mae (the Federal National Mortgage Association) issued the very first global sterling issue.
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