The UK’s $3 billion, five-year US dollar Eurobond issue showed what European sovereigns can learn from the UK and vice-versa when it comes to foreign-currency borrowing.
Announced on June 23, the UK deal was notable for its rarity, being the sovereign’s first dollar issue for seven years; its pricing, beating the cost of domestic funding by around 10 basis points and saving the UK taxpayer around £8 million; and the level of investor appetite. The deal was also outstanding for its pricing through the dollar curve, and for the speed of book building.
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