London’s Credit Market Dries Up as UK Plc Raises Debt Abroad

The City of London has had to contend with a lot in recent years, from Brexit to a lack of stock listings. Its latest setback is the rapid decline of the sterling corporate bond market.

An index tracking the size of the sterling market is set to suffer one of its largest-ever drops this month. While sales have been struggling for years, the latest slump shows how even British corporate borrowers are turning their back on it — the share of their 2025 issuance in sterling is heading for the lowest in 14 years.