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  • Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.
  • UK capital markets are once again in flux and in the dark over the country’s future, as new prime minister Boris Johnson vowed to take the UK out of the European Union on October 31 “do or die”, write Sam Kerr, Tyler Davies and Owen Sanderson.
  • London’s capital markets are again under threat of severe disruption as the UK’s clown prince in chief, Boris Johnson, became prime minister this week.
  • The EMEA IPO market has performed solidly in the first half of 2019, with high growth propositions in particular outperforming. Nevertheless, with disparate year-to-date returns between offerings and geopolitical tensions likely to surface in the autumn, sellers will act with heightened caution when the market reopens in September, writes Sam Kerr.
  • UK capital markets issuers and investors who want to do deals need to prepare to ignore Brexit and come to market. There is no sense in waiting for political calm — the European election result shows it simply is not going to come.
  • The decision by the European Union and UK on Wednesday night to extend the country’s membership of the bloc until October 31 prolongs the uncertainty that is deterring UK companies from attempting IPOs.
  • Equity bankers expected clarity about Brexit by this week, for better or worse, and had hoped to start work again on UK IPO projects. But further delays and political uncertainty have swept these deals back to the sidelines.
  • Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.
  • There was a dark mood in equity markets on Wednesday morning after the UK parliament rejected prime minister Theresa May’s negotiated Brexit withdrawal agreement by a huge majority for a second time. A possible delay to the UK's departure from the EU and all of the crippling uncertainty that entails is set to continue to hamstring equity capital markets.
  • The £200m ($262.56m) listing of Global Sustainability Trust, a London socially responsible investing (SRI) private equity vehicle, has been postponed due to negative market conditions — primarily the political chaos surrounding the UK’s exit from the European Union (EU).
  • SSA
    Trading platform operator Tradeweb has received regulatory approvals to operate trading venues from Amsterdam as it solidifies its preparations for Brexit.
  • Mizuho International said it had hired Christoph Seibel, head of EMEA corporate debt capital markets at RBC Capital Markets, to be chief executive of its EU operations, Mizuho Securities Europe.
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