Brexit

The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.

A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.

The European high yield market has dealt with bouts of risk aversion and fund outflows before — but the UK’s June 23 referendum on European Union membership has thrown up further challenges for the asset class, said Fitch Ratings in its first post-Brexit market report.

Petit Forestier, the French refrigerated van and truck hire company, launched its €525m acquisition loan into syndication just days after the UK voted to leave the EU.

Merger talks between the London Stock Exchange Group and Deutsche Börse remain on course despite the United Kingdom’s recent vote to leave the European Union, with LSEG shareholders on Monday almost unanimously approving the plans. But comments from the German exchange this week suggest there are tough talks ahead on where to locate the merged group's holding company.

One week after the UK voted 'Out' of the European Union, euro leveraged loan market participants say there will be consequences but not fundamental shifts like those seen in 2008.

Bankers expect supply to build in the euro FIG market after a steady start to the week, but analysts and economists urged caution on calling the bottom of the “post-Brexit” rally.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.

So it’s one week after the chaotic morning of Brexit, and remarkably little has been clarified. Markets panicked then calmed down, the only grown-up left in Britain (a Canadian ex-Goldman banker) promised more cheap money, but the future of the City isn’t any clearer.

Latin American issuers were flying as high as a Leo Messi penalty this week as the Argentine sovereign capped off a remarkable two days of new issue activity for the region with a $2.75bn dual-tranche bond on Thursday, reaffirming the belief that Lat Am would see little or no effect from the Brexit vote.

UniCredit’s appointment of a new CEO on Thursday raises the prospect that a rights issue for the bank could be the centrepiece of an equity capital market in the autumn that is likely to be at best subdued, after the UK’s shock vote last week to leave the European Union.