High Grade

  • HSBC’s restructuring: is it enough though?

    HSBC’s restructuring: is it enough though?

    HSBC’s corporate finance staff have survived its restructuring largely unscathed, but the more ambitious among them will see the bank’s plans as a missed opportunity, writes David Rothnie. And with no answer yet on the identity of the next full-time CEO, the uncertainty is not over.

  • Water companies re-enter market fray after Ofwat purgatory

    Water companies re-enter market fray after Ofwat purgatory

    UK water utility companies have begun to test public and private debt markets for the first time since regulator Ofwat’s price review, and the deadline to appeal it, passed. The regulator’s decision will have large ramifications for the companies’ profiles in capital markets, writes Silas Brown.

  • UK's Cadent Gas to bring rare transition bond

    UK's Cadent Gas to bring rare transition bond

    Cadent Gas, the UK gas distribution network spun off by National Grid in 2017, will roadshow from Tuesday next week for a €500m transition bond. The deal is likely to delight green bond specialists who have championed the idea of transition bonds as a way to finance companies that are not green, but are moving towards lower carbon business models.

  • Relx readies up for roadshow

    Relx readies up for roadshow

    Relx Finance, the funding arm of UK specialist publisher Relx, has hired banks to arrange a roadshow for a triple tranche bond sale, with maturities out as far as 12 years.

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