Europe
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Royal Bank of Scotland has abandoned plans to float Williams & Glyn, the subsidiary it must sell by the end of 2017, after it announced a worse-than-expected loss of £2bn in the first half of 2016.
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Vodafone continued to throw primary supply at European corporate bond markets on Friday, printing its third bond in two weeks as it issued a £1bn 40 year deal.
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Petit Forestier, the French refrigerated vehicle leasing firm, closed syndication of its €525m acquisition loan earlier this week with oversubscribed commitments from lenders. -
In the 1983 blockbuster movie TV meteorologist Phil Connors gets caught in a time loop. With new issue premiums set to rise and spreads prone to soften, the covered bond market could also be set for a repeat of last year, say bank traders, and analysts at Crédit Agricole.
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Barclays raised its first sterling senior debt from its holding company on Friday, taking advantage of a spread rally to round off a big push for holdco this week.
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Royal Bank of Scotland’s plans to return to profitability have taken another blow after the bank posted a worse than expected £2bn first half loss on Friday morning, which it blamed on mounting legal costs.
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UBS reopened the additional tier one market for the first time since Brexit this week, taking advantage of highly supportive conditions in the dollar market. With the asset class ever more supported by regulators, further issuance could be imminent.
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The Singapore Exchange is going ahead with its plan to acquire London-based Baltic Exchange for £77.6m ($101.7m), half a year after submitting a non-binding bid for the shipping bourse.
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The era of monetary stimulus has become a parade of diminishing returns that cannot continue if health is to return to the global economy.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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The Bank of England sent the sterling corporate bond market down the path of monetary distortion this Thursday as it resurrected quantitative easing, including the asset class on its target list. Ross Lancaster reports.
