Lloyds Bank

Lloyds Bank is looking to buy back one of its more costly perpetual tier one capital instruments, after its valuation collapsed in March. The move took some market participants by surprise, since it would have been approved by UK authorities, which are at the same time insisting that the country's banks conserve their capital levels during the coronavirus crisis.

A trio of UK companies drew down on their revolving credit facilities this week, as firms in the country build up their cash piles despite an unprecedented financial support package from the government.

BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery.

The Bank of England said on Friday morning that UK banks should not treat coronavirus-impacted exposures as impaired assets under IFRS 9 accounting standards, as it unveiled new guidance around the impact of the pandemic.

Optivo, the UK housing provider, has mandated banks for a long maturity sterling deal, a day after a compatriot housing association found healthy demand for a similar 23 year note in the currency.

Severn Trent, one of the UK’s three listed water companies, is looking to sell US private placements via its holding company, according to market sources. This is the first PP transaction from a UK water company since regulator Ofwat set out a new price review for the sector in December.

US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades.

US tourists are flocking to Europe's high grade corporate bond market this week with Reverse Yankee deals. General Motors Financial was the latest with a six year trade on Wednesday.

Dwr Cymru Welsh Water, the UK utility, opened books for a senior and subordinated sterling bond issue on Monday, as the mandates from last week start to trickle through to investors' screens.

C&C Group, the Irish drinks manufacturer and distributor behind brands like Magners, is set to debut in the US private placement market in the coming weeks, according to market sources.

High grade corporate bond investors in Europe will have a range of names to pick from in the coming days, as US white goods maker Whirlpool mandates for euros and UK utility Welsh Water hires banks for a dual tranche sterling deal.

Volkswagen Financial Services and United Utilities Water hit the sterling bond market this week to print £650m of debt. Issuers are finding a warm reception in the currency, despite the UK having left the European Union last Friday.