Lloyds Bank

The rally in sterling covered bonds still has some way to go. With another UK rate cut likely and negligible supply, spreads should at least halve in the next few months.

Cineworld, Europe's second largest cinema operator, has increased the size of its revolving credit facility by £25m to fund its acquisition of five UK cinema sites.

BP Capital Markets slotted into August’s smooth run of corporate sterling bond issuance on Tuesday, as it issued a benchmark seven year transaction that was priced inside its euro curve.

The Bank of England doesn’t often follow the European Central Bank. During the financial crisis and its aftermath, the Bank was quick to cut interest rates and implement quantitative easing. The ECB was still raising rates in July 2008, and didn’t start QE until 2015.

TSB successfully placed its tier two notes with new investors in the secondary market this week, in a deal that seemed to confirm confidence in both UK banks and the sterling market.

European high yield bankers approached their market's imminent summer break in high spirits, printing another single-B rated deal, from petrochemical firm Ineos.

Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.

The UK’s largest dental company Mydentist on Thursday launched a £425m bond to refinance all of its debt, becoming the first high yield sterling deal since the country voted to leave the European Union.

Dutch-American materials firm Advanced Metallurgical Group has amended a $320m loan. The issuer also improved the terms of the deal, having made a commitment in 2011 to lower its leverage.

The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.

Four banks will underwrite the $1.25bn loan for UK investment firm Melrose's acquisition of Nortek of the US. It is the largest acquisition announced by a UK company since the country voted to leave the EU on June 23.

Lloyds reopened the dollar market for European borrowers for the first time since the UK’s vote to leave the European Union last week, surprising market participants who thought the country’s banks would need longer to recover from 'Brexit'.