UK Sovereign
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The UK Debt Management Office has named the banks that will be on its next syndicated bond issue, a tap of its 3.5% 2068 Gilt.
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Virgin Money said it would miss its October target for completing its IPO, as bookbuilding was set to begin today (Friday). Bankers close to the deal insisted that the company was waiting for more stable markets to return, rather than pulling the deal entirely.
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UK luxury accessories firm Jimmy Choo completed its IPO on Friday, pricing the deal at the bottom of the range. Strong momentum helped the deal achieve the now rare feat of successfully being completed at all. -
Citi has completed its first renminbi cross-border automated sweeping structure from China to London. While a global RMB cash pooling solution enables corporates to integrate RMB effectively into their treasury and liquidity structures, the bank believes it is also truly paving the way for the RMB’s development as an international currency.
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The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.
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The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.
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The high level of demand for the UK’s debut offshore renminbi bond this week, the first from a non-Chinese sovereign, will be encouraging for other countries looking at printing in the internationalising currency. Two more are thought to be looking at selling renminbi bonds.
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Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.
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The IPO of luxury accessories firm Jimmy Choo is likely to be priced at the bottom of its price range, bankers said as it closed on Thursday, but the deal is still likely to be hailed as a now rare success in weakening IPO markets.
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UK electronics components distributor Premier Farnell has completed a £250m amendment and extension of its loan facility, after refinancing its US private placement in August.
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Goldman Sachs has not given up on its Fixed Income Global Structured Covered Obligation (Figsco). The market has moved in Goldman’s favour since the deal was first announced, despite the bad publicity around the trade.
