UK Sovereign
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Jaguar Land Rover, the UK car manufacturer owned by India’s Tata Group, has launched a $500m intraday bond issue on Tuesday.
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BTIG has said it will offer its European clients equity derivatives trading beginning in 2015 as part of a massive expansion to European business, including the hire of three sales traders.
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Tesco bonds found some support today after a bruising sell-off on Friday. Volume has been fairly light in the credit since all three rating agencies downgraded it to the bottom rung of investment grade at the end of last week - but that has not stopped the bonds trading off sharply in price.
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Mothercare completed a rights issue that will fund its digital and international expansion on Monday, with a rump placing for the shares that went unsold in the deal.
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Just as a violent storm is sometimes what weather systems require to break a passage of mounting atmospheric pressure, a sudden dose of volatility can also be just what financial markets need to refresh themselves and avoid stagnation or overheating. So it goes too with the pastimes of loans bankers. -
Yorkshire Housing, a UK housing association, issued a £140m 30 year senior secured bond in its bond market debut on Friday. The proceeds will be used to build 1,500 homes.
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Hong Kong Exchanges and Clearing (HKEx) and China Merchants Group (CMG) signed an agreement on October 22 to establish a strategic alliance for new RMB-denominated products.
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The primary covered bond market picked up after a week without any issuance, just as the European Central Bank’s third covered bond purchase programme (CBPP3) got underway. All four deals issued this week were ineligible for the programme which, from a pricing perspective, made more a difference than their preferential treatment under newly established liquidity rules.
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Bankers this week heralded the success of Jimmy Choo’s initial public offering, which was priced in the depths of a highly volatile equity market, as vindication of the lean syndicate model. Some hoped it would bring an end to the bulging bank groups branded insane by one financier.
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Virgin Money said it would miss its October target for completing its IPO, after it postponed the start of bookbuilding last Friday (October 17). Bankers close to the deal insisted that the company was waiting for more stable markets to return, rather than pulling the deal entirely.
