UK Sovereign

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.

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.

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.

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.

The IPO of luxury accessories firm Jimmy Choo is likely to be priced at the bottom of its price range, bankers said on Wednesday, but the deal may still be hailed as a now rare success in weakening IPO markets.

Entu, which sells products to make houses more efficient, completed an IPO on London's AIM on Thursday.

The head of Nomura's EMEA global finance division will leave the bank, to be replaced by HSBC's Simon Deeny and head of ECM Ken Brown.

Society of Lloyd’s wrested investors' attention away from the geopolitical woes and equity market travails on Wednesday, mandating banks for a roadshow ahead of what would be its first capital markets appearance in more than seven years.

UK challenger bank Aldermore cancelled its IPO that it was set to price on Wednesday as equity markets continued to weaken. But bankers close to peer Virgin Money, which is due to start bookbuilding this week, are confident the deal will continue.

The UK looks to have laid down a serious marker for other sovereigns wishing to follow it into the offshore renminbi market, with the book on its debut deal over twice subscribed and guidance well inside initial price thoughts as of Tuesday morning London time.

Jimmy Choo, the UK luxury shoes and bags company, narrowed pricing on its £136m IPO on Monday, opting for a conservative price range in light of tumbling markets and fears about IPOs.

The UK government opened books for its debut renminbi-denominated bonds on October 14. The three year deal was first offered with price guidance in the area of 2.9%, before being cut to 2.75% area in the late afternoon Hong Kong time.