UK

London-listed transport booking app Trainline has tapped the equity-linked market for the first time by issuing a £150m ($204m) convertible bond.

UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales.

Europe faces more months of Covid-19 lockdowns as the continent’s governments try to quell an increase in infections. But equity bankers are hopeful that the restrictions will not prevent them from raising equity for companies seeking to do M&A transactions.

Foresight Group, the infrastructure private equity company, is seeking to list on the London Stock Exchange hoping to capitalise on momentum among investors for renewable energy companies.

The US private placement market rarely gets going until after its main conference in Miami in January, typically restricting deal flow to February. Restrictions on travel mean the event is on ice until September, offering a rare opportunity for early movers. But many in the market still do not see a strong pipeline of deals.

A senior equity capital markets banker has left Barclays after more than a decade at the UK bank.

Capital markets were breathing a sigh of relief on Christmas Eve after a deal between the UK and EU on their future relationship appeared close, ending fears that the country would crash out of the single market without a trade deal at the end of the year.

The UK Debt Management Office has responded to a letter from the chair of Parliament’s Treasury Select Committee Mel Stride, questioning whether the DMO’s syndications were priced to obtain the best value possible for the taxpayer.

The looming threat of a no deal Brexit, as well as the chaos ensuing from the UK’s new stricter restrictions to combat Covid-19, caused Gilt yields to plunge on Monday morning. Unless EU and UK politicians are able to come to agreement on a trade deal soon, negative rates look almost inevitable.

European stock markets fell heavily in early trading on Monday morning after European countries shut their borders to the UK over a new mutant variant of the coronavirus, which is rapidly spreading through the country. With the UK also heading rapidly towards a no-deal Brexit in January there is little Christmas cheer among equity investors.

The death knell has sounded for Libor and the ubiquitous benchmark is entering its last year of existence. But while some market segments have set their houses in order for the change, the loan market has barely begun. Europe’s bankers expect an onslaught of borrowers switching their documents to new rates at the same time. Mike Turner reports

Bank capital has gone back under the microscope during the coronavirus pandemic, with policymakers asking themselves whether the Basel III rules can work as intended. Tyler Davies reports.