UK

King’s College London has launched a private placement debt deal, according to market sources: the first UK university transaction for more than a year.

The UK’s monetary policy will officially be designed to fight climate change from now on, after chancellor of the exchequer Rishi Sunak changed the Bank of England’s mandate this week, delighting sustainable finance campaigners.

The London listing review, out this week, has been hailed as a vital chance for the City to straighten its slipping crown as Europe’s top financial centre.

Senior market participants welcomed the announcement of the UK Infrastructure Bank’s creation in this week’s Budget speech. While it is unlikely to tap capital markets in the near future, bankers hope the bank will evolve into a major government agency borrower that prints socially responsible bonds to help in the UK’s goal to reach net zero carbon emissions by 2050.

The UK will make its green bond debut in the summer before following up with a second deal later in the year, the country's Debt Management Office said on Wednesday as it announced its borrowing remit for its 2021/2022 fiscal year.

LondonMetric, the UK real estate investment trust, is marketing a private placement deal, according to market sources.

Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.

Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.

The City of London Investment Trust, the UK listed equity investor, has sold £30m of 25-year private placements.

The UK’s Budget on Wednesday is likely to go down as the greenest ever, but it still left sustainable finance advocates disappointed, as Rishi Sunak, the chancellor of the exchequer, failed to give clarity on vital programmes and spending, at the beginning of a decade in which the country will have to make vital investments towards achieving its ambition of net zero greenhouse gas emissions by 2050.

The UK Debt Management Office announced its borrowing remit for its 2021/2022 fiscal year on Wednesday, following the chancellor of the exchequer Rishi Sunak's budget speech, which includes plans to sell a debut green Gilt in the summer with another later in the year. A new UK infrastructure bank, which will use debt and equity capital was also made official in the budget.

Equity capital market participants cheered the publication on Wednesday of former EU commissioner Jonathan Hill's review of London listing rules. The report, written on behalf of the UK Treasury, recommended sweeping changes in order to attract more companies to the London Stock Exchange. On Thursday, Deliveroo, the food delivery company, announced it would be listing in London.