UK

The UK government has said it is committed to turning the country into a renewable energy powerhouse in a comprehensive overhaul of its energy infrastructure in what prime minister Boris Johnson calls a “green industrial revolution”. As the government pushes for change, the capital markets are ready to fund this endeavour.

As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.

Schroders, the UK asset management company, and Big Society Capital have completed the listing of a new fund on the London Stock Exchange to invest in assets that have a positive social impact on the UK.

Round Hill Music Royalty Fund has raised $46.1m just one month after its $282m London IPO to help buy an extensive music catalogue featuring musicians such as Elvis Presley, the Rolling Stones and the Beatles.

Credit Suisse's investment bank is well placed for where the market is heading after the coronavirus pandemic, it said on Tuesday at an investor day. Its new global trading solutions (GTS) business unit may be key to future revenue streams.

The UK government is in the midst of a review that is seeking to make London a more attractive listing venue for high growth international technology companies. While change is undoubtedly concerning for some who do not want the UK to lose its reputation for high standards, the UK should not ignore a chance for the London Stock Exchange to evolve.

Market participants agreed the US could have imposed far harsher sanctions on Turkey this week, which helped to fuel a slight rally in local risk assets on Tuesday morning.

Gore Street Energy Storage Fund, a UK energy storage infrastructure investor, has completed a £60m capital raise, to buy new energy storage projects.

UK industrial and electronic products company Electrocomponents is financing a pair of acquisitions with a £180m capital increase.

Capital markets professionals are resigned to a no-deal Brexit, after UK prime minister Boris Johnson and EU Commission president Ursula von der Leyen failed to find a way through an impasse in trade negotiations over dinner on Wednesday. Equities are set to suffer the most, and the ability of UK companies hurt by Covid-19 to raise capital is now in serious doubt. Sam Kerr, Lewis McLellan and Mike Turner report.

Direct lender Alcentra has raised €557m for its second European fund focusing on stressed and distressed debt. AlbaCore closed a new disclocation fund with $1bn of commitments this week, too. Both aim to tap into companies that have fallen down the credit spectrum during the pandemic.

Aveva, the UK software company, has completed its £2.6bn rights issue to partially fund the acquisition of OSIsoft a US real-time data producer. The deal marks another success for M&A driven capital raises.