UK

Capital & Counties Properties, the London landlord that owns large amounts of Covent Garden, is strengthening its liquidity position by issuing a £250m bond exchangeable into shares of Shaftesbury.

Syncona, the UK life sciences investor, has launched a new gene therapy company, through a £45m series A private fundraising round. The company could be a future candidate for a lucrative biotech listing.

The sterling syndicated loan market hosted two environmentally friendly trades this week, with UK power generation company Drax and renewables fund Octopus Renewables Infrastructure signing facilities.

Croda, the UK chemicals company, has closed the books on a £608m ($807m) equity raise to help fund the purchase of Iberchem, the Spanish fragrance manufacturer.

Symon Drake-Brockman, the founder and managing partner of European direct lender Pemberton Asset Management, thinks that the US direct lending market has matured to such an extent that further growth is tricky, whereas Europe still has fruitful opportunities ahead.

The Co-operative Bank is getting ready to sell its first senior bond for the minimum requirements for own funds and eligible liabilities (MREL), after letting investors know that it is engaged in discussions about a possible takeover.

Boris Johnson, UK prime minister, announced on Tuesday night a 10 point plan for the environment, including phasing out petrol cars by 2030. But policy specialists are disappointed that the plan lacks financing commitments and especially that there is no announcement of a national investment bank.

Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding. This must change, or London Borough of Croydon will only be the first council to fall into insolvency.

As the UK and the EU prevaricate over the terms of a future trading relationship, equity investors seem to be ignoring the lack of progress in negotiations and the dangerous possibility of a deal between the pair not being struck before the Brexit transition period ends in just a few weeks.

Shaftesbury, the UK landlord that owns a large number of properties in London’s West End, has concluded a £307m recapitalisation, which saw a high take-up from its shareholders.

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

Conduit Holdings, a reinsurance start-up, has confirmed that it is to float in London this year. It is seeking $1.1bn equivalent of capital to take advantage of higher insurance premiums after two years of losses for the industry.