UK

The UK will issue its first green Gilts next year, create its own Taxonomy of green activities and oblige large companies and investors to report as recommended by the Task Force on Climate-Related Financial Disclosures by 2025, the chancellor of the exchequer Rishi Sunak said on Monday.

A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

Bytes Technology, the cyber security and cloud services company, is pressing ahead with its proposed demerger from its South African parent Altron, through an IPO on the London and Johannesburg stock exchanges.

Renewable energy stocks have surged since it became apparent that Joe Biden — a candidate deemed to be more environment-friendly than the incumbent, Donald Trump — was likely to become the next US president. Market watchers believe this will translate into equity capital markets deals from the sector.

The Bank of England added £150bn to its quantitative easing programme at its monetary policy meeting on Thursday. The move will go a long way to soaking up the additional supply of Gilts.

HSBC Holdings did not need to wait for a result in the US presidential election as it opened order books for a dual-tranche senior deal in euros on Friday, paving the way for further supply in the FIG market next week.

Rank Group, the UK gambling conglomerate that owns Mecca Bingo and Grosvenor Casinos, completed a capital raise for 19.9% of its share capital, to give it enough headroom to manage through the next stage of the Covid-19 pandemic.

The Co-operative Bank said on Friday that it was pressing ahead with plans to raise £200m of debt for the minimum requirements for own funds and eligible liabilities (MREL) in the fourth quarter of this year, hoping to overcome "challenging" conditions to remain on track with its targets.

A group of the UK’s members of parliament has welcomed a model bill on responsible investing, which would encourage pension funds to accept responsibility for the impact their portfolios have on the environment and society.

The coronavirus pandemic has forced the hands of many corporate treasurers to radically alter their business strategies. This will likely have an impact on companies' abilities to meet targets on their sustainability-linked facilities, some bankers believe. Silas Brown reports

Rank Group, the UK gambling conglomerate that owns Mecca Bingo and Grosvenor Casinos, is considering a capital raise for up to 19.9% of its share capital, to see it through the closure of its venues during the second UK Covid-19 lockdown.