UK

E-commerce listings have been been a high point of equity issuance during the second half of 2020, with the sector generating strong returns for investors. Most of the year’s listings have been completed, but banks are already working on deals from the sector for 2021.

The UK government has said that banks will still be able to make investor distributions if they fall below their minimum requirements for own funds and eligible liabilities (MREL) after Brexit — in an early of sign of divergence from the EU rulebook.

Shanghai-listed SDIC Power Holdings has priced its $200.6m London offering of Global Depository Receipts (GDRs) at the bottom of the marketed range.

Kazakh fintech and e-commerce firm Kaspi began trading on the London Stock Exchange on Thursday after completing a popular IPO. The deal was a remarkable achievement and there are hopes it means future growth-orientated IPOs from the emerging and frontier markets may see similar success, writes Sam Kerr.

Urban Logistics Reit, the London-listed real estate investment trust, has finished the final leg of a £92m share sale, tapping into heightened investor demand for exposure to niche areas of the real estate market during the pandemic.

German technology company Körber has entered the Schuldschein market, on the hunt for at least €200m. This figure could rise with additional demand.

Synairgen, the UK biopharmaceuticals company, has raised £80m from investors to fund the next stage of clinical trials for a treatment designed to alleviate the respiratory symptoms of Covid-19.

Triton has closed a €744m private debt fund, Triton Debt Opportunities II (TDO II), focused on Northern Europe’s mid-market.

Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.

Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.

Germany’s largest supermarket chain, Edeka, launched a Schuldschein on Tuesday, looking for at least €200m.

A new music royalties-focused fund is preparing to launch on the London Stock Exchange, having announced its intention to float on Tuesday.