UK

Investors think that insurance companies will be able to deal with the cost of business interruption (BI) claims relating to Covid-19, even though the UK High Court found in favour of policyholders in a test case this week.

NatWest launched a new tender offer this week for four of its subordinated bonds, all of which are soon set to lose their value as regulatory capital.

HSBC Holdings is issuing a new senior bond while offering to buy back some of its existing securities, less a month after completing a very similar liability management exercise in the dollar market.

Apollo Global Management has monetised another chunk of its stake in Watches of Switzerland, the UK luxury watch retailer that was listed on the London Stock Exchange last year.

Coventry Building Society was unable to tighten its pricing for a new senior bond in the sterling market on Monday, as UK credit spreads widened on the back of the latest Brexit developments.

Ignitis Grupe, the state-owned Lithuanian energy and utility company, has begun marketing its IPO and is hoping that interest from investors concerned with environmental, social and governance [ESG] factors will lead to a higher valuation.

Nationwide Building Society said this week that it was looking to reduce the size of 11 of its euro and sterling covered bonds through a tender offer, in an effort to optimise its funding and liquidity position.

The UK Debt Management Office has selected the banks which will lead its second syndicated transaction of the month, a tap of its 0.5% 2061 conventional Gilt.

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London-listed cruise operator and retirement services provider Saga has completed the first leg of a £150m recapitalisation led by Sir Roger De Haan, the son of its founder.

Banks set the price on the IPO of The Hut Group (THG) on Thursday, a listing that has proved popular with investors, who predict “ridiculous” demand for the deal.

Yorkshire Building Society was more than three times subscribed for a new euro senior deal on Thursday, despite worsening EU-UK relations in the run-up to the Brexit date.