UK

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.

IAG, the airline holding company that owns British Airways, has launched its €2.75bn rights issue to help fund it through the coronavirus pandemic. The company does not expect a return to normal operations until 2023, but is hoping its ability to be flexible in offering flights to areas that are recovering more quickly will be enough to persuade investors to take part in the cash call.

Pemberton, the direct lender and asset manager part owned by Legal & General, has appointed Robert Wartchow as a portfolio manager and managing director.

The European bond market has lost none of its charm or interest, said one of its most experienced bankers this week, on the verge of his retirement. Hugh Carter, Commerzbank’s head of credit syndicate, is leaving the bank on September 18.

The tension between the EU and UK over Brexit ratcheted up this week, with the prospect of the UK reneging on the EU-UK Withdrawal Agreement rearing up. Rising political tension could now boil over into talks on financial services.

The UK Debt Management Office raised £8bn ($10.24bn) with its first 15 year syndication on Tuesday morning, the first of two Gilt syndications it will hold during September.

Home Reit, a new real estate investment trust focused on homeless accommodation, is preparing to raise £250m via an IPO on the London Stock Exchange.

EMEA equity capital markets started September with a flurry as banks rushed to print deals in the first week of the traditionally busy autumn issuance window. There is far more to come though and investors are concerned that some deals will struggle to find the attention they warrant.

Squire Patton Boggs has appointed a specialist equity capital markets lawyer as a new partner in its London office.

Ignitis Grupe, the state-owned Lithuanian energy and utility company, has filed IPO paperwork in preparation for a listing in Vilinus and London.

Greencoat UK Wind’s £350m ($467m) debt funded acquisition of a stake in two wind farms from SSE has pushed the infrastructure fund close to its leverage cap, with the fund already planning a new round of equity raises to pay down the debt.

Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities.