UK

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.

Aquila European Renewables Income Fund, the London-listed investment trust focused on renewable energy assets, has concluded a €127.5m growth capital raising to finance its pipeline of investment opportunities.

Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.

Munich Airport has launched a Schuldschein with an initial target of €200m, the first airport to enter the market since a flurry of deals in March as the coronavirus pandemic hit Europe.

Euronext is preparing for a €2.4bn equity raise after it agreed a deal with London Stock Exchange Group for the Borsa Italiana.

Deal arrangers expect bank bond supply will peter out after a flurry of deals this week. Issuers have been enjoying fantastic conditions, but most of them have finished their funding plans early so they can lay low throughout a much-feared fourth quarter. Tyler Davies and Bill Thornhill report.

Large deals and fundraising from a clutch of elite direct lenders, alongside high profile tie-ups with sovereign wealth funds, have prompted many to characterise direct lending as enjoying a golden age. But the success of some funds looks set to come at the expense of many others, writes Silas Brown.