UK

European banks spied further opportunities in the dollar market this week, even as many in the sector turned their attentions back to their home currency.

The Monks Investment Trust, the UK listed investment trust managed by Baillie Gifford, has sold £100m of US private placements.

The Hut Group (THG), the UK e-commerce company, is preparing an IPO on the London Stock Exchange that is expected to value the firm at around £4.5bn ($5.94bn), as it experiences a surge in customers buying goods from its platforms during the Covid-19 pandemic.

UK housing provider Settle Group has raised £75m of private placements to institutional investors. For many investors, the housing sector is one of the few that has continued to provide opportunities throughout the crisis.

A staggering amount of capital has been raised by the world’s airlines so far this year as the industry has suffered its worst crisis since 9/11 as a result of the Covid-19 pandemic.

Great Portland Estates, the UK real estate investment trust, has sold £150m of US private placements.

The UK Municipal Bonds Agency has enjoyed a successful sophomore effort in the bond market, printing £250m of 40 year paper for Lancashire County Council.

HSBC Holdings has finished the process of switching $3.5bn of short dated senior debt for a pair of new issues, as it looks to smarten up its liability structure for the total loss-absorbing capacity (TLAC) standards.

Bombardier has closed a $1bn three year loan facility with a number of direct lending funds. Over the past few months, direct lenders in Europe and the United States have started muscling into the debt profiles of larger corporates.

Valeo Foods, the Irish food producer behind brands such as Jacob’s Cream Crackers and Rowse’s Honey, has closed an amendment and extension deal for its euro and sterling leveraged loans.

The UK Municipal Bonds Agency is in the market with a £250m no-grow 40 year bond on behalf of Lancashire County Council. Initial price thoughts indicate the yield will be substantially below the rate charged by the government's Public Works Loans Board — the usual source of finance for councils.

Santander UK has been quick to price a new deal in the US dollar market after its results, making a saving over the funding levels on offer in euros or sterling.