UK

New research from analysts at Helaba points to a flight to safety in the Schuldschein market over the course of 2020. Rated issuers are making up a bigger share of deals than they have for a decade, and there have been next to no debuts. Schuldschein arrangers hope this conservative trend does not continue into 2021.

Diploma, the UK maker of seals, wiring and healthcare equipment, got solid support from its shareholders and new investors as it raised £194m of equity on Wednesday to complete the acquisition of a US cable distributor.

Informa, the UK publishing and events business, has said it is considering paying back its private debt placements and issuing bonds instead. Companies tend to avoid early repayment in the PP market because of the cost of makewhole payments, but several market sources said Informa was trying to extricate itself from financial covenants.

China Yangtze Power, a Chinese utility company, has launched its listing on the London Stock Exchange, becoming the third company to list in London through the London-Shanghai Stock Connect scheme. The deal is expected to be worth up to $3.4bn.

AIB Group's new euro tier two capital issue, its first green bond, was comfortably subscribed on Wednesday, lifting confidence in the bank debt market after a difficult start to the week.

Skipton Building Society is looking to sell its first series of non-preferred senior notes in sterling — a market that has proved shaky amid a fresh spike in Brexit volatility.

China Yangtze Power Co has won approval from the Mainland regulator to push ahead with its IPO on the London Stock Exchange.

Barings is partnering up with Mubadala, the Abu Dhabi sovereign wealth fund, to provide $3.5bn of direct lending to mid-market companies in Europe.

The UK government’s sudden volte face this week about working from home may slow coronavirus infections but it betrayed a fundamental lack of strategic thinking and stability over the most pressing concerns. That should worry the City, which is in a fight for its future as a leading financial centre, as a result of Brexit.

The UK rode out renewed fears of the resurgent coronavirus pandemic on Tuesday, printing its second syndicated deal of the month with an order book over seven times covered.

Equity capital markets bankers were taking stock of a big move down in equity markets on Monday as Covid-19 infection rates rose in Europe and the UK government signalled the imposition of social restrictions to combat the disease. That has focused minds on deal execution, particularly the rights issue of IAG, which was set to close this week.

Ignitis Grupe, the state-owned Lithuanian energy and utility company, has opened books on its IPO on the Nasdaq Vilinus and London Stock Exchange. The company’s listing will benefit from a framework agreement signed with the European Bank for Reconstruction and Development, under which it will participate in the IPO.