UK
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William Hill, the UK bookmaker, has raised £224m to pursue growth opportunities ahead of the restarting of sporting events such as the Premier League. -
China Pacific Insurance (Group) Co has raised $1.81bn from its listing of Global Depository Receipts, becoming just the second company to use the London-Shanghai Stock Connect scheme.
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The UK electricity operator National Grid has raised a multi-export credit agency (ECA) covered loan, which also adheres to the Loan Market Association’s Green Loan Principles.
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UK listed product inspection company Intertek is looking to sell US private placements, according to sources, as the market struggles to entice companies away from bond issuance and bank lending.
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Asset managers are set to face bigger demands for equity funding later in the year, despite having already thrown billions at the market as companies attempted to survive the coronavirus pandemic. A source close to BlackRock said it had already committed $18bn-equivalent in equity funding to European companies during the crisis but inflows from US investors will help it and its peers buy into the deals to come.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 15. The source for secondary trading levels is ICE Data Services.
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Lloyds Bank Corporate Markets seized the opportunity to raise senior funding in sterling on Tuesday, with the market back in 'extremely good shape' after several days of volatility. It is expected to be followed in the currency by Legal & General Group and Virgin Money, which have each announced strategic transactions this week.
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Just as it did in and after 2008-2009, the financing burden of responding to 2020’s crisis has fallen squarely on the shoulders of governments. But there are essential differences between the crises, not least the speed and scale with which sovereign issuers have had to jump into the bond markets. In the UK, within six weeks, a full year’s public borrowing requirement of £156bn had multiplied into a four months’ requirement of £225bn. To put that into context, the UK Gilt market’s previous busiest year was 2009-2010, during which it raised £227.6bn.
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Ninebot, an electric scooter producer backed by electronics giant Xiaomi Corp, has won approval to raise more than Rmb2bn ($282m) from listing China Depository Receipts on the Star board.
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Shanghai-based China Pacific Insurance (Group) Co has launched its IPO on the London Stock Exchange, firming up the deal size and the syndicate group on the listing. The deal was covered on Friday, its first day of bookbuild.
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Biffa, the UK waste management company, raised £100m in a sale of just under 50m new shares at £2 each to strengthen its balance sheet in order to take advantage of M&A opportunities.
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