UK
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OP Corporate Bank and Standard Chartered were looking to add to a flurry of recent tier two issuance on Tuesday. The asset class has found itself in a sweet spot in terms of its regulatory and financial value during the coronavirus pandemic.
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The Financial Conduct Authority expects that a court case determining whether UK insurers have to pay out on business interruption claims as a result of Covid-19 will be settled by the end of July.
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UK fashion group Ted Baker is seeking £95m of emergency funding via a firm placing and open offer after making a steep loss in its 2019 financial year.
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Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has sold £812m of new shares to institutional investors to reduce debt and position itself for further growth once sporting events around the world are allowed to resume and its retail stores are permitted to reopen.
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Features in UK covered bond programmes offer limited protection and could lead to a delay in the classification of defaulted loans, Moody’s said this week. Meanwhile in Europe, regulators have muddied the waters on payment moratoria legislation.
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The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.
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HSBC Holdings is the latest European financial institution to have looked at launching a new deal for the minimum requirements for own funds and eligible liabilities (MREL) while simultaneously announcing tender offers on existing bonds.
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19.
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Shares in IWG, the London-listed operator of serviced offices and co-working spaces, rose by 15% on Thursday after the company successfully tapped investors for £315m to fund growth once the Covid-19 global pandemic subsides.
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Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.
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The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.
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UK food and ingredients company Tate & Lyle has sold a $200m US private placement, according to two sources familiar with the situation. Several agents have said that requests for proposals are now rolling in after a quieter few months.