UK

Investec Group has cancelled the IPO of its asset management division Ninety One due to extreme market volatility, although the listing and demerger of the unit will still go ahead as planned, according to a stock exchange filing.

Finablr, the parent company of Travelex, has issued a warning that it may struggle to access financing due to the impact of the Covid-19 coronavirus and its association with NMC Health, causing its share price to slump to a record low.

Aston Martin, the troubled UK car maker, was set to launch a rights issue process next week, but severe equity market volatility means that the company’s shares are now trading below the subscription price in the capital raise. Sources are now questioning whether a deal is viable.

UK Chancellor Rishi Sunak did not change the lending levels for local authorities in his Spring Budget — apart from cuts to borrowing costs for social housing projects — keeping alive the prospect of capital markets providing UK councils with a cheaper financing alternative.

The UK has pledged £30bn ($37.62bn) of stimulus to cushion the coronavirus pandemic’s economic impact, and now the Debt Management Office’s remit is expected to be £40bn higher than last year. But the Budget, delivered by UK chancellor Rishi Sunak on Wednesday, seemed to have little effect on Gilt yields, despite rising on the day.

Costain Group, the UK construction and engineering firm, has unveiled a £100m capital increase to shore up its balance sheet following a disappointing set of 2019 results.

What a time to be a new UK chancellor of the exchequer preparing to make your maiden Budget speech, as Rishi Sunak will do on Wednesday. He has motive and opportunity to borrow big and pay little for it. Brexit and the coronavirus outbreak mean a lot of spending will need to be funded to keep the UK economy running. But how the cash is deployed will shape the government's credibility in the eyes of Gilt investors.

Every time a UK company gets into trouble, the call goes up for a state rescue — calls which the government, sensibly, usually rejects. With the increasingly troubled Intu, however, it might not be the worst idea.

The UK Debt Management Office hit the market for an auction of a 10 year line on Tuesday, testing the waters at new yield levels and finding demand. However, the short-dated paper scheduled for next week could prove more challenging.

The European Union’s Taxonomy of Sustainable Economic Activities, the latest draft of which was released on Monday, has been hailed by promoters as the opening of a new chapter in responsible investing. But the document is complex and much will depend on how market participants use it.

Credit Suisse is set to move a financial institutions debt syndicate banker from his role in Europe to a position the US in the second quarter of 2020.

Alcentra has provided $530m of senior debt to fund the acquisition of medical device maker Lumenis by Baring Private Equity Asia, in the largest direct lending deal the European private debt specialist has done in its history.