UK

Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.

Private placement market participants have told GlobalCapital that a decade on from Ireland’s sovereign debt crisis more of its companies are starting to consider private placements again, as agents predict institutional investors will be appreciative of the country’s rapid recovery.

Santander UK was set to issue the first ever covered bond linked to Sofr on Tuesday, as part of a dual-tranche offering that established a number of other firsts. The deal included the first 144A dollar covered bond from a UK issuer since 2012, the first seven year covered deal linked to Sonia, and it also marked the first time that a borrower has sold dollar and sterling covered bonds simultaneously.

Bonds sold by Banca Monte dei Paschi di Siena were surging higher in secondary market trading this week, amid reports that the Italian bank was close to agreeing plans to offload a €10bn portfolio of non-performing loans.

Cranfield University, a UK postgraduate institute which specialises in science and engineering, is looking to raise debt through a private placement, according to two sources familiar with the situation.

Anglo-South African bank Investec Group has launched the spin-off of its asset management division, Ninety One ,on the London Stock Exchange.

The UK Debt Management Office has selected the syndicate that will run the books for its upcoming tap — its final syndication of the 2019/2020 financial year.

Shares in Aston Martin Lagonda, the UK maker of luxury cars, surged by more than 20% on Friday morning after the company unveiled a £500m rescue deal led by Lawrence Stroll, the Canadian billionaire Formula One investor. Sources close to the deal discuss his plan to transform the company, which has struggled since it listed in 2018.

Credit Suisse secured the lowest spread for a Yankee bank referencing the secured overnight financing rates (Sofr) on Thursday, breaking the previous record set just over a week ago.

During a recent market consultation, Gilt investors called on the UK Debt Management Office to issue floating rate notes linked to Sonia, the Bank of England’s recommended replacement for Libor. There are plenty of reasons why this is a good idea.

BPHA, a housing association headquartered in Bedford, is looking to sell US private placements, according to several market sources, as private debt remains readily available for UK HAs.

Lloyds Bank and National Australia Bank issued two very well received Sonia linked sterling covered bonds this week, taking advantage of demand spotted in a deal issued by Royal Bank of Canada last week.