UK

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, February 17. The source for secondary trading levels is ICE Data Services.

Britvic, the UK soft drinks company that owns brands Robinsons, Tango and Purdey’s among others, has issued £150m-equivalent of US private placements in sterling and euros.

Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.

The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.

A pre-IPO investor in Just Eat, the UK takeaway delivery service, has sold a chunk of its stake in the company via an accelerated bookbuild led by UBS. The sale follows Just Eat's takeover by Dutch rival Takeaway.com.

Rating: Aa2/AA/AA

Reports from PitchBook and Preqin have found an increased concentration of capital in private debt funds, which is giving larger asset managers a whip hand in dealmaking. Meanwhile, smaller funds are struggling to raise and deploy capital, and investors are seeking the safety of big players ahead of an expected downturn. Silas Brown reports.

The UK is leading the pack in Europe this year in terms of the volume of large IPOs. This is a boost for the London Stock Exchange after a torrid 2019 marred by political uncertainty.

Calisen, the UK operator of smart meters which has completed the first major European IPO of the year, was trading above issue price on Thursday, to the relief of sources close to the trade after early selling dampened its stock market debut.

Sam Woods, deputy governor at the Bank of England and chief executive of the Prudential Regulatory Authority, this week said he expects an equivalence agreement between the European Union and the UK to be extended beyond September, as both sides want to avoid a “dramatic” fallout.

Two milestones were passed on Wednesday, in the financial sector’s recognition of the reality of climate change — BP, the oil and gas group, revealed a new “net zero” strategy, and the Task Force on Climate-Related Financial Disclosures announced it had 1,000 supporters. But how much impact these moves have will depend on future actions.

Virgin Money is getting ready to launch its first sale of euro-denominated debt from its holding company, as the UK challenger bank looks to meet a 2022 deadline for the minimum requirements for own funds and eligible liabilities (MREL).