UK

High grade corporate bond bankers have warned of near-pandemonium in the UK market if the Conservative Party fails to form a government after the general election on December 12. They fear rocketing spreads and constricted market access during the busy January issuance window.

The co-founders of Boohoo Group, the UK online fashion retailer, have offloaded £142.5m of stock.

Peter Lammer and Jan Hruska, the co-founders of UK cybersecurity company Sophos Group, have sold the last of their stock in the company before it is due to be acquired by US private equity fund Thoma Bravo next year.

US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.

Investors in the financial institutions bond market have not had much chance to invest in UK credit this year, especially in the euro market in light of the political uncertainty in the country. Much of the supply next year will depend on the UK general election results next week.

A director working on debt advisory and structuring at Barclays is leaving the bank to take up a new job on the buy-side.

Ocado, the UK online grocer, has made its first foray into the equity-linked market with a £600m convertible bond due in 2025 to finance investment in its technology platform Ocado Solutions, which produces robotic warehouses for foreign partners.

The UK Debt Management Office (DMO) has announced the timing of the fifth and final syndication of its financial year.

Barclays offered investors a rare chance to add exposure to its senior debt in euros on Monday, helping to fill a supply gap from UK issuers in this currency.

Pension Insurance Corporation (PIC) published a report on Thursday making the case for institutional investment into UK social housing. The sector has come under pressure from falls in government funding and the increasing costs of developing new homes. Capital from the insurance sector could provide a valve, PIC claims.

Private equity firm Silver Lake acquired a 10% stake in City Football Group (CFG), the holding company that owns Manchester City FC, for $500m on Wednesday. The deal has been greeted as a watershed in the way football clubs are financed and is tipped to spark copycat deals.

It is with much sadness that GlobalCapital reports the death of David Pepper, Bank of America’s head of loan capital markets for Europe, the Middle East and Africa.