UK

Virgin Money revealed in a presentation on Thursday that its cost of funding had risen by 31bp in the last year, as the UK lender looks to replace central bank money with financing from the capital markets.

Senior managers and former employees of Future plc, one of the best performing companies on the London stockmarket, have sold £43.7m of stock in the company, via an accelerated bookbuild.

Key Schuldschein arrangers that have long felt uncomfortable with floors at 0% for fixed and floating rate notes are gearing up to bring more borrowers to market with a Euribor floor set below zero in the new year.

Bank of Nova Scotia returned to the sterling market for the first time in more than a year on Wednesday, when it sold its first total loss-absorbing capacity (TLAC) compliant senior bonds in the currency a day after reporting its full year results.

Chinese power company SDIC Power Holdings is moving forward with its plan to list global depositary receipts on the London Stock Exchange to fund global expansion and its clean energy drive.

Akuo Energy, a French renewable energy producer, has sold €45m of green Euro Private Placements (Euro PP), as the sustainable element in the market grows.

The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.

UK water companies have a tricky December to navigate. The UK opposition Labour Party on Thursday made an election pledge to renationalise them, while they also face regulators' desires to toughen the financial regime under which they operate. Silas Brown reports.

Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.

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Credit fund money is flooding into UK companies, despite a shaky economy and prolonged uncertainty surrounding the country’s exit from the EU. Less popular markets such as the Nordics present expansion opportunities, but the UK has consistently been the top location for private debt deals.

Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has sold euro and dollar US private placement notes, in a debut widely seen as a success.