UK

Yorkshire Water flattened the long end of its sterling bond curve on Tuesday, as investors remain content with UK risk, as long as the Labour Party looks unlikely to win the general election on December 12.

UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.

The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.

Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.

The Pebble Group, the UK promotional products company, has launched what is likely to be one of the last IPOs on the London Stock Exchange this year, despite the looming UK general election in just over three weeks.

Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.

Hollywood special effects company DNEG has postponed its £225m IPO on the London Stock Exchange, blaming poor market conditions.

The wave of UK local authorities set to enter capital markets after the central government started charging them more for borrowing began to break this week as Redbridge Council raised £75m through a deferred bond. In doing so, it achieved better costs of funding from the market than it would from the Public Works Loans Board. More councils are set to follow.

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Strong interest from investors outside the UK on Thursday ensured that Yorkshire Building Society (YBS) was able to attract the highest demand for any sterling covered bond it has ever issued. Moreover, the sizeable deal was priced with no new issue concession and several basis points cheaper than if it the funding was in euros.

Redbridge Council raised £75m through a deferred bond this week. A banker close to the deal said other local authorities would be following close behind.

Lloyds Banking Group marketed an additional tier one in the sterling market this week, making use of favourable conditions. The lender was “quite an attractive credit” in an undersupplied market, according to analysts.