UK

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.

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.