UK

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.

Scottish Mortgage Investment Trust is selling US private placements, some 18 months since its last outing in the market.

Equity capital markets bankers are continuing to benefit from strong momentum in the accelerated market, with a £304m ($391.6m) trade in Network International, the London-listed UAE payments company, on Tuesday night. A large anchor order helped the deal over the line.

A new drive is being launched by investors in London today to persuade companies to root out modern slavery in their supply chains. The quest will be hard in two ways: firms will risk bad publicity if they find slavery; and investors are unlikely to make money out of the work.

Tuesday might be a day to spare a thought for any investor long Netflix as Disney launches is streaming service, Disney +. But the flotation of UK visual effects firm DNEG might just give them a way to profit from the coming war between the big streamers.

Investors who took part in an accelerated sale of shares in Trainline, the UK rail tickets booking website, on Monday evening, booked a 3.4% gain by Thursday's close, vindicating the decision by banks to waive a lock-up clause on private equity firm KKR, allowing it to trade out of the stock earlier.

UK mining company Sirius Minerals kept the dream alive with a market update on Monday, unveiling discussions with potential investors over a $600m financing package. Sirius’s shares saw a meteoric rise of up to 28% on Monday morning but the initial excitement fizzled out quickly.