UK

Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.

Five years after its creation, the Euro PP Charter, an industry guidance document for the Euro private placement market, has been updated to reflect progress in, among other things, environmental, social and governance procedures.

The African Export Bank (Afexrimbank) has filed initial paperwork before a potential float on the London Stock Exchange.

Moody’s said on Wednesday that investors’ approval of Lloyds Bank’s request to convert the interest basis on a covered bond from Libor to Sonia was credit positive for the issuer and bodes well for the rest of covered bond and structured finance markets, which must transition to Sonia before 2022.

UK coach operator National Express has sold roughly $500m-equivalent US private placements, in dollars, euros and sterling, with substantial delayed draws.

Paddy Power’s prospective US private placement debut has been kicked into the long grass, according to sources familiar with the situation, as the Irish gambling company instead focuses on a merger with Canada’s PokerStars.

Cellnex, the Spanish wireless telecommunications company, has agreed a deal to acquire the telecoms division of Arqiva for £2bn and is undertaking a €2.5bn rights issue to help fund the transaction.

Hong Kong Stock Exchanges and Clearing has dropped its plan to acquire the London Stock Exchange Group (LSEG), shelving the £31.6bn bid that would have created a powerhouse among financial marketplaces.

Morgan Stanley Investment Management has made two hires to its international equity team.

UK covered bonds in euros have been modestly supported in the secondary market, as investors view spreads as relatively generous compared to the rest of Europe, and because some say the UK's chance of leaving the European Union at the end of October without reaching an agreement has receded. However ‘the risk of a no-deal exit remains high,’ Standard and Poor’s warned on Monday.

IPO investors have one less deal to buy this autumn after Kazakhstan fintech firm Kaspi decided against proceeding with its London listing on Monday, because of volatile markets and disagreements about valuation.

Investors are growing more comfortable with Kazakhstan following a $344m trade in Halyk Savings Bank last week, and sources are hopeful the momentum will carry on through to next year as the country’s privatisation wave continues.