UK

Royal London Mutual Insurance Society came off the back of a successful roadshow to sell £600m of tier two debt in the sterling market this week — a small increase above the amount it had initially expected to raise.

The UK Treasury has started the search for the banks that will structure its second sukuk, planned for early next year.

Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music catalogues, has launched its £300m share sale to finance the acquisition of more music intellectual property rights.

Lloyds Bank Corporate Markets was marketing its first senior unsecured bond in euros on Friday, taking advantage of a quiet primary market. The issue gave investors a ‘healthy’ new issue premium, according to a FIG banker.

The Bank of England prides itself on its magisterial oversight of the UK's banking sector. But Metro Bank is going to give it some thorny dilemmas in the coming months that will test its silky skills.

Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV.

The failure by Metro Bank, the UK challenger bank, to issue a £250m senior non-preferred bond this week throws the spotlight on the Bank of England, which could soon have to decide how to deal with Metro if it fails to meet a year-end deadline for raising bail-inable debt. Tyler Davies reports.

Loan heads see green light flash across a torpid picture - Porterbrook launches US PPs under sustainability framework - Bunzl turns bank debt sustainable - ICBC London claims first in EMEA bank green loans

Industrial and Commercial Bank of China (London) has closed its first green loan, a $370m dual currency facility, a year after issuing its debut green bond.

Adani Transmission, the Indian power grid company, is marketing a debut US private placement, according to several market participants, who are watching the potential deal closely to see if it could spark a return for Indian names in the sector — a decade after it was burnt by a deal gone awry.

The struggling carmaker issued $150m of senior secured notes in a private placement priced at steep 12%, hiking up its leverage ratio. S&P showed no mercy and instantly cut Aston Martin’s credit rating to CCC+ from B-, leaving the firm on outlook negative. The company is betting its future on the risky launch of a family-friendly luxury SUV.

UK train leasing firm Porterbrook has entered the US private placement market, according to several market participants, seeking to raise debt under its sustainability programme.