UK

UK mining company Sirius Minerals delayed its $500m high yield bond on Tuesday,aiming to try again in September. The clock is ticking on the fertiliser mine project in the Yorkshire Moors. Sirius has until October 30 to entice investors or its whole financing package will collapse.

Bank of America Merrill Lynch has hired James Palmer to act as chairman of its equity capital markets business for Europe, the Middle East and Africa.

Ingredients group Tate & Lyle has priced a $200m US private placement, in order to refinance a sterling bond set to expire in November.

UK sovereign debt yields fell to their lowest level on record on Monday, despite warnings that the new government’s latest spending promises and the threat of a no deal Brexit will heap pressure on the UK’s credit metrics.

The UK’s Foresight Solar Fund has signed a £245m bank financing package, as lenders to smaller companies say that they might hit record lending levels this year despite sharply pared down volumes elsewhere.

The UK’s Helical has amended and extended its bank debt, with the office real estate firm ramping up the size of its revolving credit facility to £400m.

There are only eleven votes between the top three contenders for GlobalCapital’s 2019 Covered Bond Issuer of the Year award: Lloyds, Toronto Dominion and Royal Bank of Canada. These banks have issued a number notable covered bonds in euros, dollars and sterling, which are summarised in the following article.

Equity capital markets bankers were glancing at a sea of red across global equities on Monday, but they were grateful that volatility has only flared up during a traditionally quiet period for new issuance.

In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.

Capital market participants with an interest in UK social housing are paying close attention to new UK prime minister Boris Johnson’s appointments to his cabinet and inner circle, to try to gain a sense of his attitude towards housing.

Refinitiv bondholders will likely not receive the full sum of the make-whole premiums that apply to the bonds if London Stock Exchange Group refinances all of them before their call date. An equity claw clause will allow Refinitiv to refinance 40% of the bonds at a cheaper rate.

The new UK government’s cavalier approach to Brexit has had a brutal impact on the value of sterling, making it less likely that UK banks will want to pay back the principal on some of their foreign currency additional tier ones (AT1s), writes Tyler Davies.