UK

International Consolidated Airlines Group (IAG) is running a tender offer for its outstanding €500m 0.25% convertible bonds due in November 2020 and is considering replacing the CBs with new euro-denominated senior unsecured bonds.

IPO volume in London is up year-to-date despite the political uncertainty hanging over the market, driven by cross-border issuance and issuers using the delay in the UK’s departure from the European Union to do deals.

Shares in Trainline, the UK transport booking website, surged in the aftermarket on Friday after the company priced its £950m IPO near the top of its price range, having attracted stock orders from around 270 investors, according to a source close to the transaction.

In this round-up, China’s holdings of US treasuries reached the lowest level in two years, the Ministry of Commerce (MoC) promised to unveil foreign investment negative lists in 10 days, and Bank of China (UK) can now provide clearing services in London.

English football club Stevenage FC is inviting investors to buy shares in a rare kind of equity fundraising in a bid to secure promotion from League Two of the English Football League.

Trainline, the UK transport booking website, has priced its London listing near the top its revised range and grown the IPO to satisfy investor demand.

A revised range has been set for the IPO of Trainline, the UK transport booking website, and the deal has enough interest form investors to be priced throughout the new level.

Central bank independence has long been one of the sacred cows of western financial policy, but the rise of populist politicians is increasing the possibility that it might be on the way to the abattoir.

Primary Health Properties, the UK real estate investment trust focused on healthcare facilities, plans to raise £150m by selling a new convertible bond due in 2025.

ABN Amro has appointed an ex-Barclays banker as its new head of UK FIG DCM.

LONDON PRIVATE DEBT ROUNDTABLE The UK’s private debt market is one of the most vibrant in Europe. London is the most active centre in Europe for US private placement investing, and UK borrowers have longstanding links with that market.

The US private placement market has carved itself quite a following among borrowers in the UK and Europe, with its enticing offer of long dated debt at tight margins. But since Britain voted to leave the European Union, agents are playing on another of the market’s strengths — its resilience to external shocks. Silas Brown investigates.