UK

ReAssure, one of the largest life insurance companies in the UK, has begun bookbuilding for one of the biggest IPOs on the London Stock Exchange this year, with a price range that pitches the company at a significant discount to its peers, according to a banker involved in the IPO.

The UK is preparing to issue its second sukuk, following its debut in 2014.

Standard Chartered raised S$750m ($554m) from a Basel III-compliant additional tier one deal on Tuesday, boosting its capital ratio after a consolidation of its operations in Singapore this year. The bank’s strong Asia links helped it achieve better funding arbitrage compared to some of its European peers.

Travelodge is planning to dip into the sterling market to refinance all its bonds, issuing up to £440m in senior secured floating rate notes. It would take advantage of a window for UK issuance before the likely resumption of political worries in the autumn as the Brexit deadline approaches.

London’s most recent IPO issuers can exhale with relief after pricing their deals just before an increasingly turbulent Conservative leadership contest and the increasing likelihood of a disorderly Brexit spooked investors.

The UK Debt Management Office (UK DMO) will reopen its 2041 index-linked Gilt through syndication in the week commencing July 8, subject to market and demand conditions.

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.