UK

Société Générale’s planned round of redundancies, set to happen in the third quarter of the year, will focus on staff in its markets business. Around 30% of the 1,600 cuts are expected in that division.

Chinese securities houses and banks have suffered a rough two weeks that have hit their funding conditions. A lawsuit from China Merchants Bank (CMB) against Everbright Capital has brought even more worry to a market still recovering from the panic caused by Baoshang Bank’s takeover.

Derwent London, the UK commercial property developer, has shrugged off Brexit-related concerns about the outlook for the London real estate market to place a £175m convertible bond due in 2025 to finance a buyback of an older note due next month.

TCS Group Holding, the Russian financial services company owned by Oleg Tinkoff is to raise $300m in new GDRs to pursue profitable growth opportunities as its entrepreneurial owner takes advantage of continuing warm sentiment towards Russian equities.

The troubles faced by legendary fund manager Neil Woodford and the decision to gate one of his UK equity funds has led to discussion over the future of active management and whether Woodford’s difficulties are a serious blow to the industry. Such talk is premature.

Investors are calculating the value of Airtel Africa, the African subsidiary of Indian telecoms conglomerate Bharti Airtel, as it is going ahead with a floatation on the London Stock Exchange (LSE).

Greencoat UK Wind, the UK infrastructure investment fund focused on wind farms, has completed its latest equity capital raise to finance its pipeline of investments.

Aquila Capital, the Hamburg-based alternative asset manager, is has raised €154.3m for its new float, a renewable energy fund in London which is unusual in giving exposure to wind, solar and hydroelectric power.

The UK equity capital market showed its robustness this week with deals well-received amid political crises that show no sign of abating. Bankers are focused on bringing equity stories that can succeed despite the turmoil of Brexit, aware that investors will be selective and more are turning underweight on the country, writes Sam Kerr.

The City of London Corporation, via its endowment fund ‘The City’s Cash’, is set to enter the US private placement (PP) market for the first time. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.

Shares in Watches of Switzerland, the UK luxury watch retailer, surged in the aftermarket on Thursday after the company priced its £220m ($277.46m) IPO a day early in the upper half of the price range.

Trainline, the UK transport booking website, said on Tuesday that it plans to raise £75m of new capital, having confirmed its intention to float on the London Stock Exchange.