UK

Watches of Switzerland, the UK's largest retailer of luxury watches, set the terms for its flotation on the London Stock Exchange after what were productive price discussions with investors, according to a source close to the deal.

NatWest Markets and Crédit Agricole both came to the market on Monday with supply from the safest end of the capital stack. Both deals were heavily subscribed in the face of trade war tensions and uncertainty over Brexit.

Metro Bank completed its long awaited equity capital raise on Thursday night, providing a rare bit of good news to UK bankers and investors despondent over a tortuous Brexit process.

Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.

Rating: Aa2/AA/AA

Gilts are profiting from safe-haven flows, said Robert Stheeman, chief executive of the UK Debt Management Office (DMO), which, this week, sold its first syndicated note of the 2019/20 funding year — a 6.5 times subscribed issue.

Private debt loans in brief Mercon brews sustainability loan Transocean digs into more revolver liquidity Munich’s public service arm switches to sustainable loan

Large asset managers have urged the UK to start issuing green Gilts to support the country’s environmental initiatives and broaden the range of assets they can buy. Although the government's Green Task Force recommended the idea last year, there has been little progress since and the country’s Debt Management Office has shown little enthusiasm for the product, writes Burhan Khadbai.

Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

US retail giant Walmart said this week that it was exploring the possibility of an IPO of Asda, the UK supermarket, after its proposed £7.3bn takeover by rival Sainsbury’s was blocked by UK competition authorities. If the IPO does go ahead, there is likely to be little market appetite for the first major UK supermarket flotation for more than two decades.

A high yield bond origination banker has left BNP Paribas.

A director for responsible investment at a large asset manager has written to the CEO of the UK Debt Management Office pleading the case for the country to start issuing green bonds, as recommended by a government inquiry last year.