UK

The UK’s Emmerson is in talks of a project finance loan of up to $230m, with the deal for the potash extraction company expected to be syndicated among a handful of commercial banks and export credit agencies.

HgCapital Trust, the UK investment firm focused on unquoted investments, has unveiled plans to raise £80m of fresh capital to finance its pipeline of investments.

Invesco has cut its stake in AJ Bell, the Manchester-based investment platform, after the stellar performance of the stock since the company listed on the London Stock Exchange in 2018.

Swiss Re, the Swiss reinsurance business, has come to market with the IPO of its UK life insurance business ReAssure, potentially one of the largest London IPOs of the year if it successfully completed.

Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.

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.