UK

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.

Investors in bank bonds were taking profits this week and heading for cover, hoping for better markets before they participate in new deals following the escalation of trade antagonism between the US and China.

UK government bonds could lose some of their stature as a risk-free investment and start to be treated more like credit products in the event that no breakthrough is made in Brexit negotiations, according to one portfolio manager.

Aquila Capital, the Hamburg-based alternative asset manager, is hoping to float a renewable energy fund in London which is unusual in giving exposure to wind, solar and hydroelectric power.

The UK Debt Management Office (DMO) started its 2019/20 funding year with a bang on Tuesday, selling a six and a half times subscribed issue.

Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.

Private debt and loans bankers are trying to work out possible approaches to the City of London Corporation’s plans to return to capital markets for the first time in a generation when it looks to raise around £1.75bn ($2.24bn) over the next three years, writes Mike Turner.

Ken Brown, until last year head of global finance for EMEA at Nomura, has joined Barclays as chairman of its equity capital markets business in Europe and the Middle East.