UK

Uncertainty around how MiFID II’s trading obligation will function after Brexit is leading UK and European derivatives trading houses to consider executing trades in other jurisdictions.

The US real estate investment trust Reality Income is planning a £300m bond sale to part finance its acquisition of 12 properties in the UK linked to grocer J Sainsbury’s.

John Wood Group, the Scottish oil services company headquartered in Aberdeen, entered the US private placement market late on Wednesday.

Bar chain Loungers priced an £83m IPO on Wednesday, providing a rare boost for UK mid-cap funds who have been bereft of deals because of Brexit.

Finablr, the Abu Dhabi-based cross-border currency and financial technology holding company which owns Travelex, is one of the few firms in the market with a live IPO. But banks are not rushing to set a price range, wanting to give investors more time to value the business.

An SSA/EM origination banker at Barclays resigned from the bank on Tuesday.

NatWest Markets has hired an experienced covered bond trader from Nomura. The move is the latest example of staff swapping between the two firms, but also underscores the UK’s bank ambitions plans.

Despite coming from a tough sector, and having some risks of its own, the UK clothing retailer Next got an order book nine times oversubscribed on Wednesday, on a £250m six year corporate bond issue.

Kingspan, an Irish insulation company, has made a €700m offer for two units of Belgium’s Recticel, but will sell one of them if the deal goes ahead.

MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.

Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.

The Financial Conduct Authority has set out plans to amend the UK’s regulated covered bond framework once European Union legislation comes into force.