UK

FTSE Russell is reviewing China for a potential upgrade under its framework for index eligibility, opening the door for onshore bonds’ inclusion in the FTSE World Government Bond Index (WGBI).

Neil Garrod, group treasury director at Vodafone and one of the best known figures in the European corporate bond market, is understood to be leaving the UK mobile phone group. He is in talks with another company about becoming its finance chief.

Andy Green, chairman of IG Group, the online derivatives trading provider, is to stand down later this year.

Estimated losses in the transition to a low carbon economy could top $20tr, according to a speech delivered on Monday by the Bank of England’s Sarah Breeden. The warning was delivered as the UK’s Prudential Regulation Authority published a new supervisory statement on plans to enhance banks’ and insurers’ management of risks from climate change.

Yellow Cake, a London-listed company operating in the uranium sector, completed a £25.9m share sale on Friday to continue funding uranium purchases from Kazakh uranium producer Kazatomprom.

The Scottish American Investment Co (SAINTS), an investment trust managed by Baillie Gifford, has raised £80m of debt in private placements.

Yorkshire Building Society gave market participants a snapshot of the future this week, when it ditched some of its excess tier two capital in favour of building up a layer of non-preferred senior debt. The good news in the UK is that the Prudential Regulatory Authority looks like it is on board with this kind of transition, and is stepping aside to let financial institutions get on with it as quickly as possible.

Primary EM equity capital markets IPOs are back in vogue, riding the momentum of secondary equity EM indices. With investors clamouring for alpha, Middle Eastern and African IPO issuers are lining up to test the appetite for new deals.

Network International, the Dubai-based payment company, saw an 18.4% pop after completing its £1bn London IPO on Wednesday, cheering investors in what was Europe’s most talked about listing of the year so far.

Hungry for some social purpose, and perhaps a longer maturity, investors hoovered up Yorkshire Water’s first sustainable bond on Thursday. This allowed the UK utility to tighten the pricing to fair value or even tighter.

The decision by the European Union and UK on Wednesday night to extend the country’s membership of the bloc until October 31 prolongs the uncertainty that is deterring UK companies from attempting IPOs.

Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.