UK

The day after the UK government mandated Teresa May to go to Brussels and renegotiate the country’s exit agreement with the European Union, the UK electricity transmission company National Grid tested investors’ appetites for UK assets and found a host of willing buyers without having to offer much of a premium.

Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds.

Whatever the resolution of the UK’s attempts to leave the European Union, it will likely take a long time for it to repair its reputation among investors.

Asahi has agreed to buy UK alcohol maker Fuller, Smither & Turner for £250m, with the debt-funded purchase expected to be positive for the Japanese brewer’s credit metrics.

The £200m ($262.56m) listing of Global Sustainability Trust, a London socially responsible investing (SRI) private equity vehicle, has been postponed due to negative market conditions — primarily the political chaos surrounding the UK’s exit from the European Union (EU).

Although the UK’s eventual relationship with the European Union remains shrouded in doubt, politicians on the parliament's Treasury Select Committee are set to look into whether it should remain aligned to the continent’s regulations or diverge when it leaves.

Georges Elhedery will be moving from Dubai to London in order to take up a new role as head of global markets at HSBC. He replaces Thibaut de Roux, who reportedly left in September after an accusation of inappropriate conduct.

CDC, a development financial institution, has hired a former regional head of global banking at Standard Chartered to mobilise investment in developing countries.

The UK’s BB Healthcare Trust has amended its revolving credit facility, with the healthcare equity investment trust switching the base currency of its bank debt from sterling to dollars.

Gilt investors in Scotland last Friday called on the UK Debt Management Office to reduce the proportion of long end issuance in both conventional and index-linked formats in its next financial year.

The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.

Tritax Big Box Reit has returned to the market with a £250m placing and open offer to finance its acquisition of a majority stake in DB Symmetry, the owner of one of the largest strategic land portfolios for development of Big Box warehouse assets in the UK.