UK

The Bank of England has published two consultation documents for what it describes as the “final major piece” in the development of a bank resolution regime in UK.

In this round up, Bank of China’s monthly index shows decreasing onshore funding cost, Value Partners’ flagship fund became MRF-eligible and a quarterly London RMB business report shows that the city still leads the way on offshore RMB trading in Europe.

Grainger plc, the UK residential property manager, has completed its £346m rights issue to finance its full takeover of Grip Reit, having received a high take-up from its shareholders.

The UK’s CityFibre has signed a £1.12bn debt package from seven banks, as the Goldman Sachs-linked fibre broadband infrastructure provider rolls out its nationwide competition against incumbent firms BT and Virgin Media.

Experian, the Irish-incorporated, FTSE 100-listed credit checking agency, has signed a $1.95bn revolving credit facility, which it self-arranged.

The Restaurant Group (TRG), owner of the UK chains Garfunkel's, Joe's Kitchen and Frankie & Benny's, has reported a 92% take-up on its £315m rights issue to acquire the restaurant chain Wagamama from private equity firms Duke Street and Hutton Collins Partners.

Goldman Sachs International conducted business with Lars Windhorst, the colourful German financier, despite warnings from its compliance department that he was a high risk counterparty.

UK government bonds have been playing their traditional role as a haven trade for sterling investors amid the Brexit turmoil of the last 2.5 years. But some investors warn that this could change if the Labour Party wins a general election, as a ‘Corbyn premium’ will push up Gilt yields.

Equity capital markets bankers expect more corporate restructuring deals and rights issues in 2019 as companies begin to deal with a turn in economic cycles. More are likely to have to take a similar approach to the Kier Group, which is raising a £264m rights issue this month.

UK-listed Ophir Energy has amended and extended its reserves-based lending facility, as a surge of end of year deals continue to work their way through the market.

EU lawmakers are ready to grant a temporary authorisation for the City’s clearing houses (CCPs) and central securities depositories (CSDs), according to two drafts documents obtained by GlobalCapital.

UK equities investors and bankers continue to wring their hands over the chaotic state of British politics, but it does little to alter what was already a grim outlook for UK ECM.