UK

DWF, the UK law firm, has filed paperwork on an initial public offering in London, but many in equity capital markets are predicting that the the city’s largest deals will come from the emerging markets.

The universities of Aberdeen and Leicester are marketing US private placements (US PP), it is understood, both of which willl be inaugural transactions.

Low & Bonar, the UK maker of fabrics and flooring materials, has announced a £54m placing and open offer to reduce its debt burden in order to satisfy its debt covenants.

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.