UK

Berenberg has made a swathe of redundancies in its equities division this week, especially in its London research staff, including the cutting of all or nearly all analysts covering several sectors.

UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.

AJ Bell, the UK investment platform, has launched a well-flagged IPO on the London Stock Exchange (LSE).

Barclays has hired Citi’s Tasnim Ghiawadwala as head of UK corporate banking.

Barclays’ co-head of global debt capital markets and risk solutions group has had his job put at risk by the bank.

Multifamily Housing Reit, the UK real estate investment trust focused on rented residential properties, has postponed its £175m IPO on the London Stock Exchange, due to a lack of demand.

BNP Paribas has told between 80 and 90 London-based people in its global markets division that they may need to relocate to the EU in the event of a hard Brexit.

The market volatility of recent weeks has claimed another IPO victim, Belarusian retailer Eurotorg, which postponed its listing on Tuesday, the last day of bookbuilding.

The chief executive of derivatives industry body ISDA has called for more clarity from the European Union over plans to help mitigate the disruptive impact of a no-deal Brexit on derivatives markets.

The US private placement (US PP) market considers itself well placed for the volatility surrounding Britain’s expected departure of the European Union on March 29, and participants expect additional deal flow as a consequence.

Coventry Building Society became the first financial institution to issue a five year Sonia-linked covered deal on Tuesday, just beating Yorkshire Building Society (YBS) to the punch.

There has been feverish talk over the past few days that the UK and European Union are close to agreeing a deal to determine the future of the continent’s financial services industry, but that talk is premature: real negotiations likely haven’t even started yet.