UK

French asset manager Axiom Alternative Investments has hired Laurent Henrio, the former global head of credit trading activities at Société Générale, to run a new fund buying illiquid credit exposures in banks’ trading books.

Bain Capital has completed the first sale of shares in TI Fluid Systems, the UK maker of fluid delivery systems for cars and trucks, since its IPO last autumn. The deal came in response to several reverse inquiries from investors.

Deutsche Kreditbank and Skipton Building Society both announced mandates for euro-denominated covered bonds on Wednesday, with DKB’s to come as its debut social bond.

Swedish bank SEB has appointed a new head of large corporate coverage in the UK, luring a managing director from Santander.

Like many corporate bond market participants Bluebay Asset Management has been keeping a close eye on the volatility that has been and likely will be further caused by emerging markets, political events in Italy and the ongoing Brexit negotiations.

Phoenix Group Holdings is set to sell tier two bonds with a rare bullet format on its first outing in the euro market, as supply of insurance debt heats up in the region.

Santander UK needed to offer an unusually attractive concession for its second euro covered bond deal of the year, but priced its first sterling Sonia-linked deal in line with Lloyds.

UK legal finance firm Vannin Capital plans to go public in the autumn, having filed an intention to float document in London on Monday.

The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.

Gas asset and infrastructure investment consortium Quadgas made its debut in the sterling corporate bond market on Monday with a £350m 11 year offering. The company had previously raised funds from the US private placement market, but this was its first benchmark public deal.

Sterling leveraged loan volumes are on the rise, even as sterling high yield bond volumes have been heavily curtailed, said Marlborough Partners this week.

The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels.