UK

UK financial institutions have issued record volumes of debt so far in 2018, and there is likely to be plenty more to come, as issuers look ahead to the risks posed by the UK's exit from the European Union.

Elliott International, the US hedge fund, sold a block of shares in Charter Court Financial Services, the UK challenger bank, after Market close on Monday.

Despite some signs of investor fatigue in Europe's IPO market, Horizon, an alternate investment manager, plans to float a new social housing real estate investment trust (Reit) that offers a “differentiated product” from those that listed in 2016 and 2017, according to a source close to the deal.

Aviva said on Monday that it would offer goodwill payments to investors who lost money when trading its preference shares in March.

James Garvey, head of markets at Lloyds Bank, is retiring. His replacement has been named and will take up the reins over the summer.

Investors were relieved to hear on Wednesday that Lloyds Bank had no plans to cancel its "irredeemable" preference shares at par, but those invested in the market want to clarify their position under UK law.

MUFG has started a round of redundancies in its securities business, with several jobs in London and New York said to be at risk. GIobalCapital understands that not all those who will be put at risk of redundancy have yet been notified but fewer than 35 staff will be affected.

Avast, the Czech cyber security company, has set the terms of its London IPO, valuing it at £3.2bn at the top of the range.

The boutique has turned to experienced hires as it looks to build a UK business in short order, ahead of a potential IPO, writes David Rothnie.

Dan Cohen has left his job as head of high yield trading at HSBC to work for Nomura in the same position.

Skipton Building Society issued its inaugural covered bond on Wednesday at a good size and a fair spread. The sale follows a pattern of wholesale funding diversification for the borrower that began last year.

Whitbread, the UK hospitality group, has announced the demerger of Costa Coffee, one of the biggest coffee chains in the UK.