UK

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

Société Générale has appointed new sales heads for Asia Pacific and Europe within its global markets division, according to a press release on Wednesday.

The UK Debt Management Office’s Gilt sales target for the 2018-19 financial year has risen £3.1bn ($4.32bn) to £106.0bn from the initial aim outlined after the government’s spring statement in March.

The UK borrower pipeline in the US private placement market is looking strong across May and June, as treasurers see market volatility and rates rises on the horizon. However, some market participants are still concerned that bank lending will provide the biggest challenge to US PP growth in Europe.

Europe needs to be pragmatic in its Brexit negotiations, as the continent’s ability to compete and its prospects for building a capital markets union (CMU) hang in the balance, said several Europe-based bank chiefs at the CityWeek conference this week.

Capita, the UK outsourcing company, launched its £701m ($976.13m) rights issue before the market opened on Monday, in a bid to turn its fortunes around and de-lever its balance sheet.

Prominent German member of the European Parliament, Markus Ferber, has put down suggestions that European regulators should be granted powers to temporarily exempt market participants from regulations.

Digital advertising firm Yell added a new sub-benchmark deal to an otherwise lacklustre sterling high yield bond pipeline this week. The market is lagging more than £1bn ($1.4bn) behind 2017’s first quarter volumes.

Stoxx on Thursday announced the launch of indices for the liability driven investment industry, products that are ready suited for derivative contract creation.

Allen & Overy, IHS Markit and Smart Communications subsidiary SmartDX on Thursday announced that they had launched a platform to speed up the repapering of derivatives contracts, in anticipation of new regulatory requirements.

The European Central Bank (ECB) has proposed new powers that could allow it to control elements of foreign clearing houses’ operations (CCPs) in “exceptional” crisis situations, according to a leaked position paper. This is likely to escalate already tense relations with US regulators.

Tritax Big Box REIT, the UK real estate investment trust (REIT) focused on “big box” distribution centres, has raised £155m ($218.31m) of growth capital and was covered in excess of its deal size.