UK

UK aircraft services company BBA Aviation plans to refinance $903.4m-equivalent of bank debt early during this year, with a $650m-equivalent revolving credit facility first in line to be replaced.

JP Morgan has promoted Silvia Viviano to become its new head of equity capital markets execution for EMEA, succeeding Chris Roberts, who left the bank earlier this year to join Moelis & Co.

UK gaming group GVC Holdings has launched a £1.9bn equivalent loan facility into general syndication, as the company edges closer to its up to £3.9bn acquisition of Ladbrokes Coral.

The Financial Conduct Authority on Monday said it had settled with former Deutsche Bank interest rate derivatives trader Guillaume Adolph, for manipulating Libor submissions, and fined him £180,000.

Hiscox is gearing up to sell short five year funding in the sterling market this week, as new issue conditions have become increasingly volatile across currencies.

Rating: Aa2/AA/AA

Public sector borrowers hit new mid-swap spread tights for the year in dollars this week, but despite the enviable pricing on offer, bankers said that the currency was not offering the kind of super strong conditions that had been on offer last year. That might play in the mind of issuers lining up deals for next week — which is expected to be busy — with bankers saying borrowers might need to offer a little more concession than they have been used to.

The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider.

Corporate broking professionals are feeling the pinch as European banks have trimmed staff in their UK corporate and investment banking operations.

Private equity firm Advent International has agreed to buy UK electronics company Laird for around £1bn, in a purchase that will be financed with debt.

Nationwide Building Society sold the UK’s first ever non-preferred senior instrument on Thursday, having removed the contractual barriers to issuing in the format by altering the terms of three of its outstanding tier two bonds.

French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.