UK

UK construction company Galliford Try has raised £164m through a rights issue to cover the costs related to the collapse of construction and facilities management firm Carillion in January, after the successful conclusion of its fully underwritten rights issue on Monday.

Not a day goes by without some analyst, regulator or senior exchange executive weighing in on where the clearing of euro swaps should reside post-Brexit.

Shares in Whitbread, the UK hospitality group, rose by 7% on Monday after Elliott Advisors, the US activist hedge fund, revealed it had become the largest investor in the company.

It is with sadness that the global banking fraternity bids farewell to HSBC’s Russell Julius, who passed away on April 8, at the age of 57.

The London Stock Exchange Group has appointed David Schwimmer, a former Goldman Sachs banker, as CEO of the company.

Royal London Asset Management was the sole investor in £30m of bonds issued by the Church of England Pensions Board in early April.

European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.

Some US private placement investors in London are investing more time and resources on bilateral US PP transactions that do not involve either syndication or agent banks, so as to gain full allocations and originate their own business.

Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.

Perella Weinberg Partners said on Monday that Alex Wilmot-Sitwell, former president of Bank of America Merrill Lynch in EMEA, and one of the UK’s most senior corporate financiers, will join as a partner in its advisory business. He will be joined by Matthew Smith, Barclays’ head of UK corporate finance.

Virgin Money could soon appear with a debut covered bond after Fitch and Moody’s assigned top ratings to its €7bn programme with the expectation of a £500m five year soft bullet deal.

The Financial Conduct Authority on Monday expressed concerns over the potential consolidation of market power in the hands of a few trading and clearing players, saying that a "lack of competition" could result in "higher prices" or a reluctance to invest to meet client needs.