UK

The Financial Conduct Authority on Tuesday called upon technology experts from across the finance industry to give feedback on a new automated way to provide the FCA with regulatory reports.

Oleg Deripaska is to step down from his role as president of EN+, the Russian aluminium and hydropower company, which floated for $1.5bn in London and Moscow in November, and as president of its affiliate Rusal, as part of a pre-planned organisational change in which he will shift focus to other business interests.

For the first day this year since January 10, investors had a choice of three benchmark new issues in the investment grade corporate bond market. All three issuers were BBB+ rated, but the variety of tenors and spreads meant none of the deals were directly competing. However, new issue premiums have increased after the recent bout of volatility.

London Stock Exchange Group's CurveGlobal, an interest rate derivatives platform, on Monday said it would launch a three-month futures contract based on the benchmark rate set to replace sterling Libor, in the second quarter of 2018.

On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.

Gatwick Funding has received its first rating from Moody’s for its £5bn-equivalent multicurrency MTN programme, prompting investors to expect a new sterling issue from the UK airport group soon.

Industrial conglomerate Melrose’s likely debt-driven hostile takeover attempt of UK engineering group GKN took another twist on Wednesday, with the target offering shareholders £2.5bn in cash over the next three years as it sells assets.

Galliford Try, the UK construction company, has announced a £150m capital increase to help cover costs related to the collapse of Carillion in January.

Petrol station forecourt company EG Group’s credit worthiness has come under pressure after the UK firm announced $2.15bn of debt-financed acquisition plans last week.

Barclays has hired a new global head of electronic equities from Credit Suisse, following Stephen Dainton into the revamped UK firm, and signalling the importance of electronic execution.

Rating: Aa2/AA/AA

The UK Debt Management Office (DMO) this week rounded out its syndication programme for the 2017-18 financial year with another deal that met with acclaim. Unlike several of its last few deals, the UK did not build a record book — but that development may have helped sway a debate over the future of its syndication programme.