UK

Discussions between European member states over the supervision of foreign clearing houses have prompted potential changes to European Commission legislation that would strengthen the role of central banks and the ESRB, according to a leaked document seen by GlobalCapital.

Exotix Capital has brought on three new hires to its frontier markets research team ahead of the introduction of MiFID II.

A finer point debated in the Brexit negotiations is whether Britain will also leave a European judicial cooperation scheme. That would mean that English law, under which restructurings and bond prospectus terms and conditions are most often written, would not apply to cross-border contracts.

In what is turning out to be a busy week for block trades, shareholders in Etalon Group, one of Russia's biggest residential property developers, are tonight selling a 10% stake in the company worth $109m, in the form of London-listed GDRs.

Saudi Aramco’s jumbo IPO is taxiing towards take off, though the timing and any co-listing locations along with Riyadh have yet to be revealed. London and New York’s exchanges are eager to host a co-listing, with Toronto, Hong Kong and Singapore also in the frame for what promises to be the biggest ever IPO, valuing the company at $2tr.

Both Gilt-edged market makers and investors predominantly support a reopening of the UK's 2048 inflation linked bond for its final syndication of the 2017-18 financial year.

A European Commission study has confirmed what every corporate bond market participant already knew was true — the market has a liquidity problem. Everyone is responsible, the EC says, but no one has any incentive to fix the problem. They need to pull together to improve liquidity while there is time.

Apax Partners has halved its stake in Sophos, the UK cyber-security software company, to 11.2% with a £315m accelerated bookbuild led by UBS on Monday night.

The Bank of England’s Financial Policy Committee on Tuesday called for UK and EU legislation to guarantee cross-border derivatives contracts, estimating that £26tr worth of uncleared derivatives could be affected by the fallout of Brexit.

The European Banking Authority has cautioned that banks need to tend to their non-performing loans (NPLs), after publishing its EU wide transparency exercise across 132 firms.

Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.

Sabre, the specialist UK car insurance company behind brands such as GoGirl, Drive Smart and Insure2Drive, is attracting high levels of investor interest at the beginning of the roadshow for its £213m IPO.