UK

Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.

M7 Multi-Let Reit has cut its London IPO in half and extended the subscription period by more than two weeks, having failed to find enough demand so far.

Quite often after a busy couple of days the corporate bond market pauses for breath. Not this week. Six new issues on Wednesday took the deal count for the week to 14, with little discernible effect on spreads.

Manchester Airport Group announced itself in the sterling corporate bond market with two deals in two months in 2014. It returned to the market on Wednesday with a print tighter than its two better known rivals.

There are now only a handful of live IPOs left in the market from this season’s crop, after several deals have been pulled. HelloFresh, EN+, SMCP and Aedas Homes have all traded badly in the aftermarket and just one new deal has been launched this week.

The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that leads called a “rousing success”.

Aviva Investors, the UK asset manager, is creating a new real estate investment trust (Reit) focused on long-lease commercial property.

A credit index trader at Société Générale in London, Gamal Selvarajah, has left the bank, GlobalCapital can confirm.

UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.

SpareBank 1 Boligkreditt unearthed solid demand for its first covered bond in sterling, managing to price at the tight end of guidance with a comfortably oversubscribed book, despite issuing in the more challenging five year tenor.

Barclays opened books for its first green bond transaction on Monday — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

HSBC was looking to sell callable senior bonds in the sterling market on Monday, after its group finance director said recently that the bank would issue new debt ‘opportunistically’ if conditions remained supportive in 2017.