UK

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.

UK water utility Severn Trent sold a £250m five year corporate bond on Monday, building upon the positive tone in the sterling market from the previous week.

Globalworth Real Estate Investments, the Aim-listed real estate investment trust focused on Poland and Romania, is pushing ahead with its proposed €300m capital increase, after securing the backing of several cornerstone investors.

TSB Bank (TSB) has mandated leads to market its inaugural covered bond. At the same time Moody’s has rated the programme at Aaa.

M7 Multi-Let Reit, the UK real estate investment trust focused on regional multi-let commercial property, has become the latest firm to abandon its plans to list on the London Stock Exchange.

Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

The Dutch State Treasury Agency's primary dealer quotation obligations gave Bank of America Merrill Lynch trader Paul Walter the chance to pick off his counterparts on the ‘BrokerTec’ platform — behaviour for which he was fined by the UK's Financial Conduct Authority on Wednesday.

Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.

Sabre Insurance, the UK insurance company focused on higher risk car drivers, may be worth up to £600m when it lists on the London Stock Exchange next month.