UK

The UK water and waste company Pennon, which owns South West Water and Viridor, got an overwhelming response to its £300m hybrid offering on Monday. Investors clearly signalled their approval of the unrated company’s growth strategy.

A prominent UK lawyer clashed with a senior European commissioner at a conference this week after saying there was a ‘work-around’ for Brexit.

UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.

Intercontinental Exchange (ICE) will take over the London Bullion Market Association (LBMA) silver price benchmark on October 2, it said on Thursday, pushing back by one week the start date it had promised earlier in September.

Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

Gatwick Airport brought the second sterling investment grade corporate bond of the week on Thursday, following Pennon’s £300m hybrid on Monday.

The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.

Former Deutsche Bank trader Neehal Shah will join BNP Paribas as the global head of G10 FX trading.

Credit Suisse has replaced Marisa Drew and Mark Echlin as co-heads of EMEA investment banking and capital markets with Mathew Cestar and Jens Welter. The bank also announced a senior hire in leveraged finance.

The International Swaps and Derivatives Association (ISDA) released new recommendations on how to manage the recovery and resolution of central counterparties (CCPs) on Monday. The organisation also encouraged regulators to not distract themselves with 'politically driven topics', citing the debate on whether certain clearing houses should be relocated to European Union member states after Brexit.

Interoute, a UK network and cloud services operator, is set to refinance its only high yield bond issue with a new leveraged loan that it launched this week.

September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.