UK

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.

Catalyst Housing, a UK social housing association based in Ealing, west London, made an impressive debut in the bond market this week, garnering £350m of demand for a £150m deal and pricing inside Notting Hill Housing Trust, its closest comparable.

Nobody really believes that €126bn of debt issued under English law will stop counting towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the EU. So why should European authorities pretend that it’s a risk?

HSBC has taken two veteran bankers from rival firms to drive its combined strategic equity financing and equity-linked businesses in London and Hong Kong.

The FCA has imposed its first fine for failure to report derivatives trades under the European Markets Infrastructure Regulation (EMIR) — but endemic cultural issues in large banks suggest it won’t be the last.

One of the biggest IPOs in London this year was revealed on Monday when Arqiva, the UK’s largest operator of TV and radio broadcast towers, launched an IPO with a projected valuation of about £5.5bn.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, has opened the books for its $1.5bn IPO in London and Moscow, which may value it at up to $8.5bn if the deal is priced at the top of its price range.

Cabot Credit Management, the biggest debt collector in the UK, launched its highly anticipated IPO on Friday, adding its name to the already vibrant list of companies preparing to go public in London this autumn.

WM Housing followed the successful path of its fellow UK housing association, Notting Hill Housing Trust, when it announced a copycat benchmark sterling 31 year bond on Friday.

The European Banking Authority (EBA) has warned banks in Europe that any debt they issue under English law may cease to count towards the minimum requirement for own funds and eligible liabilities (MREL) as soon as the UK leaves the European Union.

BNY Mellon and HSBC are building a network to match trades in the corporate bond market using custodian information.