UK
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Gatwick Airport brought the second sterling investment grade corporate bond of the week on Thursday, following Pennon’s £300m hybrid on Monday. -
The MiFID II deadline stands. Firms who don't prepare to meet it won’t receive any grace or favour, the FCA has said. But the tough deadline of January 3, and continued lack of regulatory clarity, means firms that show they've done all they can should escape the worst effects.
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The Bank of England Monetary Policy Committee meeting last week created a midweek pause in sterling issuance. However, once the meeting passed, Land Securities reopened the market with a £1bn pair of long dated tranches last Friday.
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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.
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A prominent UK lawyer clashed with a senior European commissioner at a conference this week after saying there was a ‘work-around’ for Brexit.
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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.
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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.
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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.
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Gatwick Airport brought the second sterling investment grade corporate bond of the week on Thursday, following Pennon’s £300m hybrid on Monday.
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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.
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Former Deutsche Bank trader Neehal Shah will join BNP Paribas as the global head of G10 FX trading.
