UK

Gates Global delisted its 5.75% 2022 bonds from the Luxembourg Stock Exchange this month, and relisted them immediately on the former Channel Islands Stock Exchange, now rebranded The International Stock Exchange (TISE). The move was likely a response to Europe’s Market Abuse Regulation, which has driven some high yield issuers to the non-EU exchange.

Equity investors' keen appetite for UK challenger bank stocks was evident this week when Metro Bank was able to raise £278m of fresh capital at no discount to its share price. But investors hoping for more liquidity events are likely to have to wait for secondary sales, writes Aidan Gregory.

Forecasts that Europe’s corporate bond market would be all but closed for the summer this week were belied by Unilever on Monday when it launched its biggest-ever euro bond and took some of the tightest corporate pricing ever.

With no new issues pricing on Thursday, and no sign of Superstrada Pedemontana Veneta’s €1.55bn dual tranche deal, it could be left to The Housing Finance Corp (THFC) to save the investment grade corporate bond market from a three day run without any issuance.

The three new issues and one tap that priced in the investment grade corporate bond market this week were all two to three times oversubscribed, but a thinning supply pipeline and the excuse of a Fed meeting meant no deals were launched on Wednesday or Thursday. However, three issuers are looking to issue before the summer break, following meetings with investors.

The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.

After a lull last week when many companies were in closed periods ahead of results, the equity block trades market is more vibrant this week, with several significant trades so far, including a successful capital increase for Metro Bank.

Metro Bank, the UK challenger bank, completed a 9.9% capital increase on Tuesday evening, after announcing its fourth consecutive quarterly profit.

Shares in Arena Events Group, the UK supplier of temporary structures to festivals and sporting events such as Wimbledon and Glastonbury, closed 4.5% above their IPO price on Tuesday after the company made its debut on London’s Alternative Investment Market (AIM).

Hannam & Partners, the investment banking boutique founded by Ian Hannam, has hired two experienced equity analysts to cover the mining and oil and gas industries.

Strix Group, the Isle of Man-based designer and maker of kettle safety controls, plans to raise £190m through an IPO on London’s Alternative Investment Market (AIM).

Avenue Group, Bain Capital and Barings this week brought the first block sale of shares in Biffa, the UK waste disposal company, since its troubled IPO in October 2016.