UK

A Goldman Sachs managing director is taking up a new job as head of cross-asset quantitative trading at Barclays.

Buyers of sterling high yield bonds were set to show what they make of the June 8 elections in the UK, and the country's economic landscape on Tuesday, as online grocer Ocado priced the first all-round domestic deal since the vote.

Lloyds was selling a seven year floater from its holding company on Wednesday, in a deal that bankers described as a post-election ‘vote of confidence for the UK’ following the general election.

On paper, the message from investors in the European leveraged finance market appears to be: ‘What are you waiting for?” Finally, this week, issuers appeared to have obliged them.

HSBC has hired Rob Ritchie as co-head of global banking, UK.

Lloyds Bank has launched cash tender offers for about £6bn of dollar, euro and sterling senior bonds, as the UK financial institution looks to shrink the pool of outstanding notes issued from its operating company (opco).

Compass Group, the UK food service company, has hired banks for a potential euro or sterling bond issue, though some investors have doubts as to whether the sterling credit market can shrug off the uncertainties of UK politics.

London based clearing house LCH on Monday announced it had appointed Michael Davie to the position of global head of rates.

The corporate credit market has given an almighty shrug on Friday to the surprise UK election result that came in overnight, with primary issuance expected to resume as normal next week helped by technical factors.

A shock result in the UK general election on Thursday had little effect on the Gilt and sterling SSA market on Friday, leaving the door open for any issuers considering deals next week, said bankers. The medium term picture may be harder to glean, however, with sterling’s fall against the dollar potentially impacting the cross currency basis swap between the two.

Equity capital market bankers are dazed but calm this morning, after the UK's shock general election result produced a hung parliament, in which it may be very difficult for any party to form a stable government.

Clearing experts vigorously debated the topic of central counterparty (CCP) recovery and resolution this week at the Futures Industry Association's International Derivatives Expo (IDX).