UK

Investors were rewarded handsomely if they bought into Barclays’ $2bn tier two on Tuesday, after the deal performed very well in the secondary market.

Barclays’ global banking business saw a strong start to the year, but without the huge percentage increases seen at its peers. It’s the comparison quarter that made the difference — Barclays was stronger in the turbulent first quarter last year than many other investment banks.

Shares in Royal Bank of Scotland, the UK lender, rose 5% on Friday after it reported its first quarterly profit for more than a year.

Chinese president Xi Jinping orders authorities to take action to prevent financial risk, Volkswagen Financial Services’ China arm issues its second renminbi-denominated bond, and the UK reaffirms its status as the biggest centre for RMB FX trading.

LSE Group is pushing ahead with a plan to launch a debt venue to rival Ireland's and Luxembourg’s professional markets, which have built commanding positions with relaxed disclosure rules and easy listing requirements. But the UK government is dragging its feet on tax reforms that are crucial to the project.

The revival of sterling bond issuance powered ahead on Thursday, as Procter & Gamble brought a £750m deal that one banker said was “as rare as Halley’s Comet”. That coincided with a £1bn covered bond from Santander and a £400m debut from Martlet Homes.

The UK’s Thames Water Utilities was the only point of primary action for corporate bond investors in Europe on Tuesday, as the blackout period drags the market into what some called the quietest week of the year so far.

On Thursday night, Nomura launched the sale of a 1.6% stake in Standard Chartered, the UK emerging markets-focused lender, through an accelerated bookbuild led by Barclays.

Santander UK found strong demand for one of its largest ever sterling covered bonds on Thursday and paved the way for Royal Bank of Scotland which is expected with its first deal in more than five years.

Santander UK quickly built a well oversubscribed order book for its €1bn sterling covered bond on Thursday. The deal was set to be priced with a minimal concession at a favourable level versus where it might have been issued in euros, boding well for Royal Bank of Scotland’s forthcoming transaction.

After a six year absence Royal Bank of Scotland could be set to issue its first covered bond in euros and has mandated leads for roadshow with a view to issuing a euro or sterling benchmark, or both.

Coventry Building Society returned to the sterling senior market for the first time since 2010 on Wednesday, capitalising on strong issuance conditions following the first round of the French presidential election.