UK

If it cannot find a buyer, the UK’s capital-strapped Co-operative Bank is considering raising fresh share capital and swapping any of its senior or subordinated bonds into equity. The firm also announced plans for a tier two sale in 2018 should the recapitalisation prove successful.

Ocelot Partners, a special purpose acquisition company founded by LionTree Partners, Andrew Barron and Martin Franklin, this week successfully completed its $425m IPO on the London Stock Exchange.

The UK Debt Management Office will have to tackle its lowest issuance volume since 2007 in the next financial year, although analysts warned that the longer-term picture for UK borrowing could be affected heavily by imminent negotiations over Brexit.

ABN Amro has tapped one of its senior floating rate notes in the sterling market on Wednesday, as cash bonds held steady in the currency despite the UK Budget and the government's intention to trigger Article 50 later in the month.

HSBC is understood to be considering transferring a banker from London to take over leveraged and acquisition finance responsibilities for Asia Pacific. This follows the departures of senior Hong Kong-based bankers from the levfin and sponsor coverage teams last month.

Neil Walker, non-executive director of LCH’s SA and Group boards, is standing down to pursue 'executive commitments' elsewhere.

Shares in Ascential, the UK events and publishing company that runs the Cannes Lions festival, closed 1.4% higher on Tuesday after Guardian Media Group (GMG) and Apax sold the last of their stock through an accelerated bookbuild led by Goldman Sachs, Bank of America Merrill Lynch (BAML), Deutsche Bank and Numis Securities.

Disability mobility provider Motability Operations Group (MOG) saw bulging order books for its €500m eight year and £350m 15 year trades on Tuesday.

The BBC has entered into a swap contract, organised by Morgan Stanley, that it predicts will achieve up to £34m of annual savings on the running costs of its London headquarters.

Morgan Stanley returned to the sterling market for £1bn of tightly priced 10 year funding on Monday, as the market showed the promise of supporting larger deals from both domestic and international borrowers in FIG.

The scores are in. See how market participants rated EFSF's dual tranche, the UK's £2bn inflation linked note and Spain's €5bn 2033 transaction.

The UK’s IPO market is likely to go through its biggest shake-up for a generation later this year, when the Financial Conduct Authority introduces new rules — but the effects may not be those the regulator intends, writes Jon Hay.