UK

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.

Stocks across Europe enjoyed a relief rally following the victory of Emmanuel Macron in the first round of the French presidential election on Sunday, causing the blocks market to burst back into life after muted activity in the week before the vote.

Tullow Oil, the Anglo-Irish oil and gas drilling company, finished its £625m rights issue with a small rump placement on Tuesday morning.

The UK Debt Management Office has tweaked its funding target for the 2017-18 financial year, cutting its planned Gilt sales by £900m to £114.2bn. The sovereign has also picked a bond for its next syndication.

Lone Star Funds, the US private equity group, has achieved a full exit from Forterra, the UK brick maker, after an accelerated bookbuild led by Numis Securities and Peel Hunt on Thursday night which was increased due to strong demand.

Drax Group, the UK energy holding company, held a roadshow on Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year, and further increased it to £550m on Friday.

Many of the illiquid products on CME Europe will stop trading at the end of this week following CME Group’s decision to close the derivatives exchange.

Investors were hit with a fresh political surprise on Tuesday, as UK prime minister Theresa May announced that the country would hold a snap general election on June 8.

Shares in Cobham, the troubled UK aerospace and marine technology company, have risen 12% since the company’s shareholders gave their backing for the company’s second rights issue in 12 months on Wednesday.

UK hotel group Travelodge and social care firm Voyage Care both started roadshows on Wednesday for £165m and £250m of notes, respectively.