UK
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Budget airline Ryanair slipped into the market to print a €750m August 2023 bond on Wednesday, taking advantage of an almost clear run as many issuers are still on earnings reporting blackouts. Meanwhile, two other corporate credits are about to meet investors. -
UK telecoms Virgin Media offered bondholders to exchange its 5.5% 2021 sterling bonds for new notes that increase coupons and maturities, but do away with restrictive covenants.
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At 8:15pm on November 8, Indian prime minister Narendra Modi stunned the country by announcing in an unscheduled television broadcast that at midnight Rs500 ($7.50) and Rs1,000 ($15) banknotes would be “demonetised”.
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Vodafone has hired banks to arrange a 30 year US dollar Formosa bond, as corporate issuers get stuck into a market that has been teeming with bank trades this year.
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The UK Debt Management Office has opted to reopen an index linked Gilt maturing in 2065 for its sixth and final syndication of the 2016/17 financial year. Meanwhile, Municipality Finance opened sterling issuance for the week with a December 2020 issue.
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Droit Financial Technologies, a New York-based regulatory financial technology firm focused on over-the-counter derivatives, has made a senior hire in London as part of a European business drive.
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The European IPO market is getting busier, with several deals launched this week, and another close to being priced.
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The vibrant activity in the equity block trade market this week is continuing tonight, with three more selldowns of stock in European companies, including the last sale of stock in Worldpay, the UK payments group, by Advent International and Bain Capital, for about £600m.
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Zoopla Property Group, the UK owner of property search websites, completed an accelerated bookbuild on Tuesday night to raise £76.5m of new capital, to buy Hometrack.co.uk, a property information service.
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Society of Lloyd’s demonstrated the strength of the sterling bond market on Tuesday, attracting an unusually large order book on its tier two return and revising pricing by 30bp.
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On Monday Anglo-Dutch consumer goods group Unilever issued its first sterling bond in three years, aiming for opportunistic pricing and receiving an oversubscription.
