UK
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Shares in RPC Group, the UK plastic packaging maker, closed 5.8% lower on Thursday after it announced a fully underwritten £552m rights issue to finance its takeover of Letica, a US rival.
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BP Capital Markets brought a £400m bond to the market on Thursday that was priced in line with initial price thoughts, causing disagreement between bankers on and off the execution about where marketing levels should have started. -
The French bank’s recent changes to its equity capital markets division show it is serious about growing its European ECM business outside France, writes David Rothnie.
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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.
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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.
