UK
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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. -
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.
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After a moderate recovery in the value of many UK property stocks since their post-EU referendum slump, Oaktree Capital took the opportunity on Thursday night to sell 10% of Countryside Properties, the UK home builder, for £103.5m.
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A much anticipated UK Supreme Court ruling that would decide whether the country’s parliament should vote on the invocation of Article 50 — officially starting the Brexit process — failed to stop the sovereign building a record syndication book on Tuesday.
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Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.
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Schroders this week launched a global high yield fund with US exposure, while BNP Paribas IP announced it will reduce holdings of US corporate high yield bonds.
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Following Lloyds Bank's creation of the "CB markets" division, combining trading with capital markets origination, James Garvey, the division’s boss, has laid out the management team for the new structure.
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WHSmith, the UK newsagent and bookseller, has signed a £130m five year revolving credit line to use as its working capital facility, it said on Wednesday, while raising its full year profit forecast.
