UK

The Italian referendum on December 4 has been lurking in SSA bankers' diaries as a dangerous risk event but, on Tuesday, rumours of enhanced European Central Bank support led to a rally in Italian government paper.

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

Edinburgh's RM Capital has announced plans to float its secured direct corporate lending fund on the London Stock Exchange in December.

The UK Debt Management Office broke its record low real yield at syndication on Tuesday for the second time in just over four months. The sovereign has also announced the results of a consultation meeting on what form its final two syndications of the 2016-17 financial year should take.

Elysium Healthcare, a portfolio of 22 UK mental healthcare facilities being divested by Acadia Group, held a lender meeting on Thursday for £240m of loans following its £320m buyout by BC Partners.

The UK’s Royal Mint has partnered with the Chicago Mercantile Exchange Group to create a blockchain-based digital platform for trading gold, in an attempt to cut costs for investors and improve perceptions of the asset class.

Severn Trent issued the first corporate deal for a month into the sterling market bond market on Monday as it tapped investors for a 15 year transaction.

The London Stock Exchange’s Orderbook for Retail Bonds is not yet done for the year, with UK housing company Places for People (PfP) on Monday opening books for a sterling retail bond, the market’s fourth deal of 2016 — and the first in nine months.

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

The International Swaps and Derivatives Association and IHS Markit have unveiled the ISDA 2016 Variation Margin Protocol, which automates amending collateral documents or setting up agreements to comply with variation margin requirements from March 1.

Santander has hired Andrew Clayton to lead its UK leveraged finance division and grow its business in the mid-size corporate market.

There may be grounds for criticising the UK’s asset management industry, as the Financial Conduct Authority has done this week. Finding that price competition among active managers is weak, it proposes new regulations to make charges and policies clearer.