UK

European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.

The UK Debt Management Office will have to raise an additional £20.6bn this financial year, including through an extra syndication, but SSA bankers are confident that there will be enough demand to meet the supply.

Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year covered bond. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.

The UK Municipal Bonds Agency is looking to bring a medium dated sterling bond for its debut issue, which it hopes will come to the market in the next three months.

James Garvey, who runs the capital markets businesses at Lloyds, will take over the trading side as well, as the bank's existing head of financial markets, Richard Moore, plans to leave the firm next year.

Shares in Brammer, the UK industrial parts distributor, closed 72% higher on Wednesday after the company agreed terms of a buyout with Advent International, removing the need for a £100m emergency rights issue if the takeover is accepted by the company’s shareholders.

Capitalab, part of BGC Partners, has extended the compression service it operates to FX options as well as interest rate caps and floors.

One month after failing to attract high yield investors for a sterling offering, UK telecom services supplier Daisy Group has successfully placed a PIK note with one lender.

The UK Debt Management Office will have to raise an additional £20.6bn this financial year, including an extra syndication, following the announcement of the government’s borrowing plans in Wednesday’s autumn statement by chancellor of the exchequer, Philip Hammond.

Derivatives exchanges are making a push on natural gas with three new initiatives unveiled, amid expectations that demand to trade such products across global markets is set to grow.

ICAP has named a head of post-trade product client development.

Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.