UK

Bellevue Asset Management has announced the IPO of a new long-only investment trust on the London Stock Exchange, despite the string of UK listings abandoned in recent weeks.

The UK Debt Management Office laid down a strong marker for its host country with a super smooth syndication on Tuesday that attracted a strong showing from international investors and a record book.

Pub group Enterprise Inns on Monday and mortgage lender Together on Wednesday launched their new sterling offerings amid growing instability in the market after Daisy, the UK telecom services supplier, pulled its deal last Friday.

The IPO of Misys, the UK banking software producer, was pulled on Thursday morning despite the books being covered at the base size, in another demonstration of the sour mood that has gripped the new issue market since the Nets IPO and the Conservative Party conference.

The wrecking of the autumn IPO calendar got worse this week as Misys, the UK banking software company, pulled its IPO, though ConvaTec managed to raise £1.7bn and Ahlsell Skr6bn. Surprisingly, writes Aidan Gregory, further companies are still coming forward with IPO plans.

IHS Markit has integrated services offered by SmartDX, the capital markets division of Smart Communications, into its Counterparty Manager platform to automate documentation handling under the ISDA 2016 credit support annex (CSA) for variation margin.

Informa, the UK events and publishing company, has completed its £715m rights issue, which it launched in September to partly finance its £1.2bn takeover of Penton, a US competitor.

Shares in ConvaTec, the UK medical supplies manufacturer, traded below issue price throughout Wednesday and closed flat, a day after the firm completed the largest IPO on the London Stock Exchange since Worldpay floated for £2.4bn in October 2015.

The Moser family intends to become the sole owner of UK mortgage loan provider Together as private equity firm Equistone and Standard Life plan PIK issuance before exiting the company.

This week has seen the completion of the largest UK IPO since Worldpay, despite a cautious mood gripping investors following a string of failed IPOs in Europe. A significant M&A driven rights offer and a bold convertible bond from a prominent shopping centre group have also reached successful conclusions.

The UK should not rely too heavily on EU law ‘equivalence’ preserving its dominance as a financial centre, bankers and lawyers have warned, after Bank of England governor Mark Carney suggested that use of the concept in Brexit negotiations could provide a template for a global regulatory system.

UK hospitality firm Whitbread has extended its revolving credit facility by one year after its subsidiary Premier Inn helped generate a 2% increase in profit in the first half of the year.