UK

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.

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.