UK

Into a gloomy equity capital market where the expected line-up of deals has been decimated by investor risk-aversion, Sirius Minerals today launched a rare and challenging transaction, combining a capital increase and convertible bond that amount to a $940m project financing for a potash mine in the north of England.

Four banks have teamed up with law firm Simmons & Simmons to introduce market standard documentation for use in listed and unlisted repackaging transactions, in a move that they hope will ease hedging counterparty concerns for investors and help drive activity in this part of the market.

Worries that the UK could lose access to the single market are already largely priced in, said SSA bankers, as Moody's warned that it could downgrade the sovereign if access is not part of a deal with the European Union.

LCH has outlined plans to deepen its dominance of the interest rate derivatives market, by launching a centralised service for non-cleared trades.

On Wednesday, UK financial software firm Misys pulled the $1.5bn refinancing it had been marketing as part of its planned IPO, having dropped the share sale last week.

On Wednesday morning, Sirius Minerals, the company seeking to build a new potash mine in North Yorkshire, launched a bold $940m equity capital increase and convertible bond to finance stage one of the project.

Nissan has done the UK a favour. By playing hardball about wanting assurances from the UK government about Brexit, it has opened the debate into one where real investments are discussed, and tough choices become apparent. The City should follow its lead.

Aberdeen City Council was able to raise £370m on Tuesday with a bond issue that was the first ever from a sub-sovereign Scottish borrower.

UK challenger bank Virgin Money Holdings is set to return to the additional tier one (AT1) market, as it looks to entice investors during a quiet week for new issuance.

Shares in Volution Group, the UK manufacturer of ventilation products, closed 8.4% lower on Tuesday after Windmill Holding, an investment vehicle controlled by Towerbrook Capital Partners, sold its remaining 22% stake via the third block trade since the company’s IPO in 2014.

Though the UK referendum in June derailed the advertising firm Exterion Media's bid for a £220m loan, the company has returned and closed the offering, cutting the deal size and ramping up the margin in the process.

UK pub operator Enterprise Inns on Monday printed its new sterling notes at maximum size, winning the minimum coupon that it had promised to investors.