UK

Ross Lancaster interviewed the heads of EMEA corporate debt capital markets at 11 of the top 20 banks asking their views on the market. Here are the results.

Mortgage lender Together on Friday accelerated the pricing of its PIK bond in a sterling market still cautious after last week’s cancellation but geared with a new offering from betting house Ladbrokes.

National Express, the UK coach operator, tapped the sterling bond market on Friday with a £400m seven year trade that swerved volatility in the Gilt market.

Singapore-listed property developer Oxley Holdings has hit the market for a $200m senior secured financing.

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Amid rough going for new IPOs this week, one of this year’s star IPO performers, Maisons du Monde, was back in the market on Wednesday night as the global coordinators waived the lock-up to let the leading shareholders make their first block trade in the stock. Thursday brought a substantial trade in Ferrexpo, which owns iron mines in Ukraine, which got done, though at a slightly reduced size.

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.