UK
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Babcock International, the UK support company for infrastructure and defence services, issued a £250m no-grow bond on Tuesday, the same day the Bank of England began buying sterling corporate bonds. -
Vodafone shrugged off a troubling start to the week for primary bond markets on Tuesday by selling a benchmark long seven year transaction that was more than three times oversubscribed and won a single digit concession.
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Danske looked to the sterling market for a short-dated floater on Tuesday, finding a safe place to raise funding while turbulence rocks euros.
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Four high yield issuers are aiming to tap into improving sentiment in the corporate sterling market as the Bank of England readies its corporate bond purchase programme for Tuesday.
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High Speed Rail Finance, the financing vehicle for the High Speed 1 (HS1) project — the train line between London and the channel tunnel to France — said on Monday it was planning on issuing £314m of private placement notes.
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Capital & Counties Properties has joined a run of UK real estate borrowers in the US private placement market with its latest £175m deal. Activity from UK property firms has been a major driver for cross-border US PP issuance this year.
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The aftermath of the UK’s decision to leave the European Union has been an uneasy calm. Inflation is at a 20 month high of 0.6%, unemployment is at a post-crisis low, and consumer spending is robust. But then of course, nothing has happened yet.
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Three UK property investment companies have turned to private debt markets in recent weeks for long term funding. Despite the compressed spreads in the public sterling bond market, the PP market continues to have loyal adherents.
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Moody's will review the UK's credit rating on Friday. While the Brexit vote prompted Moody’s to change its outlook for the UK’s Aa1 credit rating to negative, Moody’s representatives have said the UK could regain credit stability if it commits to keeping its debt to GDP ratio in check.
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Barclays launched a tender offer for up to £1.7bn of its outstanding subordinated debt this week, as the bank extends a strong and rapid drive towards a holding company funding model.
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On Tuesday, September 20, GlobalCapital held its annual Global Derivatives Dinner at Banking Hall in London and revealed the winners of its Global Derivatives Awards for 2016.
