UK

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.

Rating: Aa3/AA-

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.

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.

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.

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.

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.

Toyota Motor Credit, the financing arm of Toyota, revved into the sterling bond market for the first time in five years on Tuesday as it printed a £500m ($649m) deal that attracted international demand.

The US Commodity Futures Trading Commission (CFTC) has penalised Russia’s VTB Bank and its London-based VTB Capital investment banking subsidiary over what the Commission called "fictitious" and "non-competitive" block trades of Russian ruble/US dollar futures contracts.

Clydesdale was well supported for its first foray into the sterling subordinated debt market on Monday, allowing the lender to resell £925m of capital and underscoring the health of the sterling market.

John Menzies, the Scottish aviation and distribution company, was set to launch syndication of around $417m of loans this week, a banker close to the deal told GlobalCapital on Tuesday.

ICE Clear Europe, the European clearing arm of Intercontinental Exchange, has been authorised by the Bank of England and by the European Securities and Markets Authority as a central counterparty (CCP).