UK

Primary Health Properties, the UK real estate investment trust that lets property to doctors’ surgeries and health centres, completed on Wednesday (April 13) its £120m capital increase, which grew to £150m.

Arrow Global, the UK consumer debt manager, printed a €225m floating rate note on Thursday to fund its buyout of consumer debt purchaser InVesting and repay its revolving credit facility.

Yorkshire Building Society pulled in £1bn of orders in no time on Thursday morning, as sterling investors fought over the first long end senior bond in the currency since January.

Leeds Building Society quickly built a well oversubscribed and broadly distributed transaction for its first euro benchmark covered bond, launched on Thursday. The short tenor, which has largely been displaced by TLTRO funding, provided a strong catalyst for its success.

Equity capital markets bankers are digesting this morning’s announcement by the Financial Conduct Authority that it might change the rules about IPOs in the UK, as part of its study of competitiveness in investment and corporate banking.

The London Stock Exchange’s Orderbook for Retail Bonds (Orb) is about to reach £185m ($260.05m) of issuance so far this year, after Burford Capital’s £75m bond announcement on Wednesday.

The Financial Conduct Authority’s study of competition in investment banking has found no need for action over competition in the primary debt markets. However, the regulator said it will closely monitor the use of reciprocity to award mandates, particularly in covered bonds.

Arrow Global, the UK consumer debt manager, will start investor meetings on Thursday for a €225m floating rate note to fund its buyout of InVesting BV and repay its revolving credit facility.

Nationwide issued the joint largest sterling covered bond of 2016 on Wednesday, attracting the largest order book of any sterling deal in the year. Leeds said it planned to issue its first euro deal at the short end of the curve on Thursday after finishing its four day, two team roadshow earlier this week.

Forterra, the UK maker of bricks and concrete blocks owned by Lone Star, began the bookbuild for its London IPO on Tuesday, hoping to raise up to £220m.

A year can go by without an IPO in Prague, but this week has brought two. The day after GE Money Bank set out to float, Energetický a průmyslový holding (EPH), the Czech coal, gas and power company, began investor education for its plan to list EP Infrastructure, its energy transmission and distribution business.

Over the past 15 years UK banks have set aside over £53bn to pay for their misconduct, according to a report published on Monday, with the end nowhere in sight.