UK

BP showed on Thursday that there is still life in the equity-neutral convertible bond structure, bringing a £400m deal that was oversubscribed and priced within its marketed range.

Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.

The Boston Retirement System (BRS) is suing five banks and four traders for allegedly conspiring to manipulate bid-ask spreads on SSA debt traded in the secondary market, increasing their profit at the expense of their clients.

The futures-implied probability of a US rate hike in June surged this week after hints by Federal Reserve officials.

The prospect of the UK voting to leave the European Union has become the foremost focus of fund managers and volatility traders, even as the latest poll on Brexit gave the ‘Remain’ campaign an 18 point lead over ‘Leave’ — prompting the pound to rally to its highest point against the dollar since May 3.

UK healthcare real estate investment trust (REIT) Assura has refinanced its five year revolving credit facility and increased the size from £120m to £200m.

The University of Stirling has issued its first US private placement bond at an average rate of 3.82%.

Banks and insurers have been peppering the market with a variety of trades this week, as borrowers start to make use of benign issuance conditions before an expected shutdown in the run-up to the UK’s ‘Brexit’ referendum.

Today was a weakish day for stocks, with the Euro Stoxx 50 down 0.5%, but that has not stopped Bain Capital executing its first block trade of shares in Bravida, the Swedish heating, plumbing and electrical contracting company that floated in October. The trade is covered.

The vogue for gym IPOs looks set to continue, with Basic-Fit of the Netherlands announcing an intention to float on Tuesday.

The UK Debt Management Office could launch a new five year conventional Gilt in the second quarter of its 2016-17 financial year and is seeking comment from investors and banks on the proposal.

In the latest signs of ill health among banks, which have experienced a rough ride in capital markets this year, UBS analysts on Tuesday named BBVA, Svenska Handelsbanken and Standard Chartered as their least preferred names in a sector that is now cheaper than every other, apart from autos, after a damaging earnings season.