UK
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UK budget hotel chain Travelodge Hotels on Friday priced the first sterling high yield corporate bond of the year, with pricing widened by the imminent EU referendum in the UK. -
In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.
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The number of offshore RMB hubs has risen rapidly in the last few years to hit 20 last year. But having more offshore hubs does not necessarily equates to more global usage of the currency, say market observers who are hoping China will adopt a new strategy.
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The sterling bond market gave a defiant reminder of its capacity for corporate paper this week, blowing away the memories of a so far underwhelming year that has been dominated by Brexit fears and undersupply. Ross Lancaster reports.
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The UK’s Debt Management Office highlighted that the demand for ultra long end Gilt issuance remains as strong as ever, selling a £4.75bn 50 year tap via syndication from a final book size of £21bn.
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Nationwide Building Society launched a 10 year senior unsecured transaction in sterling on Thursday, building on the back of recent successes from other UK issuers.
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French firm Fnac will imminently launch syndication of its loan to buy retailer Darty, after winning a bidding war with South Africa's Steinhoff. Meanwhile, banks supplying a £920m loan for the thwarted rival await instructions.
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French retailer Fnac will imminently launch syndication of its €1.35bn Darty acquisition loan, according to a banker close to the deal.
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University College London has signed the largest ever European Investment Bank loan to a higher education institution, it announced on Thursday.
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Nationwide Building Society launched a 10 year senior unsecured transaction in sterling on Thursday, building strongly on the back of recent successes from other UK issuers.
