UK

The UK government has backed calls for a link between executive pay and gender balance in financial services, following an industry review by Jayne-Anne Gadhia, Virgin Money chief executive. However, banks will set their own targets under the scheme.

Australia and New Zealand Bank announced on Tuesday that it would cut 12 jobs in the markets division to simplify its business and focus on cost management.

Coventry Building Society's newly issued Godiva Mortgages RMBS offered almost three times the spread of its sterling covered bonds.

Barclays and Royal Bank of Scotland followed HSBC into the holdco senior market this week, as UK issuers took advantage of strong investor demand for holding company level funding.

The UK Debt Management Office is reshuffling its funding strategy for the 2016-17 financial year, including adding the possibility of selling short to medium term conventional Gilts via syndication — although some investors would prefer a reduction in the UK’s use of syndications.

The Financial Conduct Authority (FCA) has released a study of UK bond market liquidity arguing that regulation has not damaged bond market liquidity — a view starkly at odds with that of many market participants. The study, however, has serious limitations as a study of trading practice.

UK covered bonds have not tightened alongside covered bonds from other jurisdictions in recent weeks, but they have not yet seen any real selling either. While it seems likely the UK market would be sold following a potential Brexit, this should provide a buying opportunity given that the market should not widen any further than Canada.

UK moves to restrict the tax deductibility of debt have worried borrowers, such as commercial real estate companies and private equity, whose business model relies on high leverage. But the changes, which follow existing tax avoidance plans from the OECD, have a big escape clause for most firms.

UK utility company SSE is in the market for its first private placement since its debut in 2012 and investor appetite for the firm’s paper appears as strong as before.

Deutsche Börse and the London Stock Exchange Group have agreed terms for an all-share ‘merger of equals’, in a push for European derivatives dominance that turns up the pressure on US rivals.

The UK Debt Management Office is reshuffling its funding strategy for the 2016-17 financial year, including adding the possibility of selling short to medium term conventional Gilts via syndication.

Simon Nixon, co-founder and one-time CEO of UK price comparison website MoneySupermarket.com, completed his exit from the firm on Wednesday night in the last of five block trades that together have brought him over £600m.