UK

The UK’s Prudential Regulatory Authority and Financial Conduct Authority have rejected calls from the European Banking Authority to apply the bonus cap to all firms regulated under the Capital Requirements Directive.

Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain.

The UK’s largest banks are still using tweaks to capital models to flatter their capital ratios, a practice which regulators plan to discourage in the months ahead.

British Telecommunications plc (BT) on Thursday joined the surge of blockbuster multi-tranche deals that has hit the euro bond market since mid-February as it raised €3.9bn of bonds across three tranches.

Banks are making their commitments for ED&F Man's annual loan refinancing and no banks have declined to roll over their commitments yet, according to a lead banker.

The recovery in Europe’s corporate bond new issue market continued on Wednesday, with three successful issues — one each in sterling, euros and Eurodollars. By far the largest was the return to its home market of Motability Operations, the non-profit organisation which provides cars and other vehicles to disabled people in the UK.

UK engineering firm Amec Foster Wheeler's share price bounded up 9% on Wednesday after it announced it had refinanced its main loan facilities with £1.7bn of new loans, reducing liquidity risk.

HSBC followed through on its plans to issue loss-absorbing debt from its holding company on Wednesday, putting a big dent in its issuance targets with a $7bn deal.

Barclays' new chief executive is asking shareholders to have a lot of faith. Selling off a profitable part of the business to double down on a less profitable line is a bold call. The market can't be this bad forever, but don't expect the dividend back any time soon.

Intercontinental Exchange, the US operator of stock exchanges and clearing houses, is considering making an offer for the London Stock Exchange, in a move that could derail the latter's merger with Deutsche Börse.

Barclays shareholders are used to the share price plunging on results day, but Tuesday's 10% fall by noon was a lot worse than usual. The main shock of the first results since Jes Staley took over as chief executive in December was a 54% cut in the dividend for 2016 and 2017.

Barclays offered to buy back up to €8bn of operating company debt on Tuesday, having reiterated in its annual results a commitment to restructuring its investment bank around a holding company funding model.