UK
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Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed. -
UK sportswear retailer Sports Direct has announced that it will no longer use its loan from owner, Mike Ashley and instead will draw on its credit facility from banks.
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Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, The Cover understands.
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The preferential regulatory treatment that UK covered bonds currently enjoy could deteriorate if the United Kingdom votes to leave the European Union in this June’s referendum, said Allen & Overy. Deals issued this week suggest the market has already priced Brexit risk in.
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Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, GlobalCapital understands.
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The University of Edinburgh this week announced that it had raised a £200m loan from the European Investment Bank and a £100m private placement, after deciding against a £300m public bond.
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A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.
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Senior capital markets bankers are preparing their teams for months of speculation on Britain’s possible exit from the European Union, after the markets treated them to a glimpse of investors’ uncertainty on the issue this week.
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A merger between London Stock Exchange Group and Deutsche Börse could bring huge cost savings and margin benefits — but would concentrate clearing house risk, running directly against the regulatory desire to end "too big to fail".
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In its annual results released on Thursday, British coach company National Express reported increased revenues, profits and margin year-on-year in every division. The company has taken extra precautions ahead of its bond refinancing, however, by signing a new bridge-to-bond facility.
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Mounting clamour around the prospect of the UK voting this summer to leave the European Union raised the risk stakes for currency and options traders this week, but some volatility traders preferred to pin their hopes on the European Central Bank producing another ‘big bazooka’ next month.
