UK

Countryside Properties has received enough demand from investors to complete its IPO. The UK house and flat developer is counting on strong interest from UK long-only funds to weather difficult market conditions.

Ascential priced its initial public offering on Tuesday, for a deal size of £279.9m. After a rocky first day on the London Stock Exchange, the information and events business finished the day with its shares trading at the exact level at which they had been priced.

The UK Supreme Court will review an earlier ruling by the Court of Appeal that gave Lloyds Bank the right to redeem a series of high coupon Enhanced Capital Notes at par.

Tumultuous trading on Monday took credit spreads to some of their widest since 2013, in what was variously described as ‘great entry levels’ for new trades or a ratcheting up of pain for those already nursing bruises from last week’s debacle.

Derivatives market prices reflect growing uncertainty over the UK's forthcoming referendum on European Union membership, analysts said this week, even though the vote will not be held before June at the earliest and the Brexit campaign is widely expected to fail.

Market participants say a decision to move out of the UK could have a negative impact on HSBC’s bonds, with the bank poised to determine the future location of its headquarters within days.

Few bankers were happy with their bonuses at the start of 2016, despite a surge in the value of their payments.

CMC Markets, the financial spread betting firm, priced its £218m initial public offering last Friday, before falling 2.5% in early trading. It has fallen further since.

Ascential, the information and events business formerly known as Top Right Group and Emap, has narrowed the price range for its IPO, homing in on the middle of the original range, and is covered within that range.

Santander UK has taken advantage of deep demand for short dated floating rate debt to print a €750m deal in the private market.

Numis Securities is pulling out of market-making in UK retail bonds, in a gloomy sign for the market after a period of low issuance on the London Stock Exchange's Orderbook for Retail Bonds, writes Ross Lancaster.

Equity capital market participants this week hailed the successful IPO of Clydesdale and Yorkshire Bank Group, and its strong first two days of trading. If other listings also deliver in the aftermarket, bankers think it could spark a surge of new deals, regardless of volatility, writes Olivier Holmey.