UK

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.

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.

Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, The Cover understands.

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.

Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, GlobalCapital understands.