UK

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.

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.

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.

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".

United Kingdom

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.

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.

Property firm Derwent London has issued a £105m US private placement, its first since 2013. Three institutional investors, all of whom are new to the relationship, bought the notes.

HSBC’s Asian business gained momentum last year, with the bank booking the lion’s share of its earnings from the region. But there are challenges ahead, with the firm under investigation by the US Securities and Exchange Commission (SEC) for its hiring practices.

Apax made on Tuesday night its first selldown of stock in Auto Trader, the UK car sales website, since floating the business last March. As had been expected after the IPO was increased, Apax was able to sell virtually its whole remaining stake in one go.

Genus, the bovine and porcine genetics company, retained all of its relationship banks when it signed a £160m revolving credit facility on Monday.

Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.