UK

Prospectuses for UK IPOs are now routinely warning investors that the country leaving the European Union is a risk factor — a marked change from last year.

The French bank has simplified its investment banking structure, ending a year of uncertainty and turning the focus of its coverage teams away from London, writes David Rothnie.

(updated with more detailed analysis 2.20pm) Vodafone is today issuing an unprecedented £2.88bn mandatory convertible bond, with many innovative features, that combines aspects of two recent trends in the market: the equity-neutral CB and the subordinated, equity-accounted deal.

Barclays has announced a swathe of debt capital markets promotions, several new desk heads, and a new structure for EMEA, following last week's changes to the DCM management team.

Circle Property, a specialist regional UK property business, traded up 2.7% after floating on London’s junior Aim stockmarket on Tuesday.

Emmanuel Smiecench, former managing director on the sovereign, supranational and agency syndicate desk at Société Générale, has returned to the market.

Pendragon, the UK car dealer, has refinanced its debt, issuing a private placement and signing a new unsecured club revolving credit facility that cut its margin by a hefty 85bp.

Santander’s global head of DCM will next month step in to fill the void left by Mark Dodd, who is retiring from the firm after more than 30 years in the capital markets.

HSBC has decided to remain headquartered in the UK following an extensive review by its board of directors, ending months of speculation that it could return to Hong Kong.

The UK Debt Management Office has mandated banks for the sale of a Gilt set for the week beginning February 22.

Countryside Properties traded up 4.4% in London on Friday, after completing an initial public offering that valued it at just over £1bn. Bookrunners said its business regenerating public sector land was what won investors over.

A day after UK pub company Enterprise Inns showed a strong start to the year in a trading update, equity investors backed the credit, but its unsecured notes due 2018 kept sliding down in a market hit by LeasePlan’s sale failure.