UK

Any hopes among European credit traders of easing back into 2016 with a peaceful first week were shattered from the outset on Monday, as spreads gapped wider due to China’s stock market woes and oil price volatility arising from Saudi Arabia’s new stand-off with Iran.

Electra Partners and Patron Capital have agreed to buy Grainger Retirement Solutions, the home reversion equity release business of Grainger plc, for £325m.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

The UK covered bond market is likely to contract in 2016, and with concerns over Britain’s exit from the European Union likely to mount, the sterling covered bond market could prove more attractive than euros. Despite that, UK mortgage lending has been vibrant and UK issuers are expected to contribute a sizeable portion to next year’s overall covered bond supply.

In 2015 GlobalCapital asked loan market participants for their votes for the Syndicated Loan, Leveraged Finance and Private Placement Awards 2016.

Diurnal Group, a UK company developing drugs to treat rare chronic hormonal imbalances, completed its Aim IPO for £25m on Monday, gaining a £75m market cap.

Capital Group has hired Julie Dickson from Ashmore Group as an investment specialist, based in London.

The London Stock Exchange (LSE) is working with Chinese authorities on the possibility of London-listed RMB-denominated shares, most likely in the form of global depositary receipts (GDRs), Jon Edwards, head of primary markets, Greater China, LSE, told GlobalRMB.

Bank market makers in credit index options got hammered twice in the past week, as a spike in spreads caught them long volatility after an unprecedented month-long market lull.

Market participants expect a large step up in senior holdco issuance early next year, putting further pressure on spreads and pushing some issuers further afield for funding.

Morgan Stanley has rehired Olga Basirov on to its senior relationship management team after she spent several years on the buyside.

UBS has poached a M&A veteran from JP Morgan.