UK

Ascential, the information and events business formerly known as Top Right Group and Emap, on Thursday started building the book for a London IPO that could give it a market capitalisation of up to £880m.

UK Asset Resolution, the UK government’s holding company that owns the mortgage book of Bradford and Bingley (B&B) following its nationalisation in September 2008, has announced a tender offer and early redemption of the issuer’s covered bonds.

DebtXplained, the leveraged finance covenant specialist, has hired a senior banker from Lloyds — and says that more recruitment of capital markets bankers is to come.

Shareholders of National Australia Bank, the owner of Clydesdale and Yorkshire Bank Group, have voted to separate NAB and CYBG as a final nudge for the UK institution before it is due to float early next week.

Banks have raised concerns with the UK Debt Management Office over the impact that increased regulation is having on their ability to make markets, adding to a crescendo of concern about liquidity provision in government bond markets worldwide.

Royal Bank of Scotland announced £3.6bn of extra costs related to litigation and pensions on Wednesday, which will take the part-nationalised lender to a full year loss.

Another week, another dearth of primary issuance in the European corporate bond market.

After casting the net “far and wide” for a new chief executive of the Financial Conduct Authority, HM Treasury has landed on the Prudential Regulatory Authority’s own chief.

Haitong Bank has hired three senior bankers in the UK to bolster its European investment banking platform, as the Chinese brokerage looks to raise its profile in cross-border M&A and capital raising.

Cardiff University has mandated three banks for its debut bond, the latest offering in a run of debt issuance from the UK higher education sector, writes Ross Lancaster.

Europe’s corporate bond market may be in a shabby state, but bankers are expecting a crop of public and private deals from a prestigious group of borrowers: UK universities and charities, write Rob Cooke and Toby Fildes.

Chemring, the UK defence contractor, said on Thursday that it would issue £80.8m of new shares to reduce its debt, after profit shortfalls last year.