UK

The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, but bankers away from the deal felt it was the trade’s timing that was particularly impressive.

One would be forgiven for thinking demand for British government debt was drying up, given some of the reporting in September that bid to cover ratios at Gilt auctions were falling.

Investment company Octopus Investments has received £400m in syndicated loans to fund its acquisition of a portfolio of UK solar projects.

The People’s Bank of China (PBoC) priced its first offshore bond on October 20, raising Rmb5bn ($788m) from a dim sum deal widely hailed as important for the internationalisation of the Chinese currency. But while the transaction is a landmark for the country, doubts remain about whether more such issuance will follow from the central bank, write Carrie Hong and Narae Kim.

Hong Kong and London’s futures and commodities exchanges have singed a pact to develop a trading link between Hong Kong Futures Exchange (HKFE) and the London Metal Exchange (LME), alongside a clearing link to be called the London-Hong Kong Connect.

A senior FIG syndicate banker has quit BNP Paribas to move to Danske Bank in Copenhagen.

The People’s Bank of China priced its first offshore renminbi bond late on October 20, raising Rmb5bn ($788m) in a deal widely hailed as an important milestone in the internationalisation of Chinese capital markets.

A flow credit trader at a European bank who previously focused on financial names has jumped firms and changed remit to trade corporate credit at Goldman Sachs.

The Bank of England’s new stress testing plan for big UK banks will set a higher capital hurdle than last year’s test — an average of 6.3% instead of the 4.5% in this year’s test. Individual banks will have different bars to clear, based on adding on their Pillar 2A capital requirements and big bank buffers.

The recent rally in Europe’s iTraxx Main and Crossover credit indices has brought them back to within touching distance of the spread levels they held at the roll in to their latest series, before the end of September spike in volatility. But the Senior Financials basket continues to outperform corporate credit, with some market participants describing the offset as a one-way trade.

Hammerson, the UK property company, plumped for the sterling bond market today and was rewarded with a well oversubscribed £350m deal, after a roadshow when it considered issuing in sterling or euros.

A syndicate banker on ING’s high yield and emerging markets desk has left his position at the bank.