UK

China Construction Bank (CCB)’s plans to sell its first offshore renminbi bond in the UK by its head office next week also marks the first CNH bond to be approved under the new pre-issuance registration system set by the National Development and Reform Commission (NDRC) last month.

Two debut renminbi bond offerings are expected to price in the next two weeks ahead China’s President Xi Jinping’s visit to the UK later this month. While The People’s Bank of China (PBoC) is aiming to offer its first overseas RMB central bank note on October 20, China Construction Bank (CCB) is to bring the UK market the first CNH offering issued by its head office on October 12, several sources have told GlobalRMB.

Lloyds Bank

ICAP, the interdealer broker, has launched a euro interest rate swap index that it hopes will become the first of a series of market benchmarks for IRS, whose stature is similar to that held by Markit's iTraxx indices in the credit market.

China held a series of high level government meetings with the UK and France in September. One of the most publicised pieces of news was the London’s plan for a Stock Connect but perhaps just as important are a number of moves by Euronext to facilitate Chinese investment on its platforms and develop new RMB products.

Commerzbank has hired two senior credit salespeople to its fixed income and currencies business in London.

HSBC has announced Mehmet Emin Mazi will be taking over the role of global head of traded credit.

The UK government is set to sell a chunk of at least £2bn of Lloyds Bank shares to retail investors as it pursues its plan to fully exit from its shareholding in the bank.

Royal Bank of Canada was set to sell a three year floater on Monday, offering investors their first taste of sterling denominated senior unsecured bonds in nearly four months.

The Ranger’s favourite expression — “The rules are, there ain’t no rules” — was thoroughly quashed last week by a load of bankers who love rules.

Stonegate Pub Co on Friday sold an £80m tap of its 2019 secured bond, despite a deserted high yield market, and after being downgraded by Standard & Poor's that morning.

Bunzl, the unrated, FTSE 100-listed distribution and outsourcing company, has issued a $600m US private placement.