UK

With European credit markets having stabilised and many participants believing that the worst of the year is over, there has been an increase in index options selling this week, said traders.

Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.

Royal London Mutual Insurance Society looked to the sterling market for a £350m 13 year subordinated bond, following meetings with investors earlier this week.

TSB's UK prime RMBS programme made a solid start on Wednesday afternoon, as the bank placed a debut £537m-equivalent deal in sterling and euros. The issuer retained over two thirds of the sterling tranche despite offering a decent spread pick-up, but the euro tranche priced strongly.

Law firm Morrison & Foerster has hired an equity derivatives specialist as a partner at its London office.

Perform Group, the UK digital sports media company, announced its intention on Wednesday to hit the high yield market with its first bond: £200m of secured notes to fund new content.

Barclays PLC secured strong demand and tight pricing for its €1.25bn 10 year non-call five tier two notes on Wednesday, leaving market participants optimistic about bank capital supply.

Royal London Mutual Insurance Society looked to the sterling market for a 13 year subordinated bond following meetings with investors earlier this week.

The acting head of the Financial Conduct Authority said on Tuesday that the FCA would set up a UK Debt Market Forum.

China’s decision to reform its parity mechanism has ushered in a new phase of volatility for both the onshore RMB (CNY) and its offshore counterpart (CNH). Beijing has said markets should welcome the volatility as a signal of its reduced influence on the currency. For market watchers, external forces will be equally crucial to its success.

Cabot Credit Management, the UK debt purchasing firm, on Wednesday raised €310m of secured notes to support its buyout of peer company Hillesden Securities from Faccenda Investments.

The head of corporate syndicated lending for EMEA and Asia at BBVA retired from the bank on Friday.