UK

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.

The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, when it printed a deal with the longest duration in its conventional Gilt portfolio.

Gala Coral, the UK gambling company, on Tuesday announced it would repay part of its £275m bond due 2019, one of two notes that will not be absorbed into its merger with Ladbrokes.

ING has laid out the shape of its high yield joint venture between lending and DCM, which will be headed by new arrival Dominique LeMaire.

The People’s Bank of China (“PBoC”) has opened books to its debut one year offshore central bank note in the Asia morning at 3.30% area on October 20.

The recent announcement of the sale of £2bn of Lloyds Bank shares to individual investors on special terms has put UK privatisation and widening share ownership back on the agenda.

Legal & General PLC launched 30 year non-call 10 notes in the UK on Monday, giving investors their first taste of a sterling denominated tier two insurance deal since June.