UK

China Construction Bank sealed a successful offshore renminbi bond on October 12, marking the first time it has listed dim sum notes in London. The trade is set to breathe new life into the CNH market, which had been shut for more than two months following a devaluation of the currency.

China is boosting its capital markets collaboration with the UK with Agricultural Bank of China launching a dual-currency, triple-tranche bond on October 13. It would be the second Chinese lender to sell notes in London in as many days, and its offering will also mark the country’s first financial green bond.

Private equity firm Permira is merging German debt collector Garfunkelux, which it acquired in July, with British peer Lowell Group — a deal that could play the ‘market opener’ role bankers and investors have awaited since September.

Barclays has announced that it has promoted its former head of FIG EMEA to the post of chief strategy officer at the investment bank.

The UK Debt Management Office is lining up a new 40 year syndicated bond for later this month.

Bank of Scotland is planning to make its return, after four years of absence, to the public UK RMBS market with a deal denominated in three currencies. Its parent company, Lloyds, has issued four covered bonds this year in sterling and euros.

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.