UK

Bluefield European Solar Fund, perhaps the last prospective issuer on Europe’s IPO market in this otherwise barren summer season, postponed its flotation on Friday, July 31, blaming “unfavourable market conditions”.

Holidaying investors and less than ideal market conditions proved no obstacle for three European banks which took orders just shy of $40bn to sell $6.35bn of additional tier one (AT1) debt in four sessions.

The European Covered Bond Council (ECBC) will present its new dual-recourse bond structure to an audience of regulators, central bank heads and other stakeholders in October – a meeting which will be a barometer of official sector appetite for backing the product.

Abbey National launched a minimum €250m reopening of a 2019 floating rate note on Thursday, looking to bring the size of an original €500m deal above €1bn after a series of taps last year.

Investors swarmed all over Royal Bank of Scotland’s first offering of additional tier one (AT1) paper on Wednesday, which had some bankers recalling the early days of the product.

RBS chose a dual tranche debut in additional tier one (AT1) on Wednesday, and some bankers think the bank’s improving debt story has helped it pay a smaller pick-up than others for a 10 year call.

The UK government’s £2bn sale of a first chunk of the 79% stake it holds in Royal Bank of Scotland has dominated equity capital market headlines so far this week.

Italy’s biggest listed investment bank has agreed to acquire a controlling stake in UK asset manager Cairn Capital, as it seeks to broaden its footprint outside Italy.

The inclusion of A-shares in institutional investors' portfolios is inevitable, although the process will be a gradual one for index providers, exchanges and money managers, FTSE Russell chief executive Mark Makepeace has told GlobalRMB.

The first tranche of the RBS selldown loses money for the taxpayer. But it’s a long way from being over, and history could show it was a smart move.

Barclays was on track to print its first standalone sterling AT1 inside 8% after pulling in more than £3bn of demand on Tuesday morning.

Sainsbury’s Bank has shelved a sterling tier two trade following a roadshow last month.