UK

In this round-up, South Korean RMB deposits fell in May, China's RMB denominated trade settlement also fell, SIX Swiss Exchange signed an MoU with Shanghai Stock Exchange, and the London Stock Exchange signed an agreement with Haitong Securities to co-operate on launching RMB-denominated ETFs in London.

Yorkshire Building Society showed RBC how to syndicate a deal on Thursday, choosing a maturity, size and spread that made sense from the start.

SCBC mandated leads for a seven year covered bond on Wednesday, the second in that tenor from Sweden and the third in that tenor overall this week. The transaction comes as RBC struggled to build strong demand for its seven year after Bund yields soared. Yorkshire Building Society has responded to concerns around volatility and mandated leads for a shorter maturity.

200 years might have passed since Napoleon was defeated at Waterloo. But some things in war — and finance — do not change, such as the absolute importance of being ahead of the game. Nathan Rothschild cleaned up on the Gilt market thanks to his rapid, reliable, and finely honed communications system that brought him news of Wellington's victory ahead of anyone else in Westminster and the City.

Rating: –/B+/BB+

Yorkshire Building Society mandated leads for a roadshow on Wednesday to market a euro denominated benchmark, the issuer’s first in a year. Only two UK borrowers have launched euro benchmarks this year and bankers say a €500m deal with an intermediate maturity should have a good chance of success.

Shanks, the unrated UK waste management company with large operations in Belgium and the Netherlands, is offering its first green bond, targeting retail investors in Belgium and Luxembourg.

A group of small shareholders in Afren, the embattled London-listed oil exploration company, is striving to block Afren's restructuring agreement with its creditors.

Torrid market conditions have kept issuers away from the euro benchmark market since April 29, forcing borrows to consider alternative currencies. On Tuesday, Abbey printed a £500m three year sterling deal, and even though the deal was not subscribed, bankers felt the sterling market was still open. Separately, ANZ has mandated leads for the second dollar benchmark from Australia this year.

Achmea Bank has priced its first RMBS of the year, Virgin Money has announced a mandate for a new UK RMBS and another issuer is planning to sell the full capital structure of an RMBS backed by Irish mortgages.

Fitch has put the £1.1bn of covered bonds issued by Clydesdale Bank on Rating Watch Negative (RWN) after its parent National Australia Bank said it intended to proceed with a sale of its subsidiary.

Northern Rock Asset Management (NRAM) set the early redemption price for its €2bn 3.875% November 2020s. It is looking to buy back all the notes with a tender offer and consent solicitation and will hold a meeting next week.