UK

UBS has added to its emerging market credit sales capabilities with a hire from Mizuho.

The all-important deadline of July 20 passed without incident, Greece having redeemed its debt to the ECB with the help of a bridging loan. That doesn’t mean the crisis in Greece is resolved – far from it – but it does give the market some breathing space.

Nationwide Building Society stood out on another busy day in the covered bond market, shaking off three rivals to print a €1bn mortgage backed bond on Thursday in line with Lloyds and Bank of Nova Scotia.

A return of stability in the European credit market has exposed mounting concerns for companies involved in commodities trading, with sector names underperforming credit indices and cash bonds.

StormHarbour said it has hired Federico Buccellati, the former head of advisory for southern Europe at HSBC, as a senior advisor.

Nationwide stood out on another busy day in the covered bond market, shaking off three euro-market rivals to print a €1bn mortgage backed bond on Thursday in line with Lloyds and BNS.

Credit traders and strategists report growing interest among investors to trade iTraxx Crossover “tranchelets” — slices of the index’s 0%-10% equity tranche — amid a heightened focus on jump-to-default risk for European high yield names.

Thames Water (Kemble) Finance Plc, the subordinated holding company vehicle of the Thames Water group, issued a £175m bullet bond on Tuesday, joining the dense flow of deals in a high yield market relieved of the eurozone’s recent tensions.

The UK government has said it wants further changes to the country's regulation, with the Prudential Regulatory Authority coming within the Bank of England, and more oversight over the Bank from the Treasury.

Mediclinic, the South African healthcare group, will launch on August 11 a R10bn ($810m) rights issue to fund its takeover of Cinven’s remaining stake in London-listed Spire Healthcare.

The UK Debt Management Office reopened a 2068 bond on Tuesday with a syndication that was nearly four times subscribed.

International Airlines Group replaced Bank of America Merrill Lynch and Deutsche Bank as the initial lenders in its €1.4bn acquisition facility because the pricing they wanted for the loan was too expensive, according to a banker on the deal.