UK
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The UK’s conduct regulator may have lost its boss, but it’s still going from strength to strength, despite having less reason than ever before to exist at all.
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Citi has hired a high yield and distressed salesperson from Barclays to its Europe, Middle East and Africa loan sales business in London.
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888 Holdings, the London-listed online gaming firm, will buy rival bwin.party using a $600m term loan and $50m revolving credit facility. -
Crédit Agricole’s head of DCM for Asia is returning to London, GlobalCapital understands.
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A high yield credit trader has left Citi in London and is heading to Barclays.
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The market is poised for an overhaul of Europe’s securities rules, as part of the European Commission’s Capital Markets Union agenda. The UK has weighed in on the debate arguing for a stripped down process, a split prospectus, and no blackout period.
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Lingering uncertainty over Greece put a curb on credit spread movement on Wednesday, as a Greek parliamentary vote on austerity reforms failed to materialise in time to affect the July index options expiry.
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Three block trades took place on Tuesday night, as Europe’s equity capital markets appear to be returning to normality after the stress of the Greek debt negotiations of the past few weeks.
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Lloyds returned to covered bonds on Wednesday for its annual benchmark in euros. At €1.5bn, the five year was one of the largest this year, and with a book of over €2.5bn, it was one of the most heavily oversubscribed. The strong result was a testimony to the generous new issue premium which catalysed switching interest and caused a healthy repricing of the curve.
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US speciality chemical products holding company Platform will buy UK firm Alent for £1.35bn using a $1.9bn bridge loan from Credit Suisse.
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UK banks will find it harder to game leverage ratios as regulators plan to introduce stricter disclosure rules than those in Europe.
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After announcing its intention to repurchase all of its series 7 and series 8 2017 covered bonds, Northern Rock Asset Management (NRAM) has set the purchase price on the notes. It is hoping to reduce its liabilities and close its covered bond programme following a successful buyback in March.
