UK

Anglian Water has announced its intention to issue a fresh private placement under a new financing structure. Utilities, once stalwarts of the market, have been few and far between in the last 18 months as PPs have struggled to compete with public bonds on price.

HSBC is installing a pair of senior bankers to oversee its recently created capital financing and investment banking coverage (CFIBC) unit — Adam Bagshaw, who was hired from Deutsche Bank last year, and Matthew Ginsburg, who joins from Fitch Ratings.

Auction Tech Group (ATG), the UK-listed owner of auction websites, has completed a £244m equity raise to part-fund the acquisition of US firm Live Auctioneers.

The sterling covered bond market exploded into life this week as three transactions worth more than £3bn priced in three days, increasing this year’s issuance by 150%, and boosting hopes that more deals will follow.

Wise, the UK financial technology company, is looking to make stock market history by becoming the first such firm to list on the London Stock Exchange through a direct listing. If the deal is a success, it will show other issuers a way to go public that avoids having to build an order book for an IPO in a difficult market.

Austrian packaging firm Constantia Flexibles has launched a €150m ESG-linked Schuldschein.

Credit Suisse’s investment bankers are looking to its top ranks for an injection of belief in the future of the business, following cuts to the bonus pool and defections from those with less patience, writes David Rothnie.

Hipgnosis Songs Fund, the London-listed investment trust focused on music catalogues, has announced a £150m share placing to fund its backlog of asset acquisitions.

UK listed construction firm Breedon has launched a private placement deal, according to market sources, making it one of the first UK companies to hit the market this year.

Helios Towers, the London-listed telecoms towers company focused on the Middle East and Africa, has completed a $160m capital raising, including a $50m tap of its outstanding 2027 convertible bond.

HSBC Asset Management is unifying its alternatives businesses, creating a single 150-strong team led by Joanna Munro, previously the firm’s global chief investment officer, in London.

The largest institutional investors in the private placement market have the cash and, increasingly, the origination capabilities to draw companies into bilateral and club trades. If these whales can show companies there is no pricing pick-up over syndicated deals, the broader market is bound to lose ground.