UK

UK listed construction materials manufacturer Breedon has closed £250m-equivalent worth of US private placements in euros and sterling, according to market sources.

Bridgepoint, the UK-based private equity group, is vying to join the small but elite group of listed private equity companies, having revealed plans for an IPO on Tuesday morning.

Citi has appointed two co-heads of EMEA consumer products investment banking in London and a head of global luxury investment banking in Milan.

Wells Fargo hires Marriott from NatWest Markets — Créd Ag MD to join BNP Paribas SSA desk — SEB SSA DCM head off to New York — AFT hires funding official from Crédit Foncier — Citi promotes CEEMEA debt bankers — HSBC AM adds EM debt portfolio manager — EM seller heads from Credit Suisse to Barclays — Deutsche Bank hires head of US CLO syndication from JPM — Senior securitized product banker leaves Barclays — USSIM poaches BlackRock head of European ABS — Together treasurer departs for Pepper — Barclays poaches from JP Morgan for real estate IB push — Barclays hires from MS for head of Nordic banking

While the Schuldschein market has embraced ESG-linked financing, participants fear a lack of transparency around key performance indicators is an opportunity for greenwashing. The launch of a sustainability-linked deal Zeppelin, which traces its roots to the fabled aviation name, has heightened fears around market practices.

Barclays has poached a leading real estate investment banker from JP Morgan in a move rivals say could lead to shift in banking relationships.

Round Hill Music Royalty Fund, the London-listed investment trust focused on song royalty streams, said on Thursday it intends to launch a share sale to finance its $120m forward pipeline of acquisitions.

James Marriott is joining Wells Fargo in a senior debt capital markets role this autumn after he resigned from NatWest Markets, where he was head of DCM and advisory for financial institutions and sovereigns, supranationals and agencies.

Swiss Re sold a 6.6% stake in UK insurance services company Phoenix Group on Tuesday, raising £437m for the seller.

This week, Spanish refrigerated trucking company Primafrio and Russian goldminer Nordgold postponed their respective IPOs, on the Spanish and London Stock Exchanges in hopes of better market conditions in the future. These delays are just the latest casualties of Europe’s turbulent IPO market.

The European initial public offering market has been difficult for months, but new listings are still being brought to market with little regard for whether investors want to buy them. Instead of trying to ram deals through to satisfy a pre-arranged timeline, banks should be advising their clients to delay listings that don’t work in these conditions.

There is general agreement that the UK’s recently won ability to diverge from EU capital markets regulations represents an opportunity to create a more attractive environment for doing business in London — and everyone seems to have their own shopping list of reforms they would like to see.