UK

Cambridge-based cybersecurity company Darktrace has kicked off its long-awaited IPO on the London Stock Exchange, having announced its intention to publish a registration document on Monday morning.

Government bonds around the world were hit by a wave of selling on Friday morning without an obvious trigger from new data or central bank policy updates. However, traders believe a heavy supply schedule and news of increasing deficits are likely to blame.

Obi, the German DIY store, has launched a Schuldschen across three, five and seven years, according to market sources. The spread differential between three and five years is steeper-than-usual, to coax investors further along the maturity curve.

IPO sellers are keen to revive the market in Europe after Deliveroo’s disastrous debut last week. But investors, with the food delivery company’s share price collapse still fresh in their minds, are pushing banks on valuations for new listings, reports Sam Kerr.

HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.

German retailer TEDi has launched a Schuldschein, in the first deal to hit the market since the Easter break.

Allfunds, the UK-based B2B wealth platform, launched an IPO to list on the Amsterdam stock exchange on Wednesday.

FastBall Holdings, an investor consortium led by KKR, has offloaded a portion of the stake in Flutter Entertainment it received in December as part of the Irish gaming conglomerate’s buyout of FanDuel Group, the US fantasy sports company.

The disastrous listing of food delivery app company Deliveroo in London last week sent shockwaves through equity capital markets, with some suggesting it will dampen Europe’s IPO market in the next few weeks. But it needn't be as bad as all that. Investors are keen to take part in IPOs — they just need greater discounts that match their perceptions of risk.

Gore Street Energy Storage Fund, a close-end investment fund that invests in UK energy infrastructure assets, has launched a new capital raise to fund a pipeline of energy storage investments.

Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.

The equity market — and beyond — has been puzzling over how Deliveroo, one of the most anticipated IPOs of the year, could have suffered so badly in trading on its first day on Wednesday. Some blamed ESG concerns about the working conditions of the firm's delivery riders, others the dual class-share structure but the simplest explanation was that Deliveroo came at the wrong end of an IPO market that was losing steam.