UK

A study of 657,000 UK mortgages undertaken by Nationwide Building Society over the past year suggests that the greener building a mortgage is secured on, the lower the risk of default. Moreover, this relationship is not affected by a borrower’s wealth, the location, or the type of property.

Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.

A staggering amount of capital has been raised by special purpose acquisition companies this year, but there is growing concern that the glut in supply will lead to many of the vehicles overpaying for M&A targets or being unable to find companies to buy.

The IPO market looked on in despair on Wednesday as Deliveroo, the UK food delivery company, began trading. The stock fell more than 20% in early trading and shell-shocked bankers fear that IPOs planned for after Easter may have to be put on hold. Sam Kerr reports.

The fact that a large US insurance company could offer the English Football League better lending terms than UK banks or other investors is revealing. UK lenders are shying away from deals, which has opened the doors to institutional investors. The speed with which a tailor-made EFL deal was done shows how quickly they can replace traditional creditors.

US institutional investor MetLife has offered a more attractive loan package to the English Football League — England's second, third and fourth professional football divisions — than the UK government and bank lenders.

Fix Price, the Russian discount retailer, became a public company at the beginning of March in a $1.9bn IPO on the London Stock Exchange. Its CFO Anton Makhnev sat down with GlobalCapital to discuss the deal.

Romain Miginiac, head of research at Atlanticomnium, says the European banking sector is emerging from the coronavirus crisis in surprisingly good shape. But he warns that the pandemic could still be very painful for certain institutions.

Deliveroo, the UK food delivery company, has taken heed of investor fears of IPO congestion and has revised its the price range of its listing down to the bottom end of the range.

German semi-conductor business Infineon, which is Europe’s largest chip maker, has sold $1.3bn of US private placements, according to several market sources, in the largest trade from Europe in almost five years.

The Restaurant Group, the owner of multiple UK dining brands including Wagamama and Frankie & Benny’s, has completed a £175m capital raising, with a high take up from shareholders.