UK

Barclays and Standard Chartered gave euro investors rare opportunities to build subordinated exposure to UK banks this week. The issuers were looking to benefit from strong market conditions during a more stable trading period for interest rates.

SSP, the UK food outlet operator, launched a £475m rights issue on Wednesday to strengthen its balance sheet in order to put itself in the best position for the reopening of its businesses this summer when the UK hopes to come out of lockdown.

Paragon Banking Group this week became the first UK lender to launch a subordinated bond in an ESG format. The bank was looking to replace its only outstanding tier two with a new green-labelled transaction.

MUFG has hired three managing directors to help boost its coverage of private equity sponsors, as well as direct lending.

Europe’s crop of pre-Easter IPOs are moving swiftly thorough the pipeline and investors are engaging with deals after an improvement in risk sentiment in line with recovering secondary markets and several successful block trades last week.

Commodity trader Trafigura has launched US private placements, according to market sources, its second entrance to the market in less than 12 months.

US private equity group Indigo Partners has reduced its stake in Wizz Air, the Hungarian low cost airline, through an accelerated bookbuild.

Standard Chartered gave euro investors another rare opportunity to build exposure to UK subordinated debt on Tuesday, as it followed Barclays in issuing a tier two transaction in the currency.

Deliveroo, the UK takeaway delivery company, is pressing ahead with its IPO and has started formal investor education this week, despite heavy selling in technology stocks injecting more volatility into the market.

Barclays gave euro investors a rare chance to buy UK bank capital on Monday, as the issuer selected the currency for its second tier two of the year. Its €1bn transaction was four times subscribed at final terms.

Paragon Banking Group is looking to issue a new debt capital instrument in green format, while at the same time offering holders of its existing tier twos a chance to exchange their bonds for cash.

Volksbank Wien sold its first non-preferred senior deal on Friday, after a week of discussions with investors. The deal benefitted from a stronger tone in the euro market as investors reacted well to the latest meeting of the European Central Bank.