UK

The UK will make its green bond debut in the summer before following up with a second deal later in the year, the country's Debt Management Office said on Wednesday as it announced its borrowing remit for its 2021/2022 fiscal year.

LondonMetric, the UK real estate investment trust, is marketing a private placement deal, according to market sources.

Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.

Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.

The City of London Investment Trust, the UK listed equity investor, has sold £30m of 25-year private placements.

The UK’s Budget on Wednesday is likely to go down as the greenest ever, but it still left sustainable finance advocates disappointed, as Rishi Sunak, the chancellor of the exchequer, failed to give clarity on vital programmes and spending, at the beginning of a decade in which the country will have to make vital investments towards achieving its ambition of net zero greenhouse gas emissions by 2050.

The UK Debt Management Office announced its borrowing remit for its 2021/2022 fiscal year on Wednesday, following the chancellor of the exchequer Rishi Sunak's budget speech, which includes plans to sell a debut green Gilt in the summer with another later in the year. A new UK infrastructure bank, which will use debt and equity capital was also made official in the budget.

Equity capital market participants cheered the publication on Wednesday of former EU commissioner Jonathan Hill's review of London listing rules. The report, written on behalf of the UK Treasury, recommended sweeping changes in order to attract more companies to the London Stock Exchange. On Thursday, Deliveroo, the food delivery company, announced it would be listing in London.

Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.

UK chancellor of the exchequer Rishi Sunak is preparing to unveil his latest budget on Wednesday. Leaks point to a package of tax hikes and spending cuts. But a repeat of the discredited model that the Conservative Party, of which he is a member, embraced to tackle the 2008-2009 financial crisis would miss a huge opportunity to finance growth just when borrowing costs are as low as they will ever be. Austerity will prove a false economy that drives investment elsewhere.

Concerns that London is losing ground to other financial centres within Europe, such as Amsterdam, which has surpassed London as Europe’s largest centre for equities trading, are overblown. The UK capital remains an attractive listing venue for high-growth firms and could become more so after a Treasury review of London’s listing regime is published this week. But the City should not abandon the core principles on which its reputation has been built just to claw back a short-term loss of business.

In The Style, the UK online fashion company, is gauging investor appetite for a stockmarket listing, having announced its intention to float this week.