UK

Shares in Wise, the UK fintech group, had traded up more than 22% by Friday afternoon compared to the price at which it completed the first ever direct listing by a technology unicorn on the London Stock Exchange on Wednesday. Equity bankers hailed the transaction as an alternative route to going public when the IPO market is difficult but the list of companies that could do such a deal is short, writes Aidan Gregory.

With private equity-backed mergers and acquisitions hitting record levels in Europe, bankers have their tails up as they jostle for the most lucrative fee opportunities, writes David Rothnie.

As capital markets bankers gradually start to spend more time back in the office, a nuanced debate is playing out over how much flexibility they can expect to enjoy with regard to remote working when pandemic restrictions are finally lifted.

Muenchener Hypothekenbank took the unusual decision of stretching execution over two days for its fixed rate sterling Pfandbrief, the first to be issued this year. The measured approach paid off with the issuer managing to tighten the spread by 3bp and achieve a larger than expected size.

Mike Lamb, a senior investment banker covering the insurance sector, has left Barclays to join Citi in a chairman role in London.

Hipgnosis Songs Fund, the £1.6bn music royalties investment company, has wrapped up its seventh equity raise since its London Stock Exchange IPO in July 2018.

HSBC Asset Management has created a new sustainability office as part of a refresh of its responsible investment team after the departure of Melissa McDonald, head of responsible investment.

DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.

Octopus Renewables Investment Trust, the London-listed fund focused on renewable energy assets, has completed its latest share sale, raising £150m.

UK private equity group Bridgepoint has confirmed its intention to float on the London Stock Exchange.

Santander has appointed a new head of sustainable capital markets in London: Victoria Land, until recently head of APAC sustainable banking at Crédit Agricole in Hong Kong.

Indian company Tata Steel has returned to the loan market. It is in talks with banks for a £200m ($276m) financing to support its UK business.