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Euroweek in Association With: UK Capital Markets September 2013

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Euroweek in Association With: UK Capital Markets September 2013 EUrOWEEK in association with: UK Capital MarKets september 2013 Serving up economic recovery sponsored by: Depth of Commitment to the UK Markets. For more than a decade, RBC Capital Markets has focused on the UK markets and has built a strong expertise in GBP underwriting, sales, trading and research. With more than 6,700 professionals operating out of 70 offi ces in 15 countries around the globe, our accomplishments speak for themselves: > Voted #1 in Sterling for Investment Grade - Financial Institutions & Corporates1 > A primary dealer in GBP and an active Gilt-Edged Market Maker since 2000 > 10th largest global investment bank2 with locally-based coverage across the UK and Europe Take Confi dence in Our Approach Sian Hurrell Sean Taor Stuart McGregor FIC Sales Europe European DCM & Syndication European Origination, Public Sector DCM +44.20.7653.4343 +44.207.029.0150 +44.20.7029.7492 [email protected] [email protected] [email protected] Corporate & Investment Banking | Sales & Trading | Research | rbccm.com 1 Euromoney Credit Trading Survey – 2012. 2 By net revenue, Dealogic - January to September 2012. This advertisement is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada.RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affi liates, including RBC Capital Markets, LLC (member FINRA, NYSE, and SIPC); RBC Dominion Securities, Inc. (member IIROC and CIPF) and RBC Europe Limited (authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority). ® Registered trademark of Royal Bank of Canada 2013. Used under license. EUrOWEEK Managing director, EuroWeek group: John Orchard • [email protected] Managing editor: Toby Fildes • [email protected] Editor: Mark Baker • [email protected] Bank finance editor: Will Caiger-Smith • [email protected] Corporate finance editor: Jon Hay • [email protected] Covered bonds editor: Bill Thornhill •[email protected] Emerging markets editor: Francesca Young • [email protected] Loans and leveraged finance editor: Nina Flitman • [email protected] MTNs and CP editor: Tessa Wilkie • [email protected] SSA Markets editor: Ralph Sinclair • [email protected] UK capital marKets IFIS editor: Dan Alderson • [email protected] Contributing editors: Lucy Fitzgeorge-Parker, Philip Moore Reporters: Nathan Collins, Andrew Griffin, Steven Gilmore, FOREWORD BY THE ECONOMIC SECRETARY TO THE TREASURY Olivier Holmey, Hassan Jivraj, Hugh Leask, Stefanie Linhardt, 2 Sajid Javid: The UK’s economic plan is working Joseph McDevitt, Craig McGlashan, Tom Porter, Ravi Shukla, Michael Turner, Oliver West MACROECONOMIC OVERVIEW The UK economic revival: rhythm, or blues? Production manager: Gerald Hayes 4 • [email protected] Deputy production editor: Dariush Hessami BANK OF ENGLAND PROFILE Night editor: Julian Marshall 8 Communication will define Carney era at beefed up Bank Sub-editor: Tom Pumphrey Cartoonist: Olly Copplestone INTERVIEW WITH SARAH BREEDEN, BANK OF ENGLAND • [email protected] 8 ‘A banking licence is a privilege — banks must remember that’ Events & Project Manager: Sara Posnasky +44 20 7779 7301 LONDON AS A FINANCIAL CENTRE City faces taxing future despite fading crisis Advertising 12 Publisher: Oliver Hawkins +44 20 7779 7304 Deputy publisher: Daniel Elton +44 20 7779 7305 INFRASTRUCTURE FINANCING Associate publisher: Henry Krzymuski +44 20 7779 7303 14 Financing UK infrastructure: all together now… and lift Subscriptions INTERVIEW WITH LORD DEIGHTON, Europe COMMERCIAL SECRETARY TO THE TREASURY James Anderson +44 20 7779 8338 16 Focus on delivery: putting policy into practice Katherine Clack +44 20 7779 8612 James Feeney +44 20 7779 8414 THE GILT MARKET Mark Goodes +44 20 7779 8605 Mark Lilley +44 20 7779 8820 19 Pragmatism helps DMO to extend Gilt appeal Jeremy Masters +44 20 7779 8036 George Williams +44 20 7779 8274 UNITED KINGDOM DEBT MANAGEMENT OFFICE ROUNDTABLE — 2013 Marketing 21 Open-minded DMO aims to do right by the market Clare Cottrell +44 20 7827 6458 Claudia Marquez Reyes +44 20 7827 6428 PUBLIC SECTOR BORROWERS Customer Services: +44 20 7779 8610 30 Housing associations bring variety to tight public sector Americas Chas Reese • [email protected] NON-PROFIT SECTOR Tel: +1 212 224 3002 32 Homes, colleges, hospitals: bond markets finance social goods Euromoney Institutional Investor plc Nestor House, Playhouse Yard, London EC4V 5EX, UK BANKING SECTOR Tel: +44 20 7779 8888 • Fax: +44 20 7779 7329 34 Banks’ balance sheet repairs begin to pay off Directors: PR Ensor (chairman), The Viscount Rothermere BANK FINANCE (joint president), Sir Patrick Sergeant (joint president), CHC 37 Banks ready to reclaim their place in the markets Fordham (managing director), D Alfano, A Ballingall, JC Botts, DC Cohen, T Hillgarth, CR Jones, M Morgan, NF Osborn, UK CREDITS ROUNDTABLE J Wilkinson 39 Crisis over — now the hard work begins for UK credits Printed by Williams Press All rights reserved. No part of this publication may be BLUE CHIP COMPANIES reproduced without the prior consent of the publisher. While 46 UK corporates awash with capital raising options every care is taken in the preparation of this newspaper, no responsibility can be accepted for any errors, ORDER BOOK FOR RETAIL BONDS (ORB) ROUNDTABLE however caused. 48 ORB at the centre of corporate financing shift © Euromoney Institutional Investor PLC, 2013 ISSN 0952 7036 MIDCAPS AND SMEs 57 Banks are not the only fruit: firms seek new funding tools UK Capital Markets | September 2013 | EUROWEEK 1 FOREWORD BY THE ECONOMIC SECRETARY TO THE TREASURY UK: the economic plan is working by Sajid Javid, MP, Economic Secretary to the Treasury he UK government is dedicated to increas- ulation to ensure we ing the nation’s competitiveness and have a safe and resil- maintaining London’s position as a world ient financial sector Tleader in the financial field. But we face that can compete sus- serious challenges. The economy is recovering from tainably in the global the most damaging financial crisis in generations. market; (ii) creating UK output fell by 7.2% from peak to trough. That is the right environment almost twice as deep as that experienced by the US for financial servic- and three times as deep as Britain’s recession in the es firms to trade and early 1990s. attract inward invest- Debt was at unsustainable levels. In 2010, total pri- ments and supporting firms to pursue high value vate sector debt had reached 470%. The government opportunities; and, (iii) incentivising banks to lend to ran rising deficits even at the peak of the boom. The the real economy, supporting SMEs and employment. UK entered the crisis with a structural deficit of more We are delivering necessary reforms to strength- than 5% of GDP, the highest amongst the G7. Subse- en the City and make it more resilient. We are quently the deficit soared and in 2010 the UK deficit implementing the recommendations of the Vick- was forecast to be the highest of any major economy. ers review through the Banking Reform Bill and we The historically high level of borrowing undermines have reformed the financial regulatory architecture fairness, growth, and economic stability. in the UK through the Financial Services Act. We are The UK government has implemented the econom- also working hard in Brussels to secure the best pos- ic strategy necessary to rectify Britain’s perilous mac- sible outcomes on a range of financial services dossi- roeconomic imbalances. The combination of fiscal ers, enhancing financial stability whilst protecting the responsibility and monetary activism assists the rebal- competitiveness of the financial services industry. ancing of the economy from debt-sustained activity In the Budget this year, the Government announced towards investment and exports. Our fiscal credibility the creation of the Financial Services Trade and Invest- has helped keep interest rates low and allowed the UK ment Board, which has been tasked to support the sec- authorities to pursue a strategy of monetary activism. tor in gaining market share abroad and creating the This includes measures such as the Funding for Lend- right environment to attract inward investments. The ing Scheme that has supported a dramatic improve- Board is now up and running and will identify trade ment in financial conditions. and investment priorities within the financial services Our unwavering commitment to deliver a sustain- sector and provide senior level steers and directions for able recovery is yielding results. The UK economy is joined up government and industry actions. turning a corner. Recent evidence suggests tentative signs of balanced, broad-based growth. The deficit A plan for sustainable growth has been cut by a third as a percent of GDP and the A key element of our economic plan is an ambitious structural deficit has been cut more than any major programme of growth-enhancing reforms to support a advanced economy. Private sector debt has fallen by sustainable recovery. Our plan focuses on tax competi- almost 40% of GDP since early 2010. For every pub- tiveness, business growth, workforce skills, and rebal- lic sector job lost, 3.2 have been created in the private ancing towards investment and exports. sector. Employment is at an all-time high. Finally, the Consistent with these aims, we are emphasising average of independent forecasts for 2013 GDP growth long-term investment in infrastructure by committing are now more than double the 0.6% official forecast to publicly fund a pipeline of specific projects worth from March. Britain is on the mend. over £100 billion by 2020. But the recovery is in its early stages, and we must We have brought forward the delivery of our com- remain vigilant. While the extreme risks in the euro mitment that the first £10,000 of income is free from area have been reduced, they do remain, and emerg- income tax.
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