https://fortis-capital.co.uk/ Measured insight for UK capital markets en Mon, 09 Nov 2026 14:29:28 GMT https://fortis-capital.co.uk/honest-spread-stering-new-issue-compensation/ https://fortis-capital.co.uk/honest-spread-stering-new-issue-compensation/ New-issue concessions in sterling credit are often quoted as if they were a single, objective number. They are not. Separating genuine investor compensation from order-book ceremony requires a disciplined look at fair value, allocation behaviour and the secondary market's first thirty days. Fortis Capital Market Strategy Mon, 09 Nov 2026 12:05:52 GMT https://fortis-capital.co.uk/beyond-default-line-recovery-risk-uk-private-credit/ https://fortis-capital.co.uk/beyond-default-line-recovery-risk-uk-private-credit/ Default rates are the visible part of the UK private credit cycle. Recovery rates, documentation and creditor dynamics are where the real dispersion sits. A framework for assessing recovery risk through 2026–27. Fortis Capital Market Strategy Mon, 09 Nov 2026 00:22:33 GMT https://fortis-capital.co.uk/earned-not-borrowed-cash-first-uk-corporate-resilience/ https://fortis-capital.co.uk/earned-not-borrowed-cash-first-uk-corporate-resilience/ UK investors are moving beyond headline leverage as the primary measure of corporate strength. This article sets out a practical cash-first framework—covering cash conversion, covenant headroom and refinancing risk—for distinguishing durable balance sheets from those flattered by a favourable point in the cycle. Fortis Capital Market Strategy Sun, 08 Nov 2026 21:22:48 GMT https://fortis-capital.co.uk/mechanical-demand-limited-horizon-ftse-mid-cap-rebalance/ https://fortis-capital.co.uk/mechanical-demand-limited-horizon-ftse-mid-cap-rebalance/ Index inclusion is often read as a verdict on a UK mid-cap's prospects. The evidence is narrower: FTSE Russell reviews create a predictable window of mechanical demand, but durable liquidity and durable valuation are different things. Issuers and active managers should price the former without mistaking it for the latter. Fortis Capital Market Strategy Sun, 08 Nov 2026 16:01:47 GMT https://fortis-capital.co.uk/thin-files-wider-spreads-unbundling-uk-small-caps/ https://fortis-capital.co.uk/thin-files-wider-spreads-unbundling-uk-small-caps/ Unbundling was meant to sharpen research economics. In the UK small-cap market it has too often thinned the information base, widened spreads and raised the cost of price discovery. This article examines the coverage gap and the practical routes to closing it in 2026. Fortis Capital Regulation & Policy Sun, 08 Nov 2026 12:03:45 GMT https://fortis-capital.co.uk/patient-capital-sharper-clocks-family-offices-uk-mid-market/ https://fortis-capital.co.uk/patient-capital-sharper-clocks-family-offices-uk-mid-market/ Family offices and permanent capital vehicles are no longer fringe bidders in UK mid-market M&A. They are winning mandates on certainty, speed and governance fit — and changing how founders think about exit. This article maps the shift and its implications for 2026. Fortis Capital Market Strategy Sun, 08 Nov 2026 12:03:45 GMT https://fortis-capital.co.uk/before-the-letter-arrives-capital-allocation-doctrine-uk-boards-2026/ https://fortis-capital.co.uk/before-the-letter-arrives-capital-allocation-doctrine-uk-boards-2026/ Public campaigns are rarely the start of the argument about a company's capital; they are the point at which it becomes visible. Boards that can point to a pre-agreed, evidence-led doctrine across buybacks, dividends and reinvestment are better placed to defend decisions and to know when to hold a position. Fortis Capital Regulation & Policy Sun, 08 Nov 2026 08:03:31 GMT https://fortis-capital.co.uk/certainty-priced-continuation-vehicles-uk-mid-market-exit-2026/ https://fortis-capital.co.uk/certainty-priced-continuation-vehicles-uk-mid-market-exit-2026/ GP-led continuation vehicles have moved from the margins to the mainstream of UK mid-market liquidity, and founders are increasingly being asked to weigh them against trade sales and listings. The terms on which certainty is offered deserve as much scrutiny as the headline price. Fortis Capital Market Strategy Sun, 08 Nov 2026 08:03:31 GMT https://fortis-capital.co.uk/cover-test-uk-equity-income-yield-optics/ https://fortis-capital.co.uk/cover-test-uk-equity-income-yield-optics/ In a rate regime that keeps rewriting expectations, headline yield is an increasingly poor guide to durable UK equity income. This strategy piece argues that dividend cover, cash conversion and payout discipline should become the primary sensitivity measures for income investors seeking to separate genuine distributions from yield traps. Fortis Capital Market Strategy Sun, 08 Nov 2026 04:04:02 GMT https://fortis-capital.co.uk/maturity-not-mythology-uk-mid-market-refinancing-2027/ https://fortis-capital.co.uk/maturity-not-mythology-uk-mid-market-refinancing-2027/ The UK mid-market refinancing story is less a single cliff edge than a corridor of maturity dates, covenant tests and lender negotiations stretching into 2027. This analysis maps the pressure points by sector and explains why lender composition, covenant resets and rescue capital structures deserve as much attention as the maturity tower itself. Fortis Capital Regulation & Policy Sun, 08 Nov 2026 04:04:02 GMT https://fortis-capital.co.uk/uk-mid-market-covenant-checklist-equity-investors/ https://fortis-capital.co.uk/uk-mid-market-covenant-checklist-equity-investors/ Headline leverage multiples describe what was paid, not what protection exists. In UK mid-market lending, the loan documentation decides how much of the equity thesis a company can execute before control passes — and where value quietly leaks away before earnings ever disappoint. Fortis Capital Regulation & Policy Sun, 08 Nov 2026 00:04:04 GMT https://fortis-capital.co.uk/uk-pension-surplus-capital-allocation-2026/ https://fortis-capital.co.uk/uk-pension-surplus-capital-allocation-2026/ Rising defined-benefit surpluses have turned UK pension schemes from deficit managers into allocators once more. But a funding level above 100 per cent is an accounting position, not an investment mandate — and the way schemes deploy it will shape demand across gilts, credit and insurance capacity for years. Fortis Capital Market Strategy Sun, 08 Nov 2026 00:04:04 GMT https://fortis-capital.co.uk/cash-signal-not-verdict-uk-fund-liquidity-2026/ https://fortis-capital.co.uk/cash-signal-not-verdict-uk-fund-liquidity-2026/ Elevated cash balances in UK equity and credit funds are often read as a market call. They are more usefully understood as a mix of tactical positioning, mandate requirements and operational plumbing. This measured framework helps investors separate the three. Fortis Capital Market Strategy Sat, 07 Nov 2026 20:03:57 GMT https://fortis-capital.co.uk/capital-question-uk-bank-strength-beyond-cet1-headline/ https://fortis-capital.co.uk/capital-question-uk-bank-strength-beyond-cet1-headline/ UK bank capital ratios remain robust by headline measures, but resilience is not a single number. This field guide separates accounting capital from genuine loss-absorbing capacity and sets out what investors should check in Pillar 3 disclosures during 2026. Fortis Capital Regulation & Policy Sat, 07 Nov 2026 20:03:57 GMT https://fortis-capital.co.uk/revised-listing-regime-uk-equity-capital-2026/ https://fortis-capital.co.uk/revised-listing-regime-uk-equity-capital-2026/ The overhaul of the UK listing rulebook has generated a great deal of commentary and rather less evidence. This analysis separates the structural change from the noise, and asks what the revised regime genuinely does for capital formation in London — and where the binding constraints still sit. Fortis Capital Regulation & Policy Sat, 07 Nov 2026 16:04:19 GMT https://fortis-capital.co.uk/five-uk-capital-markets-signals-2026/ https://fortis-capital.co.uk/five-uk-capital-markets-signals-2026/ Daily headlines reward reaction; capital-markets strategy rewards attention to a smaller set of indicators. Here are five under-watched UK signals — from curve shape to pipeline quality — that repay monitoring through the cycle. Fortis Capital Market Strategy Sat, 07 Nov 2026 16:04:19 GMT