Europe
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UK companies hoping to be involved in mergers and acquisitions (M&As) are heading towards a sea of red tape, with the government due to review around 100 times more transactions a year than before on national security grounds. That could prompt a spree of deals before the proposed measures become law, writes Mike Turner. -
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Barclays has made cuts across its debt capital markets business, with staff put at risk including several long serving bankers who have been with the firm for over a decade.
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Agence Française de Développement (AFD) this week sold its largest ever benchmark as it tackled an increased funding programme that will grow further in the next few years. That means the issuer will look to bring big trades again — as well as potentially growing its presence in the privately placed MTN market.
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Emerging market corporate borrowers have little in the way of funding needs and, where they do expect to issue, are eyeing new formats to diversify rather than issuing more Eurobonds.
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High grade bond markets have made a flying start to the year, defying the expectations of a bear market in fixed income following the end of the European Central Bank’s asset purchase programme and tightening of monetary policy in the US. Instead of the expected cautious tone, investors have been fuelling record order books, big deals and strong performance in the secondary markets, write Burhan Khadbai and Nigel Owen.
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The overwhelming defeat of Theresa May’s Brexit deal on Tuesday night was welcomed somewhat by the market the following morning, with investors buying into banks’ stocks and bonds. While result of the vote did not give investors and analysts much more clarity, they believe a hard Brexit is looking increasingly unlikely.
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Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.
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The Single Resolution Board (SRB) set out new policy for complex banks on minimum requirements for own funds and eligible liabilities (MREL) on Wednesday, changing its approach on issues including the subordination requirement and how the type of resolution plan an institution has affects its needs.
