Europe

S4 Capital, the digital and marketing services company created by Martin Sorrell, the former CEO of WPP, has finished its £74m placing and open offer to finance its merger with MightyHive, the California-based digital advertising company.

The Bank of England said this week that it wait for Europe to take a lead on a number of important developments regarding the minimum requirement for own funds and eligible liabilities (MREL) before clarifying its own position.

The Bank of England has published two consultation documents for what it describes as the “final major piece” in the development of a bank resolution regime in UK.

Russian Copper Co (RCC) has closed a $250m five year credit facility, marking the second refinancing that RCC has secured this year. The tight margin sparked a sliver of optimism in the market.

Banks with large exposures in Romania took a beating in the financial markets on Wednesday, after the country’s government unveiled plans to introduce a new tax on banking assets.

Danish logistics company Maersk opted to please all of its investors who tendered bonds as part of the company’s recent liability management exercise when it announced on Tuesday that it had increased the total amount it would buy back.

In this round up, Bank of China’s monthly index shows decreasing onshore funding cost, Value Partners’ flagship fund became MRF-eligible and a quarterly London RMB business report shows that the city still leads the way on offshore RMB trading in Europe.

2019 is likely to be another year where the independent mandate of central bankers comes under pressure from populist politicians in democracies. It is easy for those in the market to sympathise with the quiet technocrats over the loud-mouthed headbangers, but scrutiny is deserved.

Once a darling of emerging markets investors, Turkey flirted with disaster in 2018 when instead of battling out-of-control inflation it followed voter-pleasing policies and plunged into a recession, amid a poisonous combination of political and monetary forces. Although Turkey and its banks have swiftly regained debt market access, its future is clouded by the harsh realities of global economics, write Lewis McLellan and Mariam Meskin.

A host of emerging market opportunities are set to be presented to equity investors in 2019 with Kazakhstan likely to lead the way with a number of highly anticipated listings. Sam Kerr reports.

The US slammed the international bond market shut to Russian borrowers in April by imposing sharp sanctions on a few private companies. Seven months later Gazprom sold a euro bond, but it is a unique credit. Investors are still terrified of another kicking from Western authorities. Francesca Young speaks to Russian borrowers about how they are planning their funding in uncertain times.

The volume of euro bond issuance from US companies fell sharply in 2018 compared to recent years. The finger of blame was quickly pointed at Trump’s tax changes, but there were other forces at play. Can the barriers be lifted in time for a better 2019? Nigel Owen reports.