Europe
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Banca Carige has challenged a downgrade from Fitch, after the rating agency discussed the potential failure of the bank. The hard-pressed Italian lender also indicated that it had spoken to the European Central Bank about a merger. -
Global fintech M&A has surged by more than a quarter year-on-year by value, as consolidation grips the upper echelons of the market and lenders prepare for a swathe of financing requests. Michael Turner reports.
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Despite huge demand for shares in the IPO of Knorr-Bremse, its sellers chose a conservative price of €80 a share.
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A prolonged bout of equity market volatility could scupper equity capital markets for the rest of the year, according to bankers speaking to GlobalCaptial during Thursday’s global equity market sell-off.
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Equity markets in the UK, US and eurozone sold off late Wednesday and on Thursday, leading to a mixed reaction from equity derivatives strategists.
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Spain's Fondo de Amortización del Déficit Eléctrico (FADE) will look to the private market to complete its 2018 funding programme, following the sale of its second and final syndication of the year.
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One of Europe’s major electricity producers, Portugal’s EDP, sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles. Meanwhile, Dutch airport owner and operator Royal Schiphol Group announced plans for its debut green bond. Both followed French vehicle leasing company ALD’s inaugural green bond.
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A court hearing in Turkey could dictate the direction of the country's economy and the outlook for its capital markets in the months to come. Pastor Andrew Brunson, the US citizen whose detention led to the sanctions that triggered the Turkish recession, will appeal his arrest before the Turkish constitutional court on Friday.
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There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.
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Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.
