Europe
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The UK’s insurance industry could be co-opted to help some of the most vulnerable countries on earth, if a plan for foreign aid bonds gets off the ground. The instruments could also help London in its quest to become a centre for catastrophe bonds, a project announced in last year’s UK budget. -
UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.
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International Public Partnerships, the UK investment firm dedicated to financing public infrastructure projects, has completed its £125m capital increase on the London Stock Exchange.
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Pharnext, a French biopharmaceutical company specialising n treatments for neurological conditions such as Alzheimer’s disease, has successfully completed its IPO on the Alternext market of Euronext Paris.
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Monsanto’s shares moved only a little on Thursday afternoon, suggesting investors are not yet convinced by Bayer’s revelation of a new, slightly higher offer for the company, as it revives its drive to create a global leader in agricultural science.
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Shares in AA, the UK breakdown assistance operator, fell by as much as 6% on Thursday after Invesco sold its 13% stake via an accelerated bookbuild which began on Wednesday evening.
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The proposed merger of the London Stock Exchange and Deutsche Börse looks set to allow Frankfurt to prise euro swaps clearing away from London, amid rising expectations that regulators will require the combined entity to move euro business back within the eurozone.
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Piraeus Bank has become the third of the four largest Greek banks to update its covered bond programme in what is likely to be a prelude to issuance.
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Big moves in credit, equity and foreign exchange markets this week were magnified by mass unwinding of previously popular trades as investors capitulated to a reversal of fortunes for Japan and European banks.
