Europe

Even if the terms of the UK’s exit from the European Union are tied up soon, market volatility will remain high — with a second referendum on Scottish independence almost a certainty. And this time, a vote to leave the UK is highly likely.

Wimbledon (the tennis tournament, not the suburb), like the City of London, attracts the world’s top talent, very little of which is home-grown. But how stable will this effect be in a post-Brexit reality? And can we have some certainties about how it’s going to work, please?

English law loan documents are not likely to be scrapped if the UK leaves the European Union, but there will be changes to the docs in the event of a Brexit.

Capital Markets Union, one of the European Commission's most lauded initiatives, is likely to be one of the early casualties of the UK's decision to exit the European Union.

There are those who believe a vote for the UK to leave the European Union represents a chance to peel back onerous regulations on business and finance. Those people are in for an unpleasant surprise.

Russia's Brunswick Rail has approached investors with a new offer after failing to reach a restructuring agreement with holders of its $600m bonds due 2017 after several months of negotiations. A source close to the company said that this was Brunswick Rail's last offer.

Barclays has hired a managing director from Morgan Stanley to join its distressed debt business.

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.

Amid the chaos in global markets on June 24, the IPO of Veneto Banca reached its expected conclusion: the book closed almost empty and the listing was cancelled, leaving Fondo Atlante, the Italian bank rescue fund, to provide the €1bn of capital Veneto had to raise.

Electricité de France has named four banks to lead its €4bn rights issue, of which €3bn will be bought by the French government.

Balanced mutual funds and risk parity funds were among those most wrong-footed by the UK voting reject EU membership last week, according to equity analysts, while leveraged exchange traded funds amplified the market fallout of the vote.

Santander's head of syndicated loans has left the bank, and Santander has replaced him internally.