Europe
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The UK’s Prudential Regulatory Authority and Financial Conduct Authority have rejected calls from the European Banking Authority to apply the bonus cap to all firms regulated under the Capital Requirements Directive. -
Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.
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The State of Montenegro locked down €300m towards the refinancing of the €390m of Eurobonds it has maturing in April on Thursday, but was unable to crunch pricing tighter inside initial guidance released earlier in the day.
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Technip, the French oilfield services and engineering group, launched on Thursday evening a €75m tap of its €375m equity-neutral convertible bond, issued in January, for a further €75m, after the bond and stock had traded up strongly.
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The Bank of Portugal’s decision to transfer €2bn of bonds from Novo Banco to ‘bad bank’ Banco Espírito Santo was not a succession event, ISDA’s European Determinations Committee ruled this week in a decision that could increase the pain for holders of the affected bonds.
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Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain.
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The UK’s largest banks are still using tweaks to capital models to flatter their capital ratios, a practice which regulators plan to discourage in the months ahead.
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With some of the lowest fertility rates on earth, Europe's periphery nations will struggle to maintain extensive social security obligations, as a shrinking number of workers shoulder the fiscal burden.
