Europe

The extremely dovish tone struck by the European Central Bank last week means there is no end in sight to the Pandemic Emergency Purchase Programme (Pepp). Given the uncertainty around the course of the pandemic, that is as it should be.

Standard Chartered has launched an apprenticeship programme that is open to school leavers without academic qualifications as it seeks to bring more diversity to financial markets.

US-style Spac IPOs will soon be possible on the London Stock Exchange following a review by the Financial Conduct Authority, although the changes come at a time when the vehicles have fallen increasingly out of favour with investors.

Mid-market investment bank Liberum has brought in the co-founders of corporate finance boutique Bullfinch Corporate Finance as co-heads of M&A as it looks to raise its profile in takeovers.

Finnish insurer Sampo has bought back more euro-denominated senior bonds as it looks to reduce its leverage, though it failed to gain approval to redeem the remaining bonds ahead of their maturity.

A sell-off in global equities at the beginning of last week, in response to the Delta-variant-fueled rise in Covid-19 cases, was largely erased in the following days. But the episode offered a glimpse of the disquiet in the market, and a hint as to the likely reaction if the pandemic were to take a course that put the brakes on economic growth.

JP Morgan has topped up its expertise in shareholder activism in EMEA with the appointment of Darren Novak, a veteran of the discipline who previously worked at UBS, as head of shareholder engagement and M&A capital markets (SEAMAC) for the region.

KfW is marketing a tap of a green Kangaroo in the short end of the curve in what will be the third deal from a public sector borrower in the Australasian bond markets this week.

Apex Partners has cut its stake in TietoEvry, the Finnish software and IT services company, via an accelerated bookbuild.

Ascential, the UK media and events company, has completed a £154m capital raising to strengthen its balance sheet so that it can take advantage of new M&A opportunities.

Fixed income investor BlueBay Asset Management has added to its environmental, social and governance (ESG) investment team in London with an external hire and a move from within.

Moody’s upgraded Cyprus on Friday, leaving it one notch below investment grade status and a step closer to reclaiming high grade ratings from all three of the major rating agencies.