Europe

Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.

Peter Enns, most recently global co-head of advisory and investment banking coverage (AIBC) at HSBC, is set to be the next chief financial officer at insurer Chubb.

Anthony Bryson has joined SMBC Nikko Capital Markets as deputy president and head of capital markets and advisory Emea in London.

Commodities trading giant Trafigura has launched a Schuldschein which, due to its poor credit profile and high intended yield, is a clear outlier in the market, while some bankers are surprised that such a large company would try to raise such a small loan.

Hamburg Airport has pulled a Schuldschein transaction with an initial target of €100m, according to several market sources, due to a lack of interest from investors.

Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank.

This week in Keeping Tabs: a key weekend for Germany's future, and Biden's stimulus plan.

Two more trades on Thursday night crowned off a busy week for block trading in London, fuelled by a rally of UK equities since the start of the year after the country secured a trade deal with the European Union at the end of 2020.

The European Court of Auditors published an assessment of the EU’s crisis management framework this week. It urged policymakers to align national insolvency procedures with bloc-wide resolution rules, as a way of making sure that banks are treated consistently when they fall into financial difficulty.

A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.

Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.

German automaker Volkswagen sold a Rmb500m ($77m) offshore renminbi (CNH) bond on Thursday, just one-and-a-half months after its last outing in the currency.