Europe

BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.

Take advantage of low borrowing rates to enact ambitious social programmes. That is economists' message to governments in the developed world right now. The message could also apply elsewhere.

The US presidential election is next week but, unlike the rest of the world, capital markets professionals are not rooting for Joe Biden or the incumbent, Donald Trump, to win. Instead, they just want a clear result that will spur issuance for the rest of the year. Sam Kerr, Mike Turner, Lewis McLellan, Mariam Meskin, Frank Jackman and Aidan Gregory report.

European Central Bank president Christine Lagarde was firm enough in her promises of monetary policy support to avoid disappointing investors at a press conference on Thursday.

A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.

Groupe Peugeot Société Anonyme, the French auto manufacturer, chose a tough day to launch a €308m sale of stock in car parts maker Faurecia. The sale is a key condition of the company's merger with Fiat Chrysler.

Fee growth from Credit Suisse's equity capital markets business supported its newly established investment bank, its third quarter results on Thursday showed.

Covered bonds issued by NordLB’s Luxembourg subsidiary are set to become ineligible for the liquidity coverage ratio from July 2022, according to a draft amendment published this week by the European Commission.

Only a few countries have made headway in the implementation of the Covered Bond Directive and, with just a few months left, there are growing concerns that its transposition will be delayed, said bankers attending a virtual event sponsored by the European Covered Bond Council (ECBC) on Wednesday.

Samolet, the Russian real estate company, completed a Rb2.9bn ($36.6m) IPO in Moscow on Thursday, the first part of a two-stage process which the company hopes will culminate in a larger listing next year.

Korian, the French operator of nursing homes, completed its €400m rights issue on Wednesday to fund the acquisition of Inicea.

The announcement this week of two acquisitions involving European and emerging market companies has cheered loans bankers who have been missing big M&A tickets because of the Covid-19 pandemic.