Europe

Spain has submitted an application for more than €20bn from the EU’s Support to Mitigate Unemployment Risks in an Emergency (SURE) fund.

Mediolanum International Funds Ltd (MIFL), the international asset management arm of Italy’s Mediolanum has appointed a new portfolio manager for its European equities team in Dublin.

Charles-Antoine Roche has joined Citi’s sovereign, supranational and agency syndicate desk after spending over a decade in the bank’s medium term notes business.

Slawomir Krupa will replace Séverin Cabannes to lead Société Générale’s global banking and investor solutions (GBIS) activities from next year. The division reported a net loss of €604m in the first half of the year.

Morgan Stanley Investment Management has set up a European corporate fund and a European strategic fund, both earmarked as sustainable.

Metro Bank has said that it could slip below its minimum requirements for own funds and eligible liabilities in the coming months. It is paying close attention to a review of MREL being carried out by the Bank of England, which may help it to avoid embarking on another costly debt-raising exercise.

European Central Bank covered bond buying and mounting covered bond redemptions will exacerbate a technical squeeze — but with Bunds set to underperform swaps, issuers cannot afford to be complacent.

The Ukrainian Exchange is reviving its FX futures market, two years after authorities shut down its trading software system.

Polish oil refiner and petrol retailer PKN Orlen has raised a revolving credit facility. The Polish corporate is in the process of acquiring two fellow Polish energy corporates, as bankers predicted an uptick in M&A activity.

The insurance industry is eagerly awaiting the result of a court case which would determine whether they have to pay out Covid-19 claims under basic business interruption policies. If the case goes against them some are expected to hit the capital markets for financing.

Barclays has following Credit Suisse in marketing additional tier one paper in dollars this week, bringing a deal on Wednesday that could be used to refinance an existing euro bond.

Hipgnosis Songs Fund, the London-listed investment fund focused on music catalogues, has used £236m of growth capital raised last month to purchase athe rights to songs by Blondie.