Europe

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.

Less than a year ago, international investor optimism about Ukraine was high but the journey to western style reform since then has shown just how hard a road it can be to travel.

The auditor for digital bank Monzo warned that a slower than expected recovery could lead it to breach its capital requirements, even though at the end of February it had a much better capital ratio than traditional banks. So what’s going on? GlobalCapital wonders if the risk is more about investors’ appetite to continue funding an unprofitable business than the bank breaching the requirements in the next few months.

The ECB publishes a breakdown of its purchases under the Pandemic Emergency Purchase Programme (Pepp), which was launched in late March to combat the effects of the coronavirus pandemic. Unlike the Public Sector Purchase Programme, the Pepp may deviate from the ECB's capital key in terms of how it allocates its buying between member states. This chart shows the extent of these deviations, and that its buying has proportionally favoured the eurozone perihpery: Portugal, Italy, Greece and Spain.

The Agence France Trésor (AFT) has suspended Morgan Stanley’s primary dealership in French government bonds, making it the first bank to suffer such a proscription.

The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.