Europe

Despite the political upheaval following its 2018 political revolution, Armenia has launched an aggressive and wide-ranging series of reforms that, if carried through successfully, should propel the economy to a new level

Armenia’s restrictions on lending are starting to pay off, as its banks are able to lend effectively to the country’s burgeoning private sector and so help drive economic growth

Armenia’s prime minister Nikol Pashinyan tells Global Markets how his government’s agenda to reform the economy and eradicate corruption will lead to both stronger exports and the creation of technology ‘unicorns’

German property developer Garbe Industrial Real Estate has postponed the IPO of Logistrial, its logistical properties unit, according to three sources familiar with the matter.

Cellnex, the Spanish wireless telecommunications company, is getting tremendous traction in investor meetings for its €2.5bn rights issue to fund a transformational UK acquisition.

DNEG, the UK-based motion picture visual effects company that has worked on blockbuster hits like the Avengers and Harry Potter franchises, has filed initial paperwork to list in London.

Turkey’s banks have begun their second refinancing season of the year, though increasing political uncertainty, which has led to new US sanctions on Turkey, could potentially jeopardise primary and secondary pricing levels for the borrowers, according to bankers.

Shares in Helios Towers, the African telecommunications infrastructure company backed by George Soros and Madeleine Albright, rose as much as 4.3% following their debut on the London Stock Exchange on Tuesday morning, despite a jittery market that has seen numerous IPOs pulled or trading below their offer prices.

Ferretti, the luxury manufacturer of Italian yachts, has lowered its valuation expectations, and IPO range, for its listing on the Milan stock exchange as banks work to get the deal across the line.

The French government, Caisse des Dépôts and La Banque Postale have signed an agreement in principle for the transfer of the majority of Société de Financement Local’s capital to Caisse des Dépôts.

Covenant erosion and the lack of disclosure worried market participants at Afme’s Annual European High Yield Conference in London on Wednesday. While investors are ever better educated and organised, the hunt for yield is driving them to accept aggressive documentation.

The London Stock Exchange has created a new class of sustainability-themed debt security, through looking at the totality of an issuer’s revenue, and is consulting on creating a segment for transition bonds. It has also designed a label for green equity issuers.