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The coronavirus will depress mergers and acquisitions activity, hurt advisory revenues and change the emphasis of deal-making in 2020, writes David Rothnie. -
Banks are going to play an outsized role in softening the economic impact of Covid-19 in the euro area.
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The US Federal Reserve’s emergency 50bp cut in interest rates on Tuesday failed to reassure markets. The US and European response to the Covid-19 coronavirus outbreak needs to incorporate targeted fiscal policy as well.
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The coronavirus knows no borders — but the response is all about national power. The same will be true in markets.
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Novo Banco has requested a capital injection of €1.037bn, much of which will be sourced from the Portuguese state. This shines a bad light on European banking regulators and their mandates.
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Bank of China made headlines last week for selling the first offshore Covid-19 linked bond. But the trade's status as a social bond — the first to come offshore from China — got less attention. The transaction shows the potential for social bonds from the country, while raising questions about why it has taken so long to see such a deal.
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The shock of the Covid-19 coronavirus outbreak has forced some rapid thinking among capital markets participants. Almost the first impact has been on travel.
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Market participants should be braced for political volatility as the world comes close to experiencing a pandemic.
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Sergio Ermotti’s call for improvement in UBS’s investment bank could be undermined by the arrival of his successor as chief executive, writes David Rothnie.
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The Single Resolution Board is planning to add another level of intricacy to the minimum requirement for own funds and eligible liabilities (MREL), just as it seemed as though they couldn’t get any more complicated.
