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Europe’s already enfeebled rules around bank failures would be dealt a crushing blow if the Italian state were allowed to use public money to prolong the life of Banca Carige.

The cryptocurrency market, fresh from a hellish year in which 83% of its $800bn market cap went up in smoke, is facing a new, and altogether more serious threat: the 51% attack.

The primary euro public sector market kicked off for the year but it's a very different environment from the start of 2017 and 2018. Borrowers will not be supported by net purchases from the European Central Bank, spreads will be pushed up and new issue premiums will go higher — but how much? Borrowers with smaller programmes would do well to wait for more liquid names to gauge the market tone.

The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.

Donald Trump’s attacks on rising US interest rates have prompted outrage that the maverick president is trampling on the independence of the US Federal Reserve. However, while Trump’s style is unique, his intent to influence the Fed has plenty of precedents.

Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.

An old argument has rattled on for years between some CEEMEA issuers and banks about the wisdom of paying nothing to banks to arrange sovereign bonds. Uzbekistan has settled it.

UniCredit has hired Audrey Sebban as head of debt capital markets, FIG and SSA for France, the bank said on Tuesday.

While leveraged market participants expect loans to maintain their lead over fixed income in volume terms, some underwriters and lawyers believe market fatigue is beginning to make borrowers turn their attention to high yield bonds again.

As bitcoin investors reel from losses sustained last year, UK bitcoin exchange group Coinfloor has spun off its futures arm into a new exchange that will be owned by a number of firms and prominent individuals in the cryptocurrency market.

Austrian construction firm Porr has become the first Schuldschein borrower in 2019, launching a pair of deals totalling €150m that are offered in three maturities. The deal was launched on Monday, and some of it is for green projects.

Public sector borrowers are confident going into the euro bond market next year, with reinvestments from maturing bonds held by the European Central Bank likely to cap any spread widening from the end of quantitative easing. But political threats — from populists polling well ahead of European Parliament elections in May, Brexit probably in March and the Italian government’s stand-off with the European Commission over its budget plans — are likely to bring volatility, meaning timing will perhaps be more important than in 2018. GlobalCapital brought together European SSAs, investors and investment bankers to discuss what 2019 holds for the euro market — as well as the SRI sector and new technology.