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Primary needs stability, on top of any peace deal
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
Managers pause deals as spreads widen, but swift resolution is still priced in
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The Supreme Court has taken up the case to decide on the constitutionality of the Federal Housing Finance Agency’s leadership structure, just a few weeks after tackling a similar case in which it ruled the Consumer Financial Protection Bureau’s structure unconstitutional. -
Austrian sensor maker AMS has added €200m and $50m to its July 2025 notes, taking the total to €1.25bn. The debt raise is intended to refinance a €2.77bn bridge loan, of which €1.47bn is drawn, used to buy Munich-based lighting maker Osram.
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The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.
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The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL).
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China’s securities regulator has banned GF Securities from sponsoring IPOs for six months and underwriting bonds for a year, punishing the firm for its role on a series of fundraisings for Kangmei Pharmaceutical Co.
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In this round-up, China once again vows to crack down on fraudulent behaviour in the financial market, credit data for June is stronger than expected, and the securities regulator makes updates on how it grades onshore brokerages.
