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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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UK bank spreads calm and Gilt yields stable but all eyes turn to less predictable French elections -
European IPOs on pause as France votes, and September window is extremely narrow
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◆ Risk of far right and far left overperformance fades ◆ Bank issuance is 'open' at a premium ◆ French borrowers face 'new normal'
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Nordic countries are raising their defence spending, amid fears of further Russian aggression in the region. State finances are generally sound but fiscal and monetary stimuli may also be needed, reports Philip Moore
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Banks could be affected in medium term if fiscal policy turns loose, though most FIG issuers are well funded for this year
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Presidents and premiers are said to obsess about legacies. Nearly two years after leaving office, Liz Truss may be about to secure hers
