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Two former bond bankers at Citi have set up a workflow and analytics platform to help improve the efficiency of debt capital markets desks at investment banks.

In a world first this week, 23-year-old student and Australian retail government bond investor Katta O’Donnell filed a legal challenge against the sovereign on Wednesday, claiming that the government does not do enough to disclose the risks of climate change to investors. If successful, the case could change issuers’ obligations regarding climate risk disclosure.

EU leaders spent 91 of the 120 hours available at their Special European Council, which concluded on Tuesday, thrashing out the bloc’s new €1.82tr budget — including the €750bn recovery fund — dubbed Next Generation EU. The decision spells dramatic changes not just for the eurozone but for its bond markets, writes Lewis McLellan.

The double whammy of coronavirus and a crisis at the top of the bank makes the most testing of times for the new head of Commerzbank’s corporate clients division to make his mark. But Roland Boekhout has a broad vision for the firm’s corporate and investment bank and ideas for how to implement it, writes David Rothnie.

Reports that the European Central Bank (ECB) could ask banks to suspend dividend payments until the end of 2020 sent subordinated debt higher and stocks lower this week.

Franck Lacour is taking over HSBC’s equities business, with Hossein Zaimi leaving the bank. In Hong Kong, Selene Chong will take on new responsibilities in the equities business.

Bank of America has appointed Martina Slowey as head of equities for Europe, the Middle East and Africa.

Credit analysts hope that European banks will be able to report much stronger capital levels in the second quarter, amid early signs that risk-weighted asset (RWA) volumes could be lower than expected.

EU leaders ended a marathon 91 hour summit early on Tuesday morning, having agreed a new €1.82tr budget for the bloc, including a much anticipated — and highly contentious — €750bn recovery fund to help member states fight the Covid-19 pandemic. Despite the fierce and protracted debate, market reaction to the news has been muted.

Booming markets revenues in the second quarter helped UBS post another strong set of results at its investment bank. But higher loan loss charges ate into group-level profits as the coronavirus crisis led to deterioration in the global economic outlook.

Private sector involvement in Covid-19 debt relief efforts seems set for a mire of unclear messaging and recriminations, after G20 figures published this weekend disappointed.

Analysts think Intesa Sanpaolo will succeed in winning over UBI Banca’s shareholders after sweetening the terms of its takeover bid. The merger deal is seen as an important test case for consolidation in the Italian banking sector.