Top Stories

Safety measures to respond to the coronavirus threat are forcing a rethink of office space at financial firms. And in the long-term, banks are set to reconsider their physical footprint and how much work can be carried out remotely, according to managers and experts.

France and Germany presented a joint plan for a €500bn grant-based EU recovery fund earlier this week. Eurozone periphery investors reacted with delight, but other member states resisted. Despite the opposition, most believe that Germany’s support of the plan marks a sea change in European politics and offers a chance for Europe to catch up with the Covid-19 spending of other developed economies, writes Lewis McLellan.

The new UK insolvency law, introduced into the British parliament on Wednesday, will allow unconsenting creditor classes, including secured creditors, to be crammed down during a restructuring. This could mean bondholders and banks, rather than landlords, take more of the pain in the coming wave of corporate distress. Hotel chain Travelodge is likely to be one of the first major companies to use the new rules.

Credit Suisse’s plan to launch a private credit opportunities fund has been undermined by a spying scandal, the departure of Jim Amine, and Covid-19, writes David Rothnie.

Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.

After the coronavirus crisis, new patterns of work and travel are expected to change the nature of financial hubs such as London. However, Michael Mainelli, one of the sheriffs of the City of London, says that the UK capital is well placed to remain an attractive location for business.

What is the significance of the agreement between German chancellor Angela Merkel and French President Emmanuel Macron on a European recovery package, funded through EU debt? GlobalCapital discussed it with Shahin Vallée, a senior fellow at the German Council on Foreign Relations (DGAP) and previously an economic adviser to Macron when he was France’s economy minister.

Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

Citigroup has established a new sustainability and corporate transitions group as part of its global banking, capital markets and advisory business.

Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.

France and Germany have come together to support a €500bn EU recovery fund to be financed through European Commission debt issuance. Observers believe that the decision was likely encouraged by the German Federal Constitutional Court’s (BVG) recent verdict on the ECB’s quantitative easing programme.

JP Morgan has announced a restructuring of its equity capital markets team, after a solid start to 2020.