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Market participants are expecting a gigantic take-up in the next round of the European Central Bank's Targeted Longer-Term Refinancing Operations (TLTRO III), after the central bank said that it would accept a much broader range of assets as collateral in the scheme. Smaller banks are likely to be among the biggest winners, with the new criteria helping them to look after their liquidity coverage ratios.

European banks are struggling to decide how to strike the right tone when reporting their first quarter results this year amid the extreme uncertainty surrounding the coronavirus pandemic. Despite guidance from regulators, their biggest difficulty will be in signalling their expectations for loan losses.

Equity markets welcomed new measures from the Financial Conduct Authority (FCA) to ease requirements for companies seeking to raise capital to ride out the economic havoc of the Covid-19 pandemic. The most important change is giving companies more flexibility on their 12-month working capital statements, which are required for preparing a prospectus.

Finance ministers have agreed on the use of the European Stability Mechanism, the European Investment Bank and a new unemployment fund as a fiscal response to the coronavirus crisis, but they remain split on language about a possible common recovery fund. They are set to reconvene — virtually — on Thursday afternoon.

The way Asian states including China have dealt with the coronavirus has put Europe and the US in the shade — now they should lead the international financial fightback.

The European Investment Bank, the European Stability Mechanism and a new unemployment fund are set to play a part in EU finance minsters’ response to the coronavirus crisis. Coronabonds are likely to be mentioned at their meeting on Tuesday evening, but any concrete plans for mutualised debt look to be elusive at this stage.

Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.

More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.

Robert Ritchie is joining Wells Fargo as head of banking and capital markets for Europe, the Middle East and Africa.

Italy is set to announce a new decree law that would allow banks to use public guarantees to cover 90%-100% of their lending.

Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis.

The European Mortgage Federation and European Covered Bond Council (EMF-ECBC) has established a task force to address the economic impact of the Covid-19 pandemic. The initiative emerges at the same time as the European Banking Authority’s publication of guidelines on the treatment of debt moratoria.