“For private market investors, one of the ways to consider unlocking value is to see what is happening in Europe’s renewable energy sector, which ties in closely to the European Green Deal; an ambitious initiative that aims to transition the EU to a low-carbon economy.”
Best Reads
Greece borrows at zero cost (Ekathimerini)
“Investors gave Greece a fresh vote of confidence during Wednesday’s one-year treasury bill auction, as the Public Debt Management Agency borrowed without interest for the first time ever in a 52-week issue.” – by Eleftheria Kourtali
U.S. Cranks Up Tariff Heat on France, Germany in Airbus Dispute (Bloomberg)
“The U.S. stepped up pressure on Germany and France with extra tariffs on some of their goods, a move designed to squeeze the European Union into settling a long-running dispute over illegal subsidies to Airbus SE.” – by Brendan Murray and Jenny Leonard
CFOs Think They Know More Than They Do (Institutional Investor)
“Chief financial officers believe they’re far better at calling markets than they actually are — even after markets prove them wrong, according to a new study.” – by Leanna Orr
Britain’s banks brace for $22 billion loan losses as outlook darkens (Reuters)
“All five UK banks have under-performed, falling by between 42% and 55% this year compared to a 36% fall in the European banking index .SX7P.” – by Iain Withers and Lawrence White
Intesa’s UBI deal sounds wake-up call for Italy’s banks (Reuters)
“What is not clear is who will be doing the buying. By snapping up the healthiest second-tier lender, Intesa has removed the candidate slated to lead long-awaited deals between the handful of mid-market players which are most at risk from the threats facing the sector.” – by Valentina Za
The battle to buy a football league: Private equity contest for Italy’s Serie A (Scoreboard/FT)
“The growth plans of the football league’s new president Paolo Dal Pino are attracting bidders over a multibillion-euro deal.” – by Samuel Agini, Murad Ahmed et al.
Europe Looks to Loosen ‘Overly Burdensome’ Rules on Sell-Side Research (Institutional Investor)
“New amendments to MiFID would ease restrictions related to fixed income and small- and mid-cap companies.”- by Amy Whyte
EU leaders strike deal on recovery fund after marathon summit (FT)
“EU leaders have struck a deal on a landmark coronavirus recovery package that will involve the European Commission undertaking mass borrowing for the first time.” – by Sam Fleming, Jim Brunsden and Mehreen Khan
LIBOR: entering the endgame – speech by Andrew Bailey (Bank of England)
“Plans now need to be in place to transition from Libor to alternative reference rates by end 2021. With 18 months to go these plans must now be acted upon in the time remaining.” – by Andrew Baily (Governor, Bank of England)