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  • Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.

  • Orcel looks to clinch MPS takeover in six weeks

    Orcel looks to clinch MPS takeover in six weeks

    Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.

  • The UK risks missing an opportunity on MREL

    The UK risks missing an opportunity on MREL

    The Bank of England looks set to wrap up a review of the minimum requirements for own funds and eligible liabilities (MREL) without reconsidering its total asset threshold. That would be a mistake.

  • ECB ends dividend ban ahead of stress test

    ECB ends dividend ban ahead of stress test

    The European Central Bank took another step towards normality last Friday as it announced that the dividend and share buyback restrictions for eurozone banks will end in late September, coming ahead of the publication of the supervisor's latest stress test later this week.

  • BlackRock voting change raises hopes of further progress

    BlackRock voting change raises hopes of further progress

    BlackRock, the world’s largest investor, has upped its game on engaging with companies about environmental, social and governance issues this year, especially climate change, under a new manager. But responsible investment supporters are still hoping for more progress, and that the big investors will make the link between their engagement activities and their support for capital markets issues.

  • PRA explains thinking on key areas of Solvency II review

    PRA explains thinking on key areas of Solvency II review

    The Prudential Regulation Authority gave more detail on the likely direction of reforms to the risk margin and the matching adjustment on Tuesday, as it launched a quantitative impact study for the review of Solvency II in the UK.

  • Most EU members miss first covered bond deadline

    Most EU members miss first covered bond deadline

    Only four member states have transposed the EU’s Covered Bond Directive into national law on time. As seven are nearly there, the other 16 members will have to work hard to meet the July 2022 deadline for implementation, after which the European Commission could activate infringement procedures.

  • Georgia working on covered bond law

    Georgia working on covered bond law

    Georgia has become the latest country to signal its intention to develop a covered bond law, though given the small size of its mortgage market, issuance prospects are likely to prove limited.

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