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Michael Cole-Fontayn, chairman of the AFME
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15 European sovs reach lowest number of PDs on record
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Bankers call for âhybridâ shares to plug COVID corporate capital gap By Syndicated Content
By Huw Jones
LONDON (Reuters) - European companies hit by COVID-19 could issue hybrid shares to plug a predicted capital gap of up to 600 billion euros ($723.48 billion) when government relief measures expire as vaccination programmes are rolled out, a report said on Tuesday.
The report compiled by consultants PwC and the Association for Financial Markets in Europe (AFME), which represents banks and other market participants, said economic recovery is under threat unless the capital gap is bridged.
It proposes a new European-Union-wide hybrid security like preferred shares, a form of stock that has features of ordinary shares and bonds, typically offering a priority in dividend payments but with no voting rights.
French Bankruptcies Hit a 33-Year Low as State Aid Masks Reality
Bloomberg 1/19/2021 Rudy Ruitenberg
(Bloomberg) Call it the prop-up effect. As France lived through its worst economic slump since World War II, business failures paradoxically slid to the lowest in 33 years.
The number of bankruptcies and firms seeking protection from creditors or entering receivership fell 38% in 2020, as government aid in the face of the coronavirus pandemic kept French companies afloat, according to figures gathered by enterprise-data firm Altares. That may foreshadow a wave of defaults in 2021 and 2022, said Thierry Millon, its head of research.
Like elsewhere in Europe, France stepped in with billions of euros to bolster companies and preserve jobs. Business failures in the country fell to 32,184 last year, about 20,000 fewer than a year earlier and the lowest since 1987, according to Altares. Without government measures such as guaranteed loans, partial unemployment sup