Mark Filipino hosts this Financial Times news briefing featuring Michelle Chan, U.S. credit correspondent, and Ahmed El-Omran, Saudi Arabia correspondent in Jeddah.

The episode covers three major stories: the EU's proposed merger rule changes to prevent market fragmentation, Wall Street banks testing investor appetite with an $18 billion Electronic Arts debt sale, and how the Middle East conflict is disrupting Saudi Arabia's ambitious Vision 2030 economic reform program.

EU Weighs Merger Rule Overhaul to Stop National Blocking

Brussels considering changes to limit countries from blocking corporate takeovers after Germany opposed Unicredit's Commerce Bank bid and Spain rejected BBVA-Banco Sabadell merger

European Commission paper states interventions may have 'unnecessarily hindered scaling up' and risk fragmenting the bloc's single market

EU officials worry these interventions undermine efforts to build pan-European companies that can compete globally

Banks Test Market with $18 Billion EA Debt Sale

JP Morgan leading $6 billion dual currency leverage loan sale with additional $9 billion high-yield bonds coming in next few days - Michelle

Banks taking advantage of 'relative calm in the market' despite macro uncertainties and Middle East conflicts to de-risk balance sheets - Michelle

EA debt rated double B but priced similar to B-rated deal, with investors attracted by recurring subscription revenue and advertising potential - Michelle

Deal serves as 'barometer of future pricing on junk-rated debt' and potential market opener if priced well - Michelle

Investors Flee to Cash Amid War and Credit Concerns

Cash levels rising at fastest rate since pandemic as investor sentiment falls to six-month low from record bullishness in January

Concerns over oil supply disruption and rising energy costs potentially denting growth and stoking inflation ahead of Federal Reserve meeting

Saudi Crown Prince's Iran Strategy Shift for Economic Goals

Mohammed bin Salman evolved from calling Iran's former supreme leader the 'new Hitler of the Middle East' to pursuing diplomatic truce - Ahmed

Shift driven by realization that Vision 2030 economic diversification 'cannot be achieved unless there was peace and stability in the region' - Ahmed

Saudi-Iran agreement brokered by China in 2023 restored diplomatic ties as part of new approach

War Threatens Saudi Arabia's $2030 Economic Vision

Vision 2030 aims to shift economy away from oil dependence through billions invested in giga projects to attract foreign investors and tourists - Ahmed

Saudi Arabia facing increased missile and drone attacks, including Iran targeting major Rastanoura refinery and attempts on Sheba oil field - Ahmed

'In order to attract foreign investors and tourists for all these projects that the country has spent billions to develop and build, they need stability and peace in the region' - Ahmed

Gulf states find themselves in difficult position - opposing war but suffering most, worried about emboldened Iran if conflict ends suddenly - Ahmed

Resources Mentioned

states interventions may have 'unnecessarily hindered scaling up' and risk fragmenting the bloc's single market EU officials worry these interventions undermine efforts to build pan-European companies that can compete globally Banks Test Market with $18 Billion EA Debt Sale JP Morgan leading $6 billion dual currency leverage loan sale with additional $9 billion high-yield bonds coming in next few days - Michelle Banks taking advantage of 'relative calm in the market' despite macro uncertainties and Middle East conflicts to de-risk balance sheets - Michelle EA debt rated double B but priced similar to B-rated deal

ed Unicredit's Commerce Bank bid and Spain rejected BBVA-Banco Sabadell merger European Commission paper states interventions may have 'unnecessarily hindered scaling up' and risk fragmenting the blo

seen by the FT said that there are certain cases where intervention is needed

similarly, Spain wouldn't support a merger between BBVA and Banco Sabadell. A European Commission paper seen by the FT said that there are certain cases where intervention is needed, but in other ca