Gareth Gore is an associate editor at IFR, where he writes about global capital markets across asset classes. He has published pieces ranging from the fallout from Russian sanctions, to Greek bank’s attempts at rehabilitation, and the resurgence of US shale producers. Before that, he ran the People & Markets coverage at IFR for five years. Previously, he was a correspondent at Bloomberg News in Madrid, where he wrote about the country's boom and bust.
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At 8:33am on Monday June 5 2017, an email landed in a mailbox at Banco de Espana. A bank run was underway at Banco Popular, one of Spain’s biggest banks. Barely three minutes into the working week, the situation was already critical – Popular was running out of cash, and fast.
Ratings agencies are ramping up their efforts to fill a post-issuance black hole at the heart of the rapidly growing Green bond market, after two incidents in the past year threatened to leave environmentally conscious asset managers in breach of their own strict investment criteria.
Santander considered paying up to €1.6bn for Banco Popular in the weeks before its smaller Spanish rival collapsed but held off on making a formal offer because it believed shareho