FT News Briefing How Saudi Arabia’s bet on Iran backfired
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Mar 18, 2026 
Michelle Chan, FT credit correspondent, tracks risky corporate debt. Ahmed Al Omran, FT reporter on Saudi Arabia and the Gulf, follows regional politics and diplomacy. They get into the EU’s merger shake-up, Wall Street’s $18bn EA debt unload, the dash into cash, and why Riyadh’s truce with Iran is colliding with Vision 2030 ambitions.
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EU Pushes Back On National Merger Vetoes
- Brussels may curb national vetoes on mergers because member-state interventions are splintering the single market.
- Cases involving Commerzbank, UniCredit, BBVA, and Sabadell show how politics can block pan-European scale.
EA Debt Sale Becomes A Junk Market Test
- JPMorgan’s sale of debt from the $18bn EA buyout will test whether investors will fund big junk deals in a jittery market.
- Michelle Chan says the loans are rated double B but priced more like B, making them a barometer for future issuance.
Iran Fears Send Investors Back To Cash
- Investors are rushing into cash at the fastest pace since the pandemic as Iran war fears replace January’s optimism.
- They fear oil disruptions and higher energy costs will hit growth while reigniting inflation.