Higher interest rates have increased interest in so-called liability management to reduce debt and cash flow pressure on companies. Liability management includes suspending dividends, selling assets, amending debt documents and discounted bond buybacks. Italian energy company Enel plans to sell assets worth €21 billion to reduce its debt ratio.

Barclays Plc expects its competitors to lure savings customers with higher interest rates. Advances in online banking and the prevalence of fintech upstarts have made it easier to switch accounts. The jump in UK interest rates to 4% in recent months are accelerating years of work by policymakers and startups to challenge the UK’s big 5 lenders.