The radio silence surrounding the suspension in 3CIF bonds this week is a textbook case of How Not To Do Investor Relations. read more »
UBS has appointed Rob Jolliffe to head its emerging markets effort, with a focus on improving the linkage between the firm's EM capabilities in investment banking, capital markets, FICC and equities. According to an internal memo announcing the appointment, Jolliffe will also be responsible for driving stronger co-ordination between the investment bank and the firm's wealth management (WM) operations in emerging markets. read more »
The effects of JP Morgan’s shock $2bn loss in its Chief Investment Office are likely to be felt far beyond the bank. At the very least, it has shattered an already fragile trust in the industry. It may also be the nail in the coffin for traditional measures of risk. read more »
Securitisation was blamed for causing the financial crisis that was triggered in 2007. But the technique must now be recognised for its potential to resuscitate fragile banks. read more »
The recent cut in China’s reserve requirement ratio looks like bad news for the offshore renminbi market, pushing down funding costs at home at a time when the dim sum market is looking less and less attractive. But there are reasons to be optimistic about the future of the offshore renminbi debt market. read more »
This week’s shocking suspension of Caisse Centrale du Crédit Immobilier de France’s covered bonds from Euronext and the Luxembourg stock exchange has left capital market participants bewildered and angry. read more »
Spain is at risk of an Irish-style bank meltdown, investors and bankers cautioned this week as the government was forced to take a 45% stake in its largest savings bank group. read more »
The mixed fortunes of a clutch of European high yield borrowers over the last week have provided clear evidence that investors are being more selective about the deals they buy, as they enjoy their pricing power in a volatile market. read more »
Islamic banks face being shut out of one of the year’s landmark events in sukuk, as Qatar’s expected push for tight pricing on its upcoming debut Islamic bond risks putting the deal beyond their reach. read more »
NEW ON EUROWEEK.COM: Emerging Markets financing daily and an interactive Bank Finance 'priced deals' database
EuroWeek has launched its new daily coverage on emerging market financing - bonds, loans and equities. It includes deals, secondary market trends, people moves and the latest emerging market league tables by Dealogic. The Bank Finance team also presents you with the new 'Priced Deals' interactive database, allowing you to search and track FIG deals by issuer, size or maturity etc. in a matter of seconds.
Rumours of the death of Nomura’s investment banking franchise have been exaggerated, writes David Rothnie. High profile M&A mandate wins this year prove it is very much alive and kicking. read more »
Analysts have been arguing over the relative merits of growth and austerity since the Eurozone sovereign crisis began. Most politicians, however, have stayed rooted in an austerity consensus. As Gary Jenkins writes, that is now breaking down. read more »
One of the downsides to yet another wet bank holiday weekend (the tautologies abound) was my kids’ discovery of a long-neglected Monopoly set in a cupboard and their insistence on playing the game, which could never reach a conclusion because of their stubborn resistance to any off-board horse-trading that would swing the odds decisively one way or another. read more »
François Hollande’s victory in the presidential election gives investors reason to be even more concerned about France’s creditworthiness, writes Nicholas Spiro. read more »
JP Morgan was forced into a humiliating disclosure of $2bn of losses in a synthetic credit portfolio within its Chief Investment Office (CIO) on Thursday, having spent weeks batting away media speculation that bets within that division amounted to anything other than normal hedging. read more »
A group of 104 former Dresdner Kleinwort bankers have won their court case against Commerzbank, in which they were seeking payment of bonuses that they said were promised to them shortly before Commerz bought the bank. The unpaid bonus claim totals about €52m. read more »
KfW sold its first offshore renminbi issue on Wednesday, with what it claims to be the largest dim sum bond sold by any non-Asian sovereign, supranational or agency. read more »
Benchmark issuance returned to the European corporate bond market this week after a drought of almost three weeks, with two deals from the kind of blue chip issuer that bankers say investors have been craving. read more »
AIB has raised the first unguaranteed funding for an Irish institution since 2009 through its Tenterden RMBS. Though the deal was hailed as an important restorative step for Irish banks, it succeeded because the securitisation structure delinked the UK collateral from the Irish sponsor, said market participants. read more »
Syndicated loan volumes in Europe last month fell 67% year on year to $30.8bn, according to data provider Dealogic, with volumes for April in western Europe ($27.5bn) falling to their lowest monthly levels since 2002. While there were 131 deals in April 2011, last month there were only 44 deals in Europe. read more »
Asian banks will increasingly look to tap the international bond market over the next few months, ramping up their dollar liquidity so they can grab business from European banks that are scaling back from the region’s loan market — as well as to meet rising demand from Asian companies that are looking to expand overseas. read more »
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