2 September 2010
Banco Popolare, BBVA, and Pohjala Bank seized upon healthy early September markets on Thursday to announce senior unsecured deals with maturities between two and seven years. read more »
Banca Monte dei Paschi di Siena is expected to price a euro denominated 10 year bullet lower tier two issue later on Thursday, having mandated Crédit Agricole, Goldman Sachs and Société Générale for the trade.
Barclays Bank became the first of at least five European banks which are looking at the Samurai market to price a deal. Barclays issued a total of ¥143bn on Thursday morning, split over five and three year fixed and floating rate tranches.
Price whispers for Santander UK’s Fosse 2010-4, a master trust RMBS, are in the 135bp-140bp area over benchmarks, according to investors.
The UK’s Financial Services Authority has laid out its vision for the future of trading book capital requirements, aiming to capture a much wider array of risks than the existing framework.
Fitch will provide ratings for a new generation of tier two capital that the Basel Committee on Banking Supervision is seeking to impose, the agency told EuroWeek on Wednesday, soothing fears that the instruments will not meet rating agency criteria for fixed income.
Société Générale this week became the sixth firm to be fined by the UK’s Financial Services Authority for misreporting transactions.
UK equity investors and underwriters returning from the summer break are set to resume their squabble over fees paid for rights issues ahead of a report due from the Office of Fair Trading before the end of the year.
Bahrain-based Gulf Finance House plans to raise $300m through the sale of Shariah-compliant convertible securities, hoping to return to growth after being hit by the financial crisis. It mandated Deutsche Bank as structuring agent for the sale.
Bank of Ireland has stepped up its funding in the MTN market this month as a variety of investors, particularly niche currency bond buyers, turn to the name.
Gazprombank will tap its $500m 6.25% December 2014s on Thursday and has released price talk at 6.125% area, around 12bp inside where the original deal was priced at the end of July. The size of the tap has not yet been set.
The Basel Committee says that its latest proposals will level the playing field between systemically important banks and their smaller peers. Subordinated debt practitioners say it will widen the divide between the haves and have-nots. Only one thing is clear: the banking sector’s cost of capital is set to soar.
SEB
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