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People & Markets

• Southpaw: Banks walk Russian tightrope as Sberbank builds

  Western banks face a test of their nerve in Russia following the creation of a new domestic banking behemoth. Their mandates and their staff are under threat, writes David Rothnie. read more »

• Credit Matters: Third down and long for the EU

  Pampered, overpaid and prone to outbursts of emotion — top footballers clearly have nothing in common with those responsible for the smooth running of the Eurozone. But as Gary Jenkins writes, there may be a thing or two that sport might teach the eurocrats. read more »

• The Naked Broker: Not right said Fred

  As you know, there’s nothing I like more than a losing cause. I named my first-born after St Jude, the patron saint of lost causes. Subsistence Broking is a lost cause. Everton are a lost cause. The ex-Sir Fred Goodwin is a lost cause. read more »

• One head better than three as BofA ML puts Meissner on top

  Bank of America Merrill Lynch has torn up the tri-head structure that it had in place at the top of its global corporate and investment banking (GCIB) division, opting instead to promote Christian Meissner to be sole head. read more »

• Jefferies confident of HG future despite Tullow, GSK

  Bankers at Jefferies International expect to lose a small number of UK corporate brokerships as the firm’s acquisition this week of Hoare Govett from Royal Bank of Scotland beds down. But the longer term outlook for the broker is positive, they say, as mid-caps could find themselves less well served by bulge bracket firms. read more »

• Belgian covered bond law to set new standards

  Prospects for the birth of a Belgian covered bond market have taken a leap forward with the recent formation of a new government after a year and a half of political deadlock. Market participants say that the chance of a covered bond law in the country is finally looking stronger. read more »

Inside EuroWeek

• Schaeffler’s HY hit breaks equal vote taboo

  Schaeffler, the family-owned German ball bearing maker, launched a triumphantly successful high yield bond in euros and dollars this week that was doubled in size to €2bn. But the deal was also hailed by investors as a breakthrough, as the first senior secured issue in Europe to give holders equal voting rights with senior secured lenders. read more »

• Sberbank’s one-two punch re-opens Russian market

  Russia’s state owned savings bank Sberbank managed to hit up the market for an additional $250m late on Thursday, having already raised $1.5bn through a dual participation note on Tuesday. read more »

• Fed poses new threat to short end demand

  Another threat to US money market funds’ demand for commercial paper has emerged from the Federal Reserve Board, days after money funds warned about the damage proposed SEC regulation could do to the industry. read more »

• Hutchison, Wharf blow away cobwebs with debt double

  Hong Kong conglomerates Hutchison Whampoa and Wharf Holdings raised a combined $1.6bn this week, becoming the first issuers to test the bond market after the previous week’s Chinese New Year holidays. read more »