People & Markets - All Articles

  • Troika paranoia could hamper European recovery

    The European Stability Mechanism stands ready to lend eurozone countries up to 2% of their GDP at negative rates — but in spite of the clear cost savings compared to market funding, countries have yet to take up the offer. It is time to rid ESM lending of its stigma.

    • 28 Jul 2020
  • Green thinkers keen on new UK state bank

    The UK government looks ever more likely to create a new public sector bank focused on green infrastructure. Policy experts welcome the prospect, but there would be many choices to make over the structure and financing of the organisation.

    • 28 Jul 2020
  • Ex-Citi bond bankers set up DCM analytics platform

    Two former bond bankers at Citi have set up a workflow and analytics platform to help improve the efficiency of debt capital markets desks at investment banks.

    • 24 Jul 2020
  • Australian govvies hit by climate challenge

    In a world first this week, 23-year-old student and Australian retail government bond investor Katta O’Donnell filed a legal challenge against the sovereign on Wednesday, claiming that the government does not do enough to disclose the risks of climate change to investors. If successful, the case could change issuers’ obligations regarding climate risk disclosure.

    • 23 Jul 2020
  • Rates market braces as historic EU funding task agreed

    EU leaders spent 91 of the 120 hours available at their Special European Council, which concluded on Tuesday, thrashing out the bloc’s new €1.82tr budget — including the €750bn recovery fund — dubbed Next Generation EU. The decision spells dramatic changes not just for the eurozone but for its bond markets, writes Lewis McLellan.

    • 23 Jul 2020
  • TD Securities shakes up MTNs team

    TD Securities has appointed Matthew Jaconelli to head up its MTN and niche currency operations in Europe, taking over from Sameer Rehman, who will now focus on financial and corporate issuance.

    • 23 Jul 2020
  • People news in brief

    Invesco changes fixed interest line-up — BofA makes Slowey equities head — NordLB hires two for DCM

    • 23 Jul 2020
  • Historic EU budget agreed to muted bond market reaction

    EU leaders ended a marathon 91 hour summit early on Tuesday morning, having agreed a new €1.82tr budget for the bloc, including a much anticipated — and highly contentious — €750bn recovery fund to help member states fight the Covid-19 pandemic. Despite the fierce and protracted debate, market reaction to the news has been muted.

    • 21 Jul 2020
  • EU recovery fund could distort European debt market

    EU leaders meet this weekend to hash out the multi-annual financial framework — the €1tr plan guiding the bloc’s next seven years of spending. The budget contains the €750bn recovery fund, which will likely prove a contentious topic but, if approved, it could reshape the European economy and lead to big changes in its public sector bond market. Lewis McLellan reports.

    • 16 Jul 2020
  • Ex-MS SSA banker resurfaces at French e-commerce firm

    A former fixed income banker at Morgan Stanley has moved to a role outside of the capital markets by joining a Paris-based e-commerce firm that offers a sizing solution to online fashion brands.

    • 14 Jul 2020
  • Investors ‘optimistic’ over recovery fund hopes

    The European Union leaders’ summit, which begins on Friday, should determine the approval of the bloc's planned €750bn coronavirus recovery fund. The summit is drawing the attention of investors in eurozone periphery government bonds and high grade corporate paper, particularly as the EU is far from agreeing the fund's final size.

    • 13 Jul 2020
  • EBRD to turn half green, despite opposition from US

    The European Bank for Reconstruction and Development’s board of directors has approved a proposal to accelerate its transition towards being a green bank, including devoting over 50% of its investments to the green economy by 2025. But it has deferred a decision on when the rest of its activities will be aligned with the Paris Agreement.

    • 10 Jul 2020
  • Markets look for EU to take the lead on green recovery

    Momentum is growing for the economic recovery from the coronavirus pandemic to have a strong green thrust, as the UK’s mini-Budget and comments by European Central Bank president Christine Lagarde made clear this week. Capital market participants are enthusiastic about the prospect and expect it to further green the markets — but how far the drive goes will ultimately depend on politics, write Mike Turner, Jon Hay and Jasper Cox.

    • 09 Jul 2020
  • Bertrand de Mazières, EIB: 'all of us have to do more in times of crisis'

    Bertrand de Mazières is one of the best known and most respected figures in European debt capital markets. As director general of finance at the European Investment Bank (EIB), he oversees one of Europe’s most important bond issuers, a status not only due to the amount it issues each year, but also its role as a setter of standards and benchmarks for rest of the market — in good times and bad.

    • 09 Jul 2020
  • A green troika for Europe

    Conditionality has become a central area of contention as the EU shapes its coronavirus recovery plan. The bloc should focus on the environment, not on fiscal responsibility.

    • 09 Jul 2020
  • People moves in brief

    New sustainable DCM team at Citi — Deutsche picks Stergiou for new position — SMBC Nikko makes ABS trading hire

    • 09 Jul 2020
  • Hertlein joins BNP Paribas in SSA DCM

    Philip Hertlein, the former head of SSA origination and syndication at LBBW, has joined BNP Paribas’s public sector debt capital markets desk.

    • 09 Jul 2020
  • Brown and Mehra to lead new sustainable DCM team at Citi

    Philip Brown and Sanaa Mehra are leading a new unit at Citi, the latest the bank has designed for its sustainable finance business.

    • 09 Jul 2020
  • Deutsche appoints Stergiou to lead public sector business

    Deutsche Bank has created a new coverage model for its public sector business, which will be headed up by Panos Stergiou, global head of macro coverage.

    • 08 Jul 2020
  • Conditionality at stake on EU recovery fund

    The EU’s proposed recovery fund is expected to be presented to the summit of European leaders on July 17-18 with the size unchanged from the proposed €500bn of grants and €250bn of loans, although the EU budget is likely to be slimmed down, according to sources.

    • 08 Jul 2020
  • People moves in brief

    Barclays appoints levfin and sponsors leaders — Créd Ag gives Goldfischer UK role — BTIG hires Huggins

    • 02 Jul 2020
  • Critical hedge fund sees better way to do ESG

    Environmental, social and governance investors have been patting themselves on the back this year because their funds have tended to outperform during the coronavirus crisis. But a San Francisco hedge fund believes they are doing a poor job of shielding investors from the general risk of the stockmarket and more quantitative methods would improve the outcome.

    • 02 Jul 2020
  • End of GSE conservatorship nears but CFPB ruling raises new questions

    The end of government control of Fannie Mae and Freddie Mac drew one step closer this week, but a US Supreme Court ruling on the leadership structure of the Consumer Financial Protection Bureau (CFPB) raises the possibility that the course could be reversed under a new government after November's election, write Max Adams and Jennifer Kang.

    • 02 Jul 2020
  • Deutsche sees investors’ interest in ESG fading

    A survey by Deutsche Bank this week challenged the consensus that investors' interest in environmental, social and governance funds has been intensified by the coronavirus crisis. On the contrary, it argues: appetite has weakened.

    • 02 Jul 2020
  • New blood in LBBW SSA team as Hertlein departs

    Philip Hertlein resigned from his job as head of SSA syndicate and origination at LBBW on Tuesday. In his absence, the team has been bolstered by Oliver Franke, who joins the bank from Crédit Agricole.

    • 02 Jul 2020
  • Ganatra steps up to head DB SSA syndicate

    Neal Ganatra has been promoted to be Deutsche Bank's new head of SSA syndicate.

    • 01 Jul 2020