Americas
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Some big, highly rated US companies have in the last few months begun to negotiate 'holidays' from their credit support annexes - the arrangements with banks that protect both sides when they engage in derivatives transactions. -
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Nomura’s growth plan in its latest restructuring depends on sweeping away regional fiefdoms while finding greater consistency. History suggests this could be a tall order, writes David Rothnie.
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Guy Gibson is becoming global head of institutional brokerage at Northern Trust.
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James Forese is leaving his position as CEO of Citigroup’s institutional clients group. He will be replaced by Paco Ybarra, his deputy. The CEO of Asia Pacific is also leaving.
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This week the US Federal Reserve side-stepped the question of whether it should apply new liquidity and capital rules to the US branches of foreign banks, publishing proposals that instead focused on tailoring requirements for their intermediate holding companies (IHCs).
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Nomura has put at risk a number of senior bankers in its Americas investment banking operation and refurbished its management team as part of a $1bn plan to cut costs. Senior names in M&A, leveraged finance, Latin America and risk solutions are leaving.
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Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.
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The Republic of Panama sold local bonds to international investors for the first time on Wednesday as it looks to deepen its domestic debt markets.
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Conglomerate Alicorp sold the second global nuevo sol bond to emerge from Peru in a week on Wednesday, copying the execution pattern that worked well for Telefónica del Perú last week and pricing inside its lower-rated compatriot.
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Standard Chartered is paying $1.1bn in penalties to US and UK authorities in relation to breaching rules relating to sanctions and financial crime. This exceeds the $900m provision the bank announced in February for sanctions fines.
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A varied menu of at least three Latin American borrowers could try to issue bonds on Wednesday, as the region’s issuance continues to catch up with last year’s numbers.
