Banks
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Everyone had been expecting another strategy overhaul from Deutsche Bank, but no-one expected the depth of the cuts to be so brutal. The bank is to end much of its equities business and refocus on corporate banking, and shed nearly 20,000 jobs. But observers are wary about the bank’s ability to restructure without inflicting more pain than it has forecast. -
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Toronto-Dominion Bank (TD) took full advantage of strong market conditions this week to issue a $1.75bn three year dollar benchmark and a €1.25bn eight year. The two deals followed a recent Sonia-linked £1bn three year and a euro benchmark issued at the start of the year.
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Germany’s Infineon Technologies and compatriot ZF Friedrichshafen have signed acquisition-related loans totalling €16.8bn, as loans bankers allow themselves a small sigh of relief after months of deal drought.
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This week saw barnstorming trades from Italy and the European Financial Stability Fund (EFSF) in euros with the long end of the curve proving to be the strong end, and now rumours are swirling around the prospect of a Greek sovereign deal.
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Australia’s bank capital regulator has refused to back down from requiring the country’s largest banks to meet new loss-absorbing debt targets with tier two bonds, raising the prospect of a wave of supply over the next four years. The question now is: how much will it cost them? Tyler Davies reports.
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Confirmation that the European Central Bank was considering reviving its quantitative easing programme helped give the financial institutions bond market a small boost on Thursday, just as it was starting to show signs of flagging.
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French renewable energy company Voltalia has finished its €376m rights issue after meeting with more than 100 investors on a deal roadshow, according to a source close to the transaction.
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DP World on Thursday launched a new $1bn 10 year sukuk and $300m tap of its $1bn 5.625% September 2048s, both with negative new issue premiums.
