Europe
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Banco Santander felt vindicated in cancelling Andrea Orcel’s appointment as group chief executive when it later found out that he had been recording conversations without permission, the Spanish bank said in a statement on Friday. -
Nationwide Building Society took the opportunity to issue a £1bn three year Sonia-linked covered bond on Friday, pricing the deal flat to fair value. With Brexit negotiations expected to raise execution risk and volatility, another UK issuer could jump in with a follow-on deal early next week.
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A 12.5m share trade in Elis, the French workwear and laundry group, was covered quickly last night following a rare auctioned block won by Morgan Stanley.
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Clearing house chief Martin Pluves will join the FICC Markets Standard Board (FMSB) later this year, as the voluntary rule-setter seeks to investigate issues like artificial intelligence in trading.
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In this round-up, the US and China will meet in Shanghai next Tuesday to continue trade negotiations, newly elected UK prime minister Boris Johnson showed some love to China and Mainland regulators are continuing a crack-down on real estate financing firms.
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Unsecured bonds issued by UK banks may lose eligibility as collateral at the European Central Bank (ECB) after Brexit. However, analysts say this measure should not sour the market too much.
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As hardline Brexiteer Boris Johnson takes power in the UK, the European Commission is set to claim that the equivalence test for financial firms is tougher when the country in question is heavily connected to the EU.
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HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.
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New UK Conservative prime minister Boris Johnson expressed support for the establishment of a new development bank along the lines of Germany's KfW on Thursday. While there is scepticism over the execution of the proposal, debt capital markets bankers would welcome a new, highly-rated issuer.
