Europe
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Two Société Générale bankers have been indicted for allegedly manipulating Libor and causing $170m worth of damage to global financial markets, the American Department of Justice (DOJ) announced on Thursday. -
The UK Debt Management Office has selected the banks that will run its next syndication.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we move away from the summer lull.
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Writing in its European Covered Bond Fact Book for 2017, the European Covered Bond Council said that when banks turn their attention to funding for liquidity purposes they could favour senior preferred debt over covered bonds.
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Two holidays and September’s European Central Bank meeting will mean the next two weeks will offer short windows for issuance, but the success of the two deals that priced this week will inspire corporate bond issuers looking at the market.
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Otkritie Bank this week offloaded a 19.85% stake in Cypriot RBC Bank in a move that analysts said was an attempt to ease liquidity concerns after what had been a volatile few weeks for the lender. But they dismissed concerns over the sector as being overblown, saying any problems were largely confined to Otkritie.
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The success of the UK’s ring fencing rules, which one analyst described as “the worst idea the [Financial Conduct Authority] has ever put forward” will rely on the UK’s courts, which will have to agree how to transfer customers and assets for eight UK banks. The court process will start in November and kick into high gear ahead of the final deadline of January 2019.
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The staid and centuries-old Schuldschein market used to be a humdrum affair, full of prudent German borrowers coupling with familiar lenders. But, with flocks of foreign lenders and borrowers entering the market, and some riskier credits with them, questions have arisen over whether the traditional deal structure is fit for purpose in racier times, write Silas Brown and Nell Mackenzie.
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Derivatives counterparties in the US have made enormous strides towards compliance with the September 1 end date for a grace period on variation margin rules for uncleared swaps, a stark change from six months ago.
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