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Demand from private bank investors in Hong Kong and Singapore was once a cornerstone for high-yielding subordinated bank debt trades. That bid has backed off recently, and as SocGen’s additional tier one trade showed, it is no longer dependable — but that’s no bad thing.
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With no worries over capital and its deleveraging programme complete, the French bank has a great opportunity to leap-frog rivals, writes David Rothnie.
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Demand from private bank investors in Hong Kong and Singapore was once a cornerstone for high yielding subordinated bank debt trades. That bid has backed off recently, and as SocGen’s additional tier one trade showed, it is no longer dependable — but that’s no bad thing.
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The European Commission’s attempt to make the money market fund industry more robust is commendable, but the tactics it has adopted leave much to be desired.
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Société Générale took a brave step into the world of new-style CRD IV-compliant capital on Thursday, bringing the market’s second-ever additional tier one transaction.
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Over-bloated sector teams have suffered as investment banks have cut their coverage efforts to reduce costs. David Rothnie reports on whether they have gone for good.
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Bob Fernandez started at Wells Fargo this month as head of international debt capital markets and syndicate. He joins just after Harvey Hoogakker was hired in July as managing director of credit origination and syndication, write Francesca Young and Michael Turner.
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Société Générale is planning to test out the temporary writedown loss-absorption mechanism in a new CRD IV additional tier one bond for the first time. The industry lobbied intensely for the mechanism but some investors now say it shouldn’t merit tighter pricing. What then, is the point of issuance?
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Société Générale is planning to test out the temporary write-down loss absorption mechanism in a new CRD IV additional tier one bond for the first time. The industry lobbied intensely for the mechanism but some investors now say it shouldn’t merit tighter pricing. What then, is the point of issuance?
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After a long road to recovery, Commerzbank’s markets and corporates business was the group’s stand-out performer in the second quarter, writes David Rothnie.