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Periphery eurozone banks are back in the public bond mix as investors start to look down the credit curve. With private placement investors beginning to follow suit, issuers should consider the advantages of going private.
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Having the European Central Bank as the single supervisor for the continent’s financial institutions will make little real difference to the way banks are scrutinised. But plans for banking union are still a good thing.
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Anshu Jain, Deutsche’s new co-CEO, has a chance to be bold when he faces investors next week, writes David Rothnie. Cost savings and job cuts are likely to be top of his agenda.
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Plans for a UK version of KfW are intriguing, but the government is missing the point. British industry is not thirsting for cheaper funding or easy credit. What a properly run small business bank could bring to Britain is something much more valuable.
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Santander drew criticism last week for the way it has tackled its sub debt buyback. But its actions were hardly out of character. And anyone desperate for an exit will still welcome the opportunity.
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An overwhelming majority of investors believe that another LTRO is inevitable. The previous two interventions disrupted normal market operations. The ECB must tread carefully with its third.
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Increased demand from dollar investors for yieldy bank paper helped UBS print its new $2bn Coco with permanent principal write-down features. But institutional funds may still not be ready for additional tier one products.
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Central bankers face a tough job keeping markets happy, particularly when reactions to their every word become more extreme each day. ECB president Mario Draghi came in for a torrent of criticism last week after failing to live up to the market's wildest expectations. But he should not be the target
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The US dollar covered bond market is all set for Royal Bank of Canada to issue the first SEC registered deal. But despite the promise this offers, others may not yet be ready to follow.
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As Basel III approaches, investors should expect to see more deals like VTB’s hybrid capital deal. They need to get used the potential variables that such trades bring.