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The Financial Services Authority is determined to prevent a repeat of the liquidity crises that plagued UK banks last year but the British Bankers Association says that the regulator's proposals will put the screws on lending and hammer the economy. The BBA needs to take stability seriously — and if its members have a problem with their ability to lend, they should take that up with the Treasury, not the FSA.
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What a difference three months can make. Far from becoming an ingrained feature of capital markets as some had feared, the Federal Deposit Insurance Corp’s bank debt guarantees have indeed lived up to their billing as “temporary”. It’s another sign of renewed optimism on Wall Street.
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The government’s stress tests on large US banks will paper over the cracks in the financial system rather than hasten its recovery. That appears to be the message of news emerging over the last week.
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Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.
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An emerging markets corporate needing to refinance billions of dollars of loans taken out to fund a risky acquisition made at the top of the market? Is Tata Motors attempting mission impossible? No, the strength of its relationships is likely to see it through.
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A smashing time was had last Friday, at the mutual back-slapping bash that was the post-signing reception of Ukreximbank’s recent loan at the Ukrainian embassy in London’s Holland Park.