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Sergio Ermotti’s call for improvement in UBS’s investment bank could be undermined by the arrival of his successor as chief executive, writes David Rothnie. -
The Single Resolution Board is planning to add another level of intricacy to the minimum requirement for own funds and eligible liabilities (MREL), just as it seemed as though they couldn’t get any more complicated.
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Asia’s bond market has had an undeniably stellar start to 2020. Despite the spread of the novel coronavirus, now named Covid-19, investors are continuing to buy bonds at remarkably tight prices as issuance accelerates. But the non-stop enthusiasm raises a serious question — are market participants too positive?
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Europe’s capital markets are back in super-demand mode.
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HSBC’s corporate finance staff have survived its restructuring largely unscathed, but the more ambitious among them will see the bank’s plans as a missed opportunity, writes David Rothnie. And with no answer yet on the identity of the next full-time CEO, the uncertainty is not over.
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Deutsche Bank’s ability to issue a new additional tier one bond illustrates the lesson of investing in European banks over recent years: bet on bonds, not equity.
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The yields on bank bonds have reached their lowest ever levels in recent weeks, thanks to meagre issuance and accommodative central bank policy. These conditions mean investors can see the silver linings, but not the clouds — and there are plenty — behind them.
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Sustainable finance players are enthusiastic about regulation, which they expect to bring clarity and order to the market. It may — though when the new EU rules are implemented they are likely to irk participants more than they expect. But what would be really effective are direct actions that bypass finance.
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As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.
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Conditions for issuance in the additional tier one market may be more attractive than ever, but there’s still good reason for some bank treasury teams to bide their time.
