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Amid a grim outlook for their profitability, European banks have been looking at all manner of ways to cut costs. Bank capital investors should not be surprised if their next target is debt interest. That may mean banks cannot be relied on to call bonds as expected, just to maintain good relations with investors. -
The European Central Bank has the power to decide the ultimate impact of the Basel III rules in Europe.
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Denmark’s debt officials have a highly original plan to issue green bonds in which the green element can be stripped off and traded separately. It’s going to put many a green nose out of joint. That’s no bad thing: the market needs to re-examine its claims to efficacy and virtue.
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Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.
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European banks are waiting for relief from central bankers, politicians and regulators. But UniCredit is positioning itself to offset several of the biggest problems facing the sector, giving it greater room to forge its own destiny.
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The European Central Bank (ECB) likes to keep up the idea that it dips in and out of markets judiciously with its quantitative easing programme. This is disingenuous. Its driving force is its need to pump money into the system.
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Sorry, banks and green bond specialists, it is not all about you. It is time to focus on green equity as well.
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Amid signs of progress, BNP Paribas faces challenges to deliver on its radical transformation plan, writes David Rothnie.
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HSBC’s anticipated cuts to its global banking and markets (GBM) division may make sense. But they will not be easy to pull off smoothly.
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The retirement of Samir Assaf, HSBC’s long-serving head of global banking and markets (GBM), paves the way for a long overdue restructuring of that division. This will test the bank’s new-look management team.
