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Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday. -
While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie.
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Japanese banks are unlikely to enjoy any let-up from razor-thin net interest margins in 2019. This is worrying for their long-term sustainability, but it’s potentially a bonanza for DCM specialists in Europe and the US.
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The shifting sands of bank regulation make it unlikely that it will ever be worth thinking about additional tier one bonds as perpetual instruments.
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Mere mention of the words non-performing and loans together has the power to make markets quake, regardless of whether the details are good, bad or neutral.
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Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.
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Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.
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Italian banks are paying up for funding, both a cause and effect of financial stress in the country. It shows why the European Central Bank is likely to continue with TLTRO (targeted longer-term refinancing operations), and why the Italian government has less leverage over Europe than meets the eye.
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Europe’s already enfeebled rules around bank failures would be dealt a crushing blow if the Italian state were allowed to use public money to prolong the life of Banca Carige.
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Borrowers flocked to the sterling bond markets this week, at possibly greater pace than the usual January rush. Some of that seemed to be an attempt to get ahead of a crucial Brexit vote in the UK parliament later this month. But if anyone expects clarity on the UK’s future relationship with Europe after that date, they’re delusional.
