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Sustainable finance chief among those affected
Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative
DCM changes follow Harding-Jones taking over IB business
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The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank.
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The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.
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It was a busy first quarter at Commerzbank’s corporate clients division, as companies rushed to secure liquidity and access Germany’s support programmes. But that division and the group as a whole made a loss in the quarter, results released on Wednesday showed, as cost of risk rose and valuations of derivative positions fell.
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One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.
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UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.
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The coronavirus crisis has severely disrupted the move away from Libor to the new recommended risk-free rates. But market participants will have to press on to meet the original deadline, with no extension on the horizon, according to a senior capital markets lawyer.