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Bond specialists sceptical that auctions can yield better results than bookbuilding
When staff complain, they deserve a fair hearing, not a wall of silence
Waterfall of promotions follows Karia's move to insurance post
Originator hired to go after bank bond issues in euros and dollars
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One of the most promising vehicles for moving the financial system on to a greener path – risk management – is gathering momentum. -
Barclays said in its second-quarter results that it would redeploy capital from parts of the corporate bank into markets, reversing the course many banks have taken since the crisis, and affirming the bank’s ambitions as a top-tier fixed income trading house.
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UniCredit’s turnaround plan, which featured a €13bn rights issue and a €17bn NPL sale, seemed well on track on Thursday, as the bank smashed profit expectations for the second quarter with €945m, sending the shares soaring more than 7%. The bank itself prefers to cite a €1.3bn profit figure, stripping out currency translation effects from the sale of its Polish bank Pekao.
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Commerzbank booked all of the €807m restructuring costs associated with its 'Commerzbank 4.0' programme in the second quarter, pushing the bank to an overall loss of €406m. But the bank’s management are optimistic about the second half of the year, and argue that some of its businesses have turned a corner.
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Société Générale was keen to highlight improvements in cost and risk control when reporting its earnings for the second quarter on Wednesday, but growing litigation costs and falling trading revenues cast a shadow over the group’s results announcement.
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The Czech Republic has proposed several legal amendments that will bring its existing covered bond regime into line with the European Banking Authority’s best practice guidelines and which, along with similar moves in Slovakia, will help catalyse new covered bond supply from the region.
