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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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UBS delivered a 24% return on equity in its investment bank for the first quarter — without the aid of the flattering equity attribution model analysts have criticised in the past. The bank revamped equity attribution this year so that corporate centre does less of the heavy lifting, meaning a 26% increase in equity attributed to the investment bank.
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Shares in Royal Bank of Scotland, the UK lender, rose 5% on Friday after it reported its first quarterly profit for more than a year.
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GlobalCapital understands that RBC Capital Markets has reached into the European FIG talent pool and plucked out an HSBC syndicate banker to join its origination efforts.
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Deutsche Bank’s cost cutting and capital raising efforts are starting to pay off, with the bank dragging itself to profitability in the first quarter after full-year losses of €1.4bn in 2016. However, net revenues were down €800m year on year, and the shares dipped after the announcement on Thursday.
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Credit Suisse beat analysts’ expectations and posted a net profit in the first quarter of 2017, while the bank finally ended uncertainty about its capital position, and the possible IPO of its Swiss unit, by announcing plans for a Sfr4bn rights issue.
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The European Covered Bond Council has restated its support for the concept of a high quality principle-based covered bond framework and warned against altering the preferential regulatory status of the asset class.