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Sugrue specialised in covering the insurance and reinsurance sectors
Executive is moving to more senior role
Crédit Agricole reorganises loans business amid busy hires and promotions in industry
‘New kid on the block’ disrupts established order with lead role on Schroders takeover
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UniCredit has promoted Christian Steffens, head of ECM, and Marco Bales, who runs FIG and public sector capital markets, to be global co-heads of capital markets. They report to Mike Hammond and TJ Lim, global co-heads of the bank’s markets division, which sits within corporate and investment banking.
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Structured finance transaction sponsors are racing to line up a second assessment by the credit ratings agencies ahead of a March 1 deadline set by the European Central Bank for securities to meet repo-eligibility criteria. However, a large number of transactions could shortly become ineligible unless the ECB relaxes its deadline.
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HSBC has promoted Matthias Knobloch to head of debt syndicate, Asia Pacific. He replaces Mark Mallia, who left the bank for personal reasons.
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Royal Bank of Scotland this week announced a big fall in losses for 2010, with a pre-tax loss of £239m compared to £1.9bn in 2009. There was, however, a further after-tax charge related to the UK’s asset protection scheme.
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The nascent market for contingent capital bonds was dealt a blow this week when the Financial Stability Board revealed that it might not set out its guidelines for loss absorbent capital instruments until much later this year.
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RBC Capital Markets has hired Ian Pearce from UBS to run European credit trading. Pearce had been at UBS since 2001, most recently as co-head of sterling credit and European ABS.