Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Foreign bank issuers secure tight pricings
◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally
Demand allowed the bank to cut the yield by 35bp
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Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.
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Banca Carige’s share price fell nearly 60% on Tuesday, after trading in its stock reopened for the first time in about two and a half years. Investors are concerned about the outlook for the Italian lender, which may need to raise €400m of capital if it cannot find a merger partner.
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Metro Bank said as part of its results on Wednesday that it was in danger of falling below its minimum requirements for own funds and eligible liabilities (MREL), following a big drop in its common equity tier one (CET1) ratio.
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Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.
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The Bank of England looks set to wrap up a review of the minimum requirements for own funds and eligible liabilities (MREL) without reconsidering its total asset threshold. That would be a mistake.
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Market participants do not expect banks to repay their targeted longer-term refinancing operations (TLTROs) borrowings early when a window opens next month, though the primary market would retain plenty of capacity to swallow up any increased issuance.