Free content

Chief operating officer has always been a title that comes with some power, but increasingly COOs seem to be in the driving seat. Regulation, cost control, staffing, and risk are defining success in investment banking more than revenue growth at all costs.

Last week was full of surprises, the most entertaining one was hearing that a certain European banker has a penchant for mid-1990s American rap.

Investment grade loan bankers have long wrestled with brutally tight margins but the recent premiums offered for certain dollar loans aren’t fooling anyone, they don’t make a scrap of difference.

For some, the fun in travelling is who you are with. For others, it’s a whole different story.

Argentina made its debut in the international capital markets 192 years ago. It has managed eight defaults since then, so are things any different now?

“Liquidity” has never been a word everyone uses the same way. This is a big problem that regulators and industry need to work together to correct.

Italy has confirmed it is considering a 50 year benchmark, a deal that would put it in an exclusive club of half century sovereign issuers. But while some bankers may suggest it wait to lock in even lower yields than its peer Spain achieved last week, the issuer would be wise to move before June.

Turkiye IS Bankasi’s consent solicitation — aimed at converting its disqualified tier two bond into a Basel III compliant instrument — has angered some investors, who feel Isbank is offering too little. But the bank is right to strong-arm investors who were aware of the risks they were taking when they bought the deal.

Debt capital market bankers have long preached that diversifying into the US investor base is the next stage of development for Chinese issuers. But with recent transactions failing to resonate with stateside accounts, Chinese names should give up on US investors for now.

Last week was the last big week for Q1 numbers, and offered the market a chance to see how the Credit Suisse turnaround was going. Those with weak stomachs, turn away now.

The Ranger and our trusty crew hit the high seas last week (well, OK, the tube, but bear with us) headed for the swashbuckling Loan Market Association via the treacherous waters of Canary Wharf.

UniCredit and Intesa Sanpaolo both escaped having to deduct the Atlante fund’s rescue of Banca Popolare di Vicenza from their capital. But the firms took very different equity damage from the debut deal, despite each owning a €300m stake. Owen Sanderson reports.