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VTB Capital, the largest investment bank in Russia, opened a branch in Hong Kong headed up by three officials. It was licensed for dealing in and advising on securities.
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—George Mudie, MP and member of the U.K. Treasury Select Committee, in a question to Bob Diamond, former ceo of Barclays, at last Wednesday’s hearing in London.
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Canadian banks have issued five benchmark covered bond deals so far this year with a total value of $11.75bn, reinforcing their position as the dominant issuers of US dollar covered bonds. Demand for Canadian covered bonds has remained robust and recently valuations have improved on expectations of diminishing supply. This fundamental value is a function of the strong credit worthiness of Canadian banks and the underlying mortgage collateral which is largely insured by the Canadian Mortgage and Housing Corporation (CMHC), Canada’s national housing agency. The high quality collateral, along with CMHC insurance, gives US investors a lot of comfort and an ability to view these bonds as having minimal credit risk, almost as quasi agency bonds. And with US domestic market supply of agency bonds contracting, investors have had considerable cash to put to work.
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Prior to Bob Diamond’s U.K. Treasury Select Committee hearing on the firm’s manipulation of Libor, commentators alluded to the impact Diamond’s comments would have on the integrity and career of Paul Tucker, deputy governor, financial stability at the Bank of England. Yet, Diamond’s comments were never in doubt.
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The overall result for ASIAMONEY's 2012 Private Banking Poll. -
The top four UK banks are in trouble again, for possible mis-sales of swaps to SMEs. Saying it was a one-off will not do any more. The drive for high profits will always lead to abuses. Tough regulation will be necessary — but the banking model needs to change.
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Saying sorry properly seems to get more difficult the more senior you are. Is it arrogance or just stupidity?
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There are many Libor scandals. Untangling them is essential if there is to be any hope of a resolution.
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Chinese President Hu Jintao visited Hong Kong last week, sparking hopes among offshore renminbi market participants that they would hear a raft of specific measures that could help the market grow. They were left disappointed, but that may be for the best. So far the pace of reform has been dangerously fast. A little pause for breath would be no bad thing lest investors and issuers start to suffer from growing pains.
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—David Wright, secretary general of the International Organization of Securities Commissions, on how much funding he will need for a so-called research foundation.
