NatWest Markets
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An insurance debt capital markets banker at Royal Bank of Scotland is leaving to join UK rival Lloyds.
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While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.
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Dealers representing more than 60% of the foreign exchange market have pleaded guilty to criminal charges in the US. Citi, JP Morgan, Barclays, Royal Bank of Scotland and UBS have all entered guilty pleas over their foreign exchange conduct on Wednesday. -
While turbulence struck the euro market this week, issuers in sterling had an easier time of it with three companies putting together solid deals in the currency.
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HSBC has recruited CIMB’s Matthew Kirkby to serve as regional head of large corporates for the bank’s commercial banking business in Asia Pacific.
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Whitbread, the UK hotel, pub and coffee shop operator, sold its first benchmark bond on Wednesday, drawing together a comfortably oversubscribed book for the 10 year issue.
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Eurofima is set to become the latest issuer to sell in dollars this week, with what will be its first deal in the currency since a $1bn three year in May 2010.
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Aviva is considering an extra tranche of subordinated debt even longer than the 30.5 year non-call 10.5 it has already hired banks to sell, while a Norwegian insurer has also mandated in euros.
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Public sector issuers underlined the strength of demand in the dollar market this week as issuers were able to get benchmarks away despite volatility in US Treasuries.
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The public sector dollar bond pipeline for Wednesday is filling up, with a series of issuers set to follow a three year dollar benchmark from the European Investment Bank on Tuesday.
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Aluminium company China Hongqiao has wound up its latest borrowing at $597m, lower than the launch size of $600m.
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