News content

The European Commission’s ideas for a “Union Recovery Programme”, based on an internal note seen by GlobalCapital, are “worrying” based on the limited size and possible conditionality attached to the measures, according to two economists.

UBS generated almost as much profit before tax from its global banking and markets operations in the first quarter as it did across all of last year, it revealed on Tuesday. This was despite taking credit losses and marking down exposures. The bank benefitted from a good turnout in FX and rates and its heavy involvement in a shrunken M&A fee pool.

The European Commission said on Tuesday that it would amend bank capital rules in the EU to free up more capacity for lending during the coronavirus pandemic. Its new measures include a proposal to reset the transitional period for IFRS 9, as well as several changes to leverage ratio requirements.

The Covid-19 pandemic is an ESG issue. More than ever before, a natural phenomenon is driving markets. Suddenly, social responsibility is no longer kooky but required of all. How are responsible investors reacting — and can the crisis lead to a better model of financial markets, where all stakeholders are considered?

Deutsche Bank’s additional tier ones surged higher in value this week, after the German lender reassured the market with positive guidance on its first quarter earnings.

Welcome to the first edition of Keeping Tabs. There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, we will bring you the very best of what we in the GlobalCapital newsroom have found most useful, interesting, informative and entertaining from around the web.

The coronavirus pandemic has made for a tumultuous time in corporate finance. Banks’ relationships with long-standing clients have come under strain, with lending conditions tightening just as some companies need a sudden injection of cash like never before. Bank of America’s dealings with FTSE 100 publishing and events company, Informa, provide one example of the difficult decisions facing lenders.

After years of not only falling loan volumes but being trounced in their own back yard, Europe's banks finally seem to have an edge against their US counterparts. With loan pricing gapping out in response to the coronavirus pandemic, but companies desperate for cash, the continent's lenders are proving first port of call for local borrowers, leaving US and Asian banks less active. Silas Brown, Mariam Meskin and Mike Turner report.

GlobalCapital's Silas Brown spoke to Mathieu Chabran, co-founder of European alternative asset manager Tikehau Capital. They discussed how the relatively new private debt market in Europe will navigate its way through the pandemic, who the winners and losers will be in the asset class, and what opportunities may emerge from the dust.

Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.

Jana Hecker, most recently at Deutsche Bank, has been appointed global head of equity capital markets at UniCredit, alongside other personnel changes in the Italian bank’s ECM business.

In the first in a new series of crisis-time interviews with senior capital markets participants, GlobalCapital's Toby Fildes talks to Frank Czichowski, treasurer of Germany's KfW.