North America
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One month from the US regulator fining the New York unit of Mega International Commercial Bank, Taiwanese lenders are feeling the pressure and facing an unprecedented level of scrutiny on their existing loan books. But the extra paperwork should be viewed as a minor inconvenience with long-term benefits. -
TriOptima, the derivatives post-trade services firm, claims to have performed the first compression of client-cleared trades in its latest SwapClear cycle for Canadian dollar interest rate swaps.
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British American Tobacco has said it will use new credit lines to fund the $20bn cash component of its offer to acquire the remaining stake in Reynolds American it does not already own. While BAT said it is committed to an investment grade rating, all three big rating agencies now have it on review.
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Morgan Stanley followed Goldman Sachs’s lead by putting a one year call option on a senior bond on Monday, as it became the third US bank to visit euros after publishing third quarter results.
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ANZ has made some 30 people redundant across its institutional banking divisions in New York, London and Asia.
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In this round-up, The BRICS bank announces its lending target for the next year, two US banks compete for RMB clearing role in New York, and China Construction Bank Tokyo gets admitted to the onshore foreign exchange market. Plus, a recap of our coverage this week.
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Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.
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High grade corporates sprang from earnings blackout to crank out multi-billion dollar deals this week as the event risk many had feared would throttle the market in October failed to materialise.
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US banks reporting earnings in the third quarter ubiquitously saw steep upturns in revenues from fixed income trading, despite some seeing overall falls in year over year revenues, as divergences of opinion on the Federal Reserve’s plans for interest rates caused increased trading in bonds.
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UK government bonds this week joined the country’s currency in taking a hammering, but public sector bankers are confident that a scheduled Gilt syndication next week will go well — and there could also be arbitrage opportunities in sterling.
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Wall Street’s biggest firms wasted no time hitting the dollar market with total loss absorbing capacity (TLAC) related deals after unveiling a strong recovery in third quarter earnings.
