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Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells
Originator hired to go after bank bond issues in euros and dollars
With Sergio Ermotti set to step down as group CEO, chairman Colm Kelleher favours an orderly, internal succession. But in a critical year for the bank, there could be turbulence ahead
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Deutsche Bank CEO Christian Sewing has pointed the way to further cuts in the corporate and investment bank, speaking at the firm’s annual general meeting on Thursday. -
HSBC has started a programme to sell some of its trade finance exposures in packaged, investor-friendly format, threatening a lucrative niche until now occupied by firms such as Greensill Capital. The bank, the largest trade finance lender in the world, has worked with AllianzGI to sell the short dated bond-like assets.
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Bank of America is covering more clients than ever in a quest to overhaul its rivals at the summit of the league table rankings, spelling further bad news for European banks, writes David Rothnie.
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The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.
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JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.
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Tikehau Capital, the French alternative investment manager, has raised €300m after a private capital raising led by Morgan Stanley.
