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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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While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie. -
Clydesdale Bank mandated Bank of America Merrill Lynch, BNP Paribas, Citi and Wells Fargo for the first UK RMBS of the year, Lanark 2019-1.
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The guarantee on securitization of bank non-performing loans (GACS) is likely to be extended, according to market participants speaking at a non-performing loans (NPL) event by the rating agency DBRS. Traders and other sources suggest the government could extend the programme to loans classified as 'unlikely to pay' (UTP).
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Credit Suisse Asset Management priced its first euro CLO at the end of last week, placing the triple-A bonds at 108bps over three month Euribor as CLO investors remain largely undeterred by regulatory concerns. This week, GSO is expected to price its Crosthwaite Park CLO by Friday, with the manager floating initial price thoughts at the start of the week.
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Australian lender Pepper Money this week started marketing an RMBS that will offer investors a euro-denominated tranche and a short-dated dollar tranche, as the issuer looks ready to be the first to jump into the European securitization market this year.
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The path from M&A rainmaker to CEO is a perilous one, as John Cryan and Andrea Orcel have proved. Will Christian Meissner be the next senior banker to try it, asks David Rothnie.
