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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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BNP Paribas has reshuffled the management of its global markets business, making Martin Egan a vice-chairman of the global markets client board and promoting syndicate boss Fred Zorzi to head of primary markets. Benjamin Jacquard, who was co-head of primary and credit markets with Egan, will be leaving the firm and is thought to be heading to the buy-side. -
Saudi Arabia’s debt markets are open for business, the hiring charge is on and foreign banks are flooding in, but there has been a struggle to build a local force of primary bond market bankers, boding ill for the capital markets expansion the country is hoping for.
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The bank is showing some much-needed urgency after losing momentum in Europe, but the fate of its investment banking strategy could lie in the hands of regulators, writes David Rothnie.
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Barclays reported annual results on Thursday, revealing the huge scale of the firm’s trading balance sheet expansion in 2017, as it scales back up in its historical strength of macro trading. But the low volatility last year weighed on returns, and the growth in the trading book has yet to deliver the profits it hopes for.
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Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.
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HSBC plans to issue between $5bn-$7bn of additional tier one debt in the first half of this year, clearing the path for share buybacks in the second half. The bank is prevented by listing authority rules from issuing AT1 at the same time as running a buyback, meaning it delayed its issuance plans last year.
