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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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HSBC is preparing for a rise in distressed debt situations in Asia, hiring Sergio Morita as its first head of sourcing in the region. The bank expects more opportunities in special situations and distressed debt will arise from the increased stress on Asian companies following the downturn in commodity prices and defaults in China’s property sector. -
Jerome Powell, a member of the Federal Reserve’s board of governors, said US financial regulators were preparing a new rule on compensation at financial institutions, which could include more deferral, delayed vesting and “the possibility of more robust forfeiture”.
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BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible.
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The Deutsche Bank boss needs a new strategy as fixed income and capital concerns strengthen the hand of universal banking naysayers, writes David Rothnie.
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CLS Group and TriOptima have teamed up to offer an FX forward compression service in order to address the regulatory requirement for financial counterparties to have procedures in place to analyse the possibility of portfolio compression for non-centrally cleared over-the-counter derivatives.
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Credit Suisse has reshuffled senior members of its fixed income department, freeing up Chris Corson, the former global head of emerging markets, for a role understood to be about “blue sky thinking across the business”.
