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Viswas Raghavan’s move to Citi from JP Morgan 18 months ago has shaken up both institutions and provoked an intense Wall Street rivalry
Banks welcome UK’s relaxed prospectus rules as IPO pipeline swells
Originator hired to go after bank bond issues in euros and dollars
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A study of capital markets banks by PricewaterhouseCoopers shows debt origination businesses suffering the least from EU proposals to separate retail and investment banking. The study, commissioned by the Association for Financial Markets in Europe, estimates a cost impact of around €1bn on DCM and loans. This is larger in absolute terms than the €600m it estimates for M&A and ECM — but leaves DCM with a 65% pretax return, against 27% for M&A and ECM.
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The International Capital Markets Association’s secondary bond markets liquidity survey shows the sellside is “surprisingly not as despondent as it could be”, as dealers adapt to the new business environment and revise how they charge for balance sheet. Although liquidity has grown far worse since the crisis, bond traders large and small still have strategies to stay in the business and have adapted to some of the challenges of regulation.
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Big-name hire underlines Investec’s renewed ambition in corporate finance, writes David Rothnie
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Preliminary results of UBS’s share exchange are in, showing that the Swiss bank has been successful in creating a holding company, UBS Group AG, at the top of its corporate structure. -
The derivatives exposure method in the recently issued Basel III Leverage Ratio Framework and Disclosure Requirements may hit firms' ability to use cleared derivatives to hedge risk, two industry bodies believe.
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Hedge funds have been picking up puts on the euro against the dollar with reverse knockouts following increased volatility on the currency pair and a gradual strengthening of the latter currency over the past month.
