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US-Iran war clouds worldwide outlook
State-owned bank Spuerkeess has not indicated when it will issue its first bond
ESG issuance will not disappear and some of the decline is due to market volatility
JP Morgan overtakes HSBC to go top for the region
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UniCredit announced an €11.8bn loss on Thursday as expected, paving the way for its €13bn rights issue and fifth shot at a transformational rescue. The bank said it had signed agreements preparing for 14,000 redundancies, but away from this carnage, the underlying businesses appeared to stay strong. -
Deutsche Bank has closed its US swaps clearing business with immediate effect, as the bank responds to regulatory requirements that would have forced it to post more capital than it was willing to support the business with.
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European financial market regulators have operated for some time without an equivalent to the ‘no action letters’ available to the other regulatory authorities such as those in the US but the European Securities and Markets Authority (ESMA) has woken up to the need for this recourse as a looming March 1 rollout of variation margin rules on uncleared derivatives threatens lockdown for swathes of unprepared participants.
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BNP Paribas’s 2020 growth plan, unveiled on Tuesday, means building the bank’s market share in fixed income and capital markets, as rivals retrench or withdraw. Though the bank plans to run higher capital levels across the firm by 2020, the sale of First Hawaiian will free up firepower for the CIB unit.
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International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised.
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Clearstream, one of Europe’s largest settlement platforms, joined the European Central Bank’s Target 2 Securities (T2S) platform last week — a long-awaited move which could ease the collateral crunch facing banks, as well as pave the wave for a switch to new settlement technologies such as blockchain.
