Pre-migration untagged articles

JP Morgan started the third quarter bank earnings season in strong form, reporting a 38% increase in investment banking fees year on year, reflecting a pickup of market conditions and its league table standings.

Big accounting adjustments distorted Morgan Stanley’s headline third quarter results on Thursday as the firm’s tightening credit spreads led to a charge of $2.3bn. But behind the now-familiar DVA number lay a franchise that showed itself to be in rude health in parts, with its fixed income business the shining light.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days

The European Commission this week put bail-in on the agenda as a potential tool to resolve large, troubled insurance companies. The suggestion came in a consultation on recovery and resolution of non-bank financial institutions.

A new class of bail-in debt would be credit positive for senior unsecured holders, but it would also bring downsides such as an increasingly fragmented debt hierarchy, said Fitch Ratings.

With so much potential trouble brewing on the horizon, SSA borrowers would do well to wrap up their funding programmes as quickly as possible. There are no less than three new sovereigns potentially sniffing around Europe’s bail-out coffers and that could bring unwelcome volatility for borrowers with much funding left to do, not least the bail-out borrowers themselves.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days

Banks’ bidding for one week liquidity from the ECB has dropped to the lowest level since May. Improved investor sentiment for Spanish financial institutions was behind the drop, analysts said.

Europe’s biggest banks are still well short of the capital required to hit a 7% target for common equity tier one (CET1) capital, said a report from the European Banking Authority on Thursday.

Sovereign, supranational and agency issuers have placed caps on the size of private placements they are willing to quote for and have also stopped posting levels in maturity buckets where they have no need for cash — meaning the next quarter could be as sparse in issuance as the last one, dealers have warned.

Swedish municipalities, wary of relying solely on public sector credit company Kommuninvest and facing bigger funding needs, are increasingly looking to either establish or expand medium-term note programmes to diversify their funding sources.