Pre-migration untagged articles

Manipulating market benchmarks such as Libor will become a criminal offence, under draft laws presented in Brussels this week.

The ECB’s recent deposit rate cut from 25bp to zero and the subsequent plunge in offered levels for short term debt might be hurting bank finance markets as money market funds dry up. But the cut could have a welcome side effect for peripheral eurozone countries and lower-rated SSA borrowers, as investors and fund managers alter their strategies to find yield.

Portugal could be poised to make a capital markets comeback via its euro medium term note programme. A record low rates environment has investors gasping for yield and some might just take a punt on a short term issue from the peripheral sovereign.

Crédit Agricole will not be hiring another EM syndicate specialist in 2012 to directly replace Ray Ressy, according to Tim Hall, the bank’s global head of debt capital markets origination, fixed income markets.

Spain’s new central bank governor acknowledged this week the potential for subordinated bondholders to take a hit as the country’s lenders are bailed out.

Bank of America Merrill Lynch’s shares fell 5% on Wednesday after it announced second quarter results, as investors appeared to take fright at growing risks that the bank will have to buy back securitised mortgages.

The Belgian parliament is expected to approve covered bond legislation on Thursday, after voting was speeded up to push the law through before the summer break.

Cost-cutting and a big year on year jump in fixed income sales and trading revenues were the features of Credit Suisse’s second quarter results. But the increase in investment bank profits was not enough to stop a falling performance for the whole group.

JP Morgan saw its investment banking activity fall over the second quarter of the year, with revenue from fees down 35% year on year, although the bank retained its number one ranking according to Dealogic.

Goldman Sachs posted lower year on year profits for the second quarter of 2012, with investment banking revenues reflecting an industry-wide slump in activity.

Cost-cutting helped Citi’s investment bank to better than expected second quarter results on Monday despite large declines in its equity and debt underwriting businesses.

Morgan Stanley joined other investment banks in bemoaning the lack of activity as it saw its pre-tax profits halved in its second quarter results.