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SRI

Green QE or divestment? Market eyes ECB’s plans

Debt market specialists this week put forward contrasting views on the policies the European Central Bank might use to tackle climate change, after Christine Lagarde, its new president, said her strategic review of its mandate and operations would encompass how the bank should respond to it. She also promised action on stablecoins. Burhan Khadbai and Lewis McLellan report.

Burhan Khadbai, December 12, 2019
Corporate Bonds

US borrowers frontload ahead of Fed hold

A handful of borrowers came to the dollar bond market this week, front-loading supply ahead of the final Federal Open Market Committee meeting of 2019.

David Rothnie, December 12, 2019
FIG People and Markets

Coventry missed out part of RWA calculation

Even the best in class make mistakes. Coventry Building Society, incredibly well capitalised when compared with its banking peers, has been overstating its common equity tier one (CET1) ratio. Correcting the mistake does not affect its capital ratio greatly, but the episode raises questions over governance according to one analyst.

Jasper Cox, December 12, 2019
FIG

Banks earmark US election as ‘key driver’ for 2020 deal timing

Bankers predict that financial institutions will be looking to pack as much funding as possible into the first few months of next year, in a bid to avoid the event with biggest potential for volatility — the US presidential election in November.

Tyler Davies, December 12, 2019
Derivatives

SEC fines Jefferies for ADR failures

Jefferies must pay almost $4m to settle charges relating to the improper handling of American Depositary Receipts (ADRs) and supervisory failure.

GlobalCapital, December 12, 2019
FIG

PS Hypo brings the curtain down on busiest year for Swissies since 2015

Building on the success of last week’s multi-tranche Sfr1.1bn ($1.1bn) trade, Pfandbriefbank (PS Hypo) rounded off its funding for 2019 on Monday, with a low-key two-tranche Sfr310m issue.

GlobalCapital, December 12, 2019
Private debt

National Grid prints sterling on eve of UK election

The National Grid brought a £50m 10 year bond to the medium term note market on Wednesday — the day before the UK voted in an election marked by a debate about whether utility companies should be nationalised.

Frank Jackman, December 12, 2019
LevFin CLOs

High demand for euro CLO collateral fuels US loan recycling

The amount of exposure to US loan collateral in European CLOs has climbed to as high as 30% for some newly issued deals, as newer managers “recycle” US collateral into euro transactions.

Tom Brown, December 12, 2019
Regulation

EU Parliament looks to sort out NPL trading

Members of the European Parliament have restarted work on a controversial file on the secondary market for non-performing loans. They failed to come to an agreement last spring, with MEPs disputing the level of protection that should be granted to retail consumers.

Jean Comte, December 12, 2019
Bank Strategy

CS optimistic on tech, healthcare, M&A

Credit Suisse expects to make a pre-tax loss in its investment banking and capital markets (IBCM) division this year, it said at an investor day on Wednesday. But it pointed to a strong pipeline for 2020.

Jasper Cox, December 12, 2019
Equity IPOs

Poor liquidity hurts Sanlorenzo’s €194m IPO

Italian superyacht maker Sanlorenzo was buoyant in trading on Tuesday after the company made its debut on the Borsa Italiana. However, the stock was under water by the close on Thursday, on very thin trading volumes.

Aidan Gregory, December 12, 2019
People News

People moves in brief

Barclays’ head of corporate broking leaves — ESG finance academic joins Barings — Morgan Stanley ratings banker heads for exit

GlobalCapital, December 12, 2019

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