Search results for

BNP Paribas has made a raft of changes to its senior US team, including promoting Bob Hawley to chief executive of CIB Americas. The previous CEO, Jean-Yves Fillion, becomes chairman of CIB Americas and remains CEO of BNPP’s US intermediate holding company.

The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.

JP Morgan and National Australia Bank exploited improving market conditions to print benchmark trades this week, as they jumped into the market before the Federal Reserve voted to hike rates.

The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond, as the possibilities for arbitrage grows for international SSAs.

SSA borrowers have long been used to having it their way amid the exceptional monetary easing meted out by central banks since the global financial crisis. But this week could be the moment things started swinging back in favour of investors.

The UK Treasury Committee has recommended financial firms change their bonus culture to one where compensation is assessed against ‘objective and formulaic’ criteria, as part of a package of recommendations in its Women in Finance report. Experts warn the recommendations could become government policy if the industry does not change of its own accord.

The planned takeover of Innogy by E.On and asset swap with RWE creates an unusual, if not unprecedented, situation in the green bond market. Innogy’s €850m green bond, issued last year, will become a liability of E.On, but the windfarm assets to which the proceeds have been allocated will end up with RWE.

Public sector borrowers looking for dollar funding are likely to have to go even shorter than they have been used to after this week’s Federal Open Market Committee meeting, said SSA bankers.

HSBC showed the strength and depth of the dollar market this week, taking $3bn of new holding company level funding out of the market little more than a month after it had raised $6bn in the currency.

Rating: Aa2/AA-/AA

Rating: —/—/BBB-

Emerging market loans bankers at European banks are finding it increasingly hard to compete on pricing, with borrowers claiming to be able to take out dollar loans with US and Asian banks well below the level others are able to offer. Mike Turner reports on a market where banks are doing whatever they can to snap up scarce supply of lending business.