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Latest news
Despite a tepid response in a 2024 consultation, there are signs EU authorities are laying the groundwork
European and high yield chiefs to take the reins
Kevin Duignan to retire after 33 years, mainly in structured finance
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Credit Suisse plans to use contingent convertible bonds to raise at least CHF250 million ($275 million) as part of its effort to repurchase CHF4 billion ($4.4 billion) of public tier 1 and tier 2 securities and swap them for instruments such as CoCos.
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The U.K. has rejected a recommendation by Vince Cable, its business secretary, to break up the Royal Bank of Scotland and create a bank to boost lending to businesses.
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BBVA has become the first Spanish bank to take over a nationalized lender, Unnim, for a single euro as the Bank of Spain looks to unload troubled institutions it holds.
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Lloyds Banking Group is putting together a £600 million ($949 million) portfolio of loans for its second such sale in six months. .
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Allied Irish Bank is planning to cut 2,500 jobs, about 20% of its workforce.
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Vince Cable, the U.K.’s business secretary, is recommending that the government break up the Royal Bank of Scotland and to create from it a British Business Bank to expand lending to businesses.
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Major European banks such as Barclays and Lloyds Banking Group have borrowed funds through the European Central Bank’s Long-Term Refinancing Operation through their subsidiaries in other countries to make them more financially self-sufficient and reduce their exposure to these units in the event local economies worsen.
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Credit Suisse has announced that it plans to repurchase about CHF 4 billion ($4.38 billion) in outstanding securities to meet tougher capital requirements imposed both by the Swiss government and the Basel Committee on Banking Supervision.
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Germany’s Commerzbank says it plans to raise its core Tier 1 capital by EUR776 million ($1.02 billion) in the first half of the year by exchanging an estimated 361 million new shares for debt securities that have an aggregate principal amount of EUR965 million ($1.32 billion).