United States
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As the primary US banks release earnings for the third quarter there is little sign of panic in options markets despite overwhelmingly negative expectations.
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European and US banks paid up this week as they unleashed a torrent of dollar supply amid improving market conditions.
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Barclays already has a clear strategy for its investment bank and now it could be about to appoint the CEO to deliver it. But bigger questions lie ahead for all of Europe’s banks to remain competitive, writes David Rothnie. -
Dollar pre-funding is unlikely to be a feature of the fourth quarter this year as crushed swap spreads and a lack of direction from the US Federal Reserve force out SSA borrowers.
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Volatility in futures and options markets for US grains has abated after data from the US Department for Agriculture indicated a potentially weaker harvest cycle.
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JP Morgan Chase missed analysts' expectations in its third quarter results, due to weak revenue from trading and debt capital markets. But core loan growth is soaring, and JPM has made huge strides in simplifying its balance sheet.
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Santander and BBVA both looked to the dollar market to secure senior funding on Tuesday amid a bare session for European FIG issuance.
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This week began with three small euro offerings on screens from Landsbankinn, Carrefour Banque and NordLB as investors and issuers remained defensive after a recent run of gains in equities was met with a loss on Monday.
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The euro FIG market may lose the business of some US banks in the looming results reporting season, because it can’t compete with the depth of demand on offer in dollars.
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As the primary US banks prepare to release earnings for the third quarter there is little sign of panic in options markets despite overwhelmingly negative expectations.
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Two Yankee issuers enjoyed the full attention of investors amid improving market conditions this week.
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SumitG bears some striking improvements to Figsco, a similarly structured triple recourse deal that never made it to the market. These include a simpler guarantee, better transparency, cleaner collateral and more of it, as well as more frequent third party checks. But ultimately investors may only need to take a view on its recourse to Sumitomo Mitsui Trust Bank’s €320bn balance sheet.
