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Monday, 02 March 2015

StanChart

Bouncing back

IFR 2072 28 February 2015 to 6 March 2015

Bill Winters is nothing if not shrewd, and that quality is on display again in his decision to take over the reins as CEO of Standard Chartered.

Top News

ECB

QE distortions arrive even before the party starts

IFR 2072 28 February 2015 to 6 March 2015 By

Even before it has begun, the European Central Bank’s looming bond purchase programme has already distorted prices to such an extent that a variety of public sector issuers are being forced to rethink their borrowing strategies.

European Central Bank (ECB) headquarters

ECB faces struggle to meet QE targets

IFR 2072 28 February 2015 to 6 March 2015 By

The European Central Bank will crank up its long-awaited quantitative easing programme in the coming days, injecting €60bn a month into already buoyant markets for bonds issued by sovereigns, supranationals and agencies, and asset-backed securities.

Argentina flag

Argentina shelves dollar bond sale

IFR 2072 28 February 2015 to 6 March 2015 By

Argentina’s attempt to sell at least US$2bn of new Bonar 2024 bonds to non-US investors was abruptly interrupted last week when a US judge ordered banks managing the sale to produce documents and witnesses for a deposition on the deal.

People enter and leave the headquarters building of Brazilian state oil company Petrobras in Rio de Janeiro

Petrobras downgrade shakes market

IFR 2072 28 February 2015 to 6 March 2015 By , Paul Kilby

Moody’s shocked bond investors last week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive, leaving them to add exposure incrementally.

Mexican national flag

EM euro issuance set for record high

IFR 2072 28 February 2015 to 6 March 2015 By

Euro-denominated emerging market sovereign issuance will soar to its highest levels ever on the back of the European Central Bank’s quantitative easing programme, as issuers outside the eurozone seek to take advantage of falling euro yields, according to bank analysts.

A tale of two currencies

Euro deals cheaper than dollars

IFR 2072 28 February 2015 to 6 March 2015 By , Jonathan Schwarzberg

Global borrowers are using cheaper pricing in the European leveraged loan market to increase the size of euro-denominated tranches and push down pricing on more expensive US dollar tranches as companies arbitrage the transatlantic markets to secure best pricing on large loans.

Fed

Regulators transfer fire-sale risk to investors

IFR 2072 28 February 2015 to 6 March 2015 By Philip Scipio

The US Federal Reserve is becoming concerned that rules designed to make the financial system safer may have inadvertently transferred risk from banks to investors.

Actavis logo

Banks collect on Actavis financing

IFR 2072 28 February 2015 to 6 March 2015 By ,

Acquisitive drug-maker Actavis underscored its status as one of Wall Street’s most prized corporate clients by pricing a record-breaking dual-tranche US$8.4bn equity and equity-linked capital raising that will be followed this week by a US$22bn bond deal.

1Malaysia

IPO key as 1MDB cleans house

IFR 2072 28 February 2015 to 6 March 2015 By , S Anuradha

State-owned investment fund 1Malaysia Development has reaffirmed plans to offload a stake in its power unit, hinting that the delayed IPO of the entity remains essential to the group’s efforts to reduce its debt burden.

AO

AO's world of pain

IFR 2072 28 February 2015 to 6 March 2015 By Graham Fahy

Bankers have distanced themselves from a claim by AO World that publicity generated by its high-profile IPO last year is to blame for the company’s failure to meet growth targets.

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Capital CityCapital City logo    

From the practice of placing a bell around the neck of a castrated ram to lead the flock

As the banker said to the bishop

27 February 2015

THESE ARE PAINFUL times for HSBC. But, like watching Madonna fall off a stage, that often means these are entertaining times for everyone else – as this week’s earnings call and appearance by Stuart “Vogue” Gulliver and Douglas “Ray of Light” Flint before the UK Treasury Select Committee demonstrated.

An exterior view of the Standard Chartered headquarters is seen in London

American 'casino banker' to run UK bank: Round Two

IFR Editor-at-large Keith Mullin on the Winters appointment at StanChart.

Eagle Fed

Is leveraged lending guidance bearing fruit?

The US agencies’ regulatory state of play…

Lion

The Lion aches

(Reuters BreakingViews) - On March 3 it will be exactly 150 years since the Hongkong and Shanghai Banking Corporation opened for business. Normally such a milestone would prompt celebration: after all, the bank founded by colonial merchants now ranks among the world’s largest financial institutions. However, any merriment is likely to be mute. For HSBC the birthday brings challenges as great as any it has ever faced.

Terra

Terra Capital Partners CEO on the US commercial real estate market

IFR’s Joy Wiltermuth talks to Bruce Batkin, CEO of Terra Capital Partners, on the US commercial real estate market. 

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How many times can HSBC say sorry?Video

HSBC says apologised again and says it deeply regrets past conduct and compliance failures at its Swiss private banking business as it reports a 17% drop in annual profit. Ivor Bennett of Reuters TV looks the damage the tax avoidance scandal is having on Europe’s biggest lender.

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German business morale edges upVideo

German business morale inched up to seven-month high in February. But will the strong start to 2015 from Europe’s leading economy last? Hayley Platt of Reuters TV reports.

All Spotlight

IFR SSA Report 2015 Cover

IFR SSA Special Report 2015

In boxing, the crowd often rallies around the underdog – especially if the fight is in the country that invented the sport. After tumbling to the canvas, Greece has staggered back to its feet and is now risking everything in order to win.

IFR Debt Capital Markets Roundtable 2014 Cover image

IFR Debt Capital Markets Roundtable 2014

IFR’s 2nd annual DCM roundtable once again drew together a group of super-senior managers, originators and syndicators whose firms between them account for close to two thirds of total international bond issuance. As with the inaugural event in 2013, it was an opportune moment for the people who run this business to take stock of market developments and provide an update and insight into some of the transformational themes confronting the financing industry.

All Special Reports