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Saturday, 04 July 2015

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Calm

Holding steady

IFR 2090 4 July to 10 July 2015

There’s no doubt that the stand-off between Greece and the rest of the eurozone has caused ructions across financial markets. But – so far at least – it’s not been as bad as some might have expected. Yes, the European corporate DCM market has been slow in the past few weeks, but even last week saw a handful of deals – including Danaher’s €2.7bn four-tranche M&A transaction.

Top News

Greece

Greece: lack of grace period means all eyes turn to July 20 repayment

IFR 2090 4 July to 10 July 2015 By ,

Greece and its creditors may have only two weeks after this weekend’s referendum to come up with a new bailout agreement, a lot less than many market participants expect, with the country set to default by July 20 if it is unable to come up with funds to repay bonds held by the ECB.

Deutsche Bank logo with Jain

Anshu Jain and the building of a flow monster

IFR 2090 4 July to 10 July 2015 By ,

Last Tuesday was Anshu Jain’s last day as co-CEO of Deutsche Bank. It was almost 20 years to the day since the then 32-year-old banker left his managing director role at Wall Street behemoth Merrill Lynch to join the German bank, widely regarded back then as a sleepy European lender focused primarily on the German Mittelstand.

Danaher

DCM stalls, but ECM stands firm

IFR 2090 4 July to 10 July 2015 By ,

While the bond markets have not been entirely closed by events in Greece, there has been precious little new issuance in spite of a pipeline that has been continuing to grow.

Screens

Upside dominates in Greece hedging

IFR 2090 4 July to 10 July 2015 By

Upside positioning through call option structures was at the forefront of equity derivatives activity as investors scrambled for hedging opportunities ahead of the referendum that could determine Greece’s future in the eurozone.

Verallia

Lev deals hit by Greek uncertainty

IFR 2090 4 July to 10 July 2015 By

The European leveraged loan market felt the heat last week as a result of wider macro volatility caused by the Greek crisis, with another repricing cancelled and a high-profile launch delayed.

ECB

Surprise as ECB buys corporates

IFR 2090 4 July to 10 July 2015 By ,

The European Central Bank took the market by surprise on Thursday when it added three Italian corporates to the list of names eligible for purchase under its quantitative easing programme.

Shanghai

China fails to halt equity rout

IFR 2090 4 July to 10 July 2015 By Timothy Sifert

China’s desperate efforts to restore confidence in mainland equities last week failed to halt a market crash that has wiped out 30% of market value in just three weeks.

Singapore

Singapore says no to senior debt bail-in

IFR 2090 4 July to 10 July 2015 By Kit Yin Boey

Holders of senior debt from Singapore’s banks will have reason to breathe easy if the Monetary Authority of Singapore implements proposals to limit its statutory bail-in framework to subordinated debt.

Korea

Asia adds to safe-haven status

IFR 2090 4 July to 10 July 2015 By Frances Yoon

Asian credit held firm last week even as fears for Greece’s future in the eurozone slammed the brakes on new issues, lifting Asia’s appeal as a safe haven from the European crisis.

Puerto Rico

Puerto Rico demands debt restructuring

IFR 2090 4 July to 10 July 2015 By Philip Scipio

Puerto Rico is rejecting calls from creditors as it embarks on a long-term austerity programme to cut costs and service some US$72bn in municipal bond debt. The debt, said the commonwealth’s governor, Alejandro García Padilla, was not payable.

Greek

Greek deal won't save its banks

IFR 2089 27 June 2015 to 3 July 2015 By

An eleventh-hour deal between Greece and its creditors to unlock desperately needed funds for the government and narrowly avoid default will not end the acute liquidity and solvency crisis being faced by the country’s banks.

IFR Magazine Top News in Full (subscription required)

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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

​Cryan out loud

IFR 2090 4 July to 10 July 2015

JOHN CRYAN FOLLOWED Bill Winters’ enthusiastic day one memo to the troops by seeming to invoke John F Kennedy’s “Ich bin ein Berliner” speech with his inaugural message to staff when he said he was honoured to call himself a “Deutsche Banker”.

Morgan Stanley logo

Morgan Stanley seen expanding in FICC

The scramble is on for US firms to expand market share in fixed income trading as European banks reluctantly back out of the business. Despite expectations that JP Morgan, Citigroup and Goldman Sachs would be the first ones to pick up the baton, recent figures show that Morgan Stanley has become the frontrunner in winning FICC market share.

Cryan

New Deutsche Bank chief delays overhaul

Deutsche Bank’s new chief executive John Cryan has delayed implementing a strategic overhaul by three months but told staff to expect tough reforms as he shakes up a group that he said had become too diversified and complex.

Deutsche Bank headquarters in Frankfurt

German prosecutors step up rate-rigging probe at Deutsche Bank

Frankfurt prosecutors are investigating five individuals in connection with Deutsche Bank’s participation in a global interest rate-rigging scandal, including four traders the bank dismissed in 2013, the prosecutor’s office has said.

China

China hunts for "manipulators" as stocks tumble

(Reuters) - Chinese stocks tumbled again on Friday, taking the week’s losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash.

JPM

Second-quarter revenues expected to be weak

Trading at major investment banks, which received a fillip in the first quarter thanks to volatile currency markets, looks set for a poor second quarter, with predictions that revenues could be down by about 15%.

Danaher

Bankers hedge bets on M&A bonds in rocky markets

Corporates needing to raise some US$50bn of funding to finance M&A transactions in the coming months are seeing their options narrow amid renewed market volatility and dwindling investment returns that has made the buyside more cautious.

BoCom joins PRC securities sector

BoCom International, the Hong Kong-based investment banking unit of Bank of Communications, has bought a stake in Huaying Securities from RBS to become the first Chinese bank to enter the domestic securities industry in more than a decade.

APAC fees trump rest of world

Investment banking fees in Asia Pacific, excluding Japan, climbed more than 3% in the first half of 2015, outperforming declines in every other major region. 

IMF

IMF credibility on line over Greek debt

By Desmond Lachman, American Enterprise Institute

Problems ahead, whether Yes or No…

Athens

What’s at stake in the referendum

By Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy

Why Greeks must say Yes to a European future.

OMFIF

Greece threatens US and Nato engagement in Mediterranean

By John Kornblum, Senior Counsellor at Noerr LLP

Former US Ambassador to Germany John Kornblum on the geopolitical fallout of the Greek crisis.

All Guesl Columnist: OMFIF

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Blaming "foreign puppets" for China's stock markets routVideo

A heavy dose of patriotism and finger pointing at foreigners has become one way for investors to find someone to blame for huge losses in China’s stock markets. Tara Joseph reports.

All Spotlight

IFR Bank Capital Roundtable 2015 cover image

IFR Bank Capital Roundtable 2015

The Great Bank Capital Debate rumbles on. IFR’s latest event on this evolving topic was held as the TLAC and MREL initiatives wend their way closer to final versions at the same time as banks are – to the extent the rules have been finalised or where the direction of travel is otherwise clear – fine-tuning resolution plans, working towards assumed leverage ratio minimums, and dealing with funding, liquidity and a host of other issues in a world that has become increasingly convoluted.

IFR Top 250 Borrowers 2015 Cover

IFR Top 250 Borrowers 2015

Shifting sands – Credit markets posted yet another year of storming supply, a scene played out in an unnatural landscape constantly reshaped by shifting sands. On the one hand, the US called time on its quantitative easing bond-buying programme; but, on the other, the European Central Bank scrambled up the dunes to proclaim an initiative of its own. In the QE stakes, Frankfurt simply replaced Washington.

All Special Reports