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Monday, 18 December 2017

Gareth Gore' s stories

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  • US dollar bills

    Fees top US$100bn for first time since 2007

    Top News | 15 December 2017

    Christmas has come early for investment bankers, after the annual haul of fees from underwriting and advisory work last week topped US$100bn for the first time in a decade, following a last-minute rush of deals that capped a bumper year of issuance.

  • Built on sand?

    Built on sand?

    All Special Reports | 15 December 2017

    Grand plans to transform Saudi Arabia’s oil-focused economy have caught the attention of every major bank over the past year. But many could be in for a long wait as they seek returns on the resources being lavished on the country.

  • Bank for Financial Institutions: Morgan Stanley

    Bank for Financial Institutions: Morgan Stanley

    All Special Reports | 15 December 2017

    Only one bank can boast of having been the key adviser on the year’s biggest transactions from European banks, US insurers and Asian fintech firms. For its range of work on complex deals across all products and regions, Morgan Stanley is IFR’s Bank of the Year for Financial Institutions.

  • Bank for Governments: Citigroup

    Bank for Governments: Citigroup

    All Special Reports | 15 December 2017

    Its unrivalled global presence and prowess across the entire spectrum of banking have long marked out Citigroup as a vital partner for public sector clients. But in 2017 it took that a step further, leveraging its assets to create some landmark and often innovative solutions for governments – often against strong headwinds. Citigroup is IFR’s Bank of the Year for Governments.

  • Bank for Financial Sponsors: Goldman Sachs

    Bank for Financial Sponsors: Goldman Sachs

    All Special Reports | 15 December 2017

    Coming up with new transaction ideas while navigating a crowded field of private equity firms, family offices, sovereign wealth funds and other asset managers has been crucial for sponsor bankers in a busy year. One firm has cemented its lead over rivals, making Goldman Sachs IFR’s Bank of the Year for Financial Sponsors.

  • Credit Suisse gears up for Europe pick-up

    People & Markets | 08 December 2017

    Credit Suisse is shifting its investment banking resources towards Europe ahead of what’s expected to be a substantial pick-up in deals in the region next year following years of subdued activity and false starts.

  • Steinhoff International logo

    Steinhoff scandal leaves banks gauging exposure

    Top News | 08 December 2017

    Banks that financed Steinhoff International’s rapid expansion have been left gauging their exposure – both financial and legal – to the South African retailer after “new information” emerged relating to possible accounting irregularities.

  • Saudi Arabian flag

    Saudi deals dry up amid uncertainty

    Top News | 24 November 2017

    When Saudi Arabia unveiled a grand plan early last year to overhaul its economy, create millions of jobs and facilitate trillions of dollars of fresh investments, the landmark announcement created a frenzy among the world’s investment banks.

  • Graduation ceremony

    UK revives student loan sale as fiscal hole deepens

    Top News | 03 November 2017

    The UK government will press ahead with the sale of a £3.7bn pool of student loans by the end of the year despite an ongoing review of university funding that could saddle it with a hefty compensation bill for investors that buy into the deal.

  • ECB Exit

    ECB eyes end of QE but retains corporate commitment

    Top News | 20 October 2017

    After more than €2trn of bond purchases, the European Central Bank is expected on Thursday to announce the phasing out of its quantitative easing programme, with plans to reduce – and eventually halt – its purchases over the course of next year.

  • Graduates

    UK government in a bind over £4.1bn student loan sale

    Top News | 13 October 2017

    The UK government faces a dilemma over whether to proceed with a landmark sale of £4.1bn of student loans, the first in a series of transactions it hopes will raise £12bn for the exchequer over the next four years.

  • EU flags fly in front of the ECB headquarters in Frankfurt

    ECB eyes deadlines for banks to cover bad loans

    Top News | 06 October 2017

    The European Central Bank plans to require banks to set aside enough cash to cover the full amount of any loan that falls into arrears, as it seeks to make it prohibitively expensive for lenders to just sit on bad loans.

  • A dry bulk cargo ship

    Day of reckoning draws near for German banks' shipping losses

    Top News | 29 September 2017

    When a cancelled order freed up nine slots at the Ulsan shipyard in South Korea in late 2007, the news set off a frenzy of activity 6,000 miles away in Hamburg.

  • A Hapag-Lloyd container being loaded

    Debt-laden Hapag-Lloyd to launch US$400m rights issue in days

    Top News | 22 September 2017

    Hapag-Lloyd will launch its US$400m rights issue in the next few days, as the shipping giant seeks to bring down debt that has ballooned as a result of its merger with Middle East peer UASC.

  • HSH Portfoliomanagement debuts at last

    Bonds | 15 September 2017

    German bad bank HSH Portfoliomanagement finally made its bond market debut on Tuesday, printing a three-year US$500m FRN – albeit more than a year after it mandated banks on the trade.

  • Otkritie Financial Corporation logo

    The curious collapse of Russia's Otkritie

    Top News | 08 September 2017

    When Kirill Lukashuk and Alexander Proklov put out their view of the creditworthiness of Otkritie in early July, they never imagined the note might trigger a series of events that would push Russia’s largest private bank into a central bank bailout.

  • European Parliament in Strasbourg, France

    Europe draws up sovereign CDO plans

    Top News | 11 August 2017

    European banks could be pushed to sell their Italian, Spanish and Portuguese sovereign debt holdings and replace them with newly created “safe” securities under proposals designed to strengthen the region’s financial system.

  • Piggy Bank

    Looming maturities threaten Greece's bailout exit

    Top News | 28 July 2017

    Greece and its creditors were quick to hail the country’s triumphant return to the sovereign bond market as an important milestone as it prepares for financial independence once its current bailout ends just over a year from now.

  • UniCredit

    UniCredit's €16bn NPL deal nears finish

    Top News | 21 July 2017

    UniCredit hopes to shift bad loans with a face value of €16.2bn off its books before the end of the month after signing an agreement with US funds Pimco and Fortress. The funds have committed to buy just over half of the portfolio for around €1bn.

  • Estonia's Finance Minister Toomas Toniste

    Europe eyes power to strong-arm banks on NPLs

    Top News | 14 July 2017

    European regulators could be given more power to force banks to tackle the €1trn of bad loans festering on their balance sheets, under new proposals put together by the region’s finance ministers.

  • Monte Dei Paschi

    Monte dei Paschi gets €5.4bn bailout

    Top News | 07 July 2017

    Banca Monte dei Paschi di Siena can hold on to its mantle as the world’s oldest bank for a little longer after the Italian government stepped in to rescue the struggling Tuscan lender via a deal that will cost the taxpayer €5.4bn.

  • Monte Dei Paschi

    Monte dei Paschi rescue deal gets green light

    Ticker | 05 July 2017

    Italy will inject €5.4bn into Banca Monte dei Paschi di Siena as part of a wholescale restructuring of the struggling Tuscan lender that will also see the bank shed €26bn of bad loans, following approval from the European Commission.

  • Monte dei Paschi bank headquaters

    MPS rescue helped by rivals' collapse

    Top News | 30 June 2017

    Banca Monte dei Paschi di Siena expects to close the sale of €26bn of

  • The entrance of Monte dei Paschi

    Monte dei Paschi deal boosted by Vicenza, Veneto collapse

    Ticker | 29 June 2017

    Banca Monte dei Paschi di Siena expects to close the sale of €26bn of bad loans within days following a last-ditch bid from Italy’s industry-backed rescue fund to revive a deal that looked to have collapsed.

  • British and EU flags

    UK deals pick up as companies tire of waiting

    Top News | 23 June 2017

    One year after the shock vote to exit the European Union forced many to ditch or delay planned transactions, UK companies are tentatively returning to dealmaking, as many conclude they can’t afford to wait any longer.

  • Eurozone banks reduce sovereign holdings

    Banks close €2trn carry trade as rate rises loom

    Top News | 16 June 2017

    Once viewed as a lucrative and risk-free carry trade, the €2trn of government bonds held by Europe’s banks is fast becoming a source of worry, with some choosing to unwind their positions before interest rate hikes leave them with potentially large losses.

  • Italy's largest bank UniCredit is pictured in downtown Milan

    UniCredit overhaul pays dividends on AT1s

    Top News | 19 May 2017

    UniCredit has taken another step on its long road to rehabilitation, pricing its first public Additional Tier 1 trade in almost three years, in a signal that capital concerns have been laid to rest after a top-to-bottom overhaul of the struggling Italian bank.

  • Banco Popular headquarters

    Popular steps up battle to raise capital

    Top News | 12 May 2017

    Banco Popular has fired the opening salvo in what is expected to be a long and difficult battle to raise billions of euros in fresh capital, putting its US and credit card businesses up for sale while work continues on a much broader recapitalisation plan.

  • Saudi Arabian flag

    Saudi tempts in foreign money ahead of IPO rush

    Top News | 05 May 2017

    Saudi Arabia is overhauling its equity market infrastructure to tempt in foreign money and boost liquidity ahead of a vast privatisation programme that is set to raise hundreds of billions of dollars for the cash-strapped oil giant.

  • British PM Theresa May is welcomed by European Commission President Jean-Claude Juncker at the EC headquarter

    UK 'default' unlikely under no-deal Brexit

    Top News | 05 May 2017

    The United Kingdom would probably escape the ignominy of being labelled as in default even if it were to walk away from its membership of the European Union without paying the “exit bill” being demanded by the bloc.

  • IFR Capital Markets Week Ahead - May 1, 2017

    Ticker | 01 May 2017

    Coming up this week in global capital markets:

  • Desert sand

    Saudi Arabia could prove a desert for bank fees

    Top News | 28 April 2017

    Saudi Arabia’s plans to open up its capital markets and sell shares in many of its crown-jewel assets have sent the world’s global investment banks into a frenzy, prompting a rush of hiring and frantic attempts to woo the Kingdom’s ruling elite.

  • IFR Capital Markets Week Ahead - April 10

    People & Markets | 07 April 2017

    Result! The US bank earnings season kicks off on Thursday, when JP Morgan and Citigroup release their first-quarter numbers. Both are expected to deliver solid results – especially in their investment banking divisions – after a busy start to the year. Investment banks have had their best first quarter for underwriting fees since 2007 after a surge in bond, equity

  • UniCredit headquarters

    Famine to feast: ECM rebounds after torrid 2016

    Top News | 31 March 2017

    Equity capital markets bankers are breathing a collective sigh of relief after a flood of recent deals produced a welcome turnaround for the asset class that last year suffered its worst year for underwriting fees since 2003.

  • European banks gorge on final TLTRO

    Top News | 24 March 2017

    Banks have gorged on the latest helping of free money from the European Central Bank, as they take advantage of their last chance to lock in long-term funding before authorities wind down a three-year-old programme that has had mixed results.

  • A sign sits outside Arion Bank in Reykjavik, Iceland

    Iceland eyes bank sales as controls are lifted

    Top News | 17 March 2017

    Iceland has finally removed capital controls erected at the height of its crippling banking and economic crisis, in a move that marks the country’s financial rehabilitation and should facilitate easier access to global capital markets for domestic issuers.

  • Deutsche Postbank

    Postbank debacle forces Deutsche into capital raising

    Top News | 10 March 2017

    Deutsche Bank is to launch its fifth capital raising in a decade after failing to sell its retail Postbank business, with shareholders being asked to cough up another €8bn to help reintegrate the entity and plug a hole that the long-planned sale was supposed to fill.

  • Oil Permian

    Back from the dead: US shale is booming again

    Top News | 03 March 2017

    Saudi Arabia’s attempt to kill off the US shale oil industry looks to have badly backfired. More than two years after Riyadh and its OPEC allies ramped up production to push down the price of oil and drive shale producers out of business, it’s actually the cartel that is licking its wounds – and not the US upstarts.

  • Jean Pierre Mustier

    UniCredit's near perfect rights result

    Top News | 24 February 2017

    UniCredit has achieved overwhelming market support for its €13bn capital raise – the biggest from a bank since the depths of the crisis – with 99.8% of rights being taken up during the subscription period, an impressive result for the struggling Italian bank.

  • European Central Bank (ECB) headquarters

    Europe eyes clean-up of €1trn of bad loans

    Top News | 10 February 2017

    European authorities are pushing for a comprehensive clean-up of the €1trn of non-performing loans currently festering on banks’ balance sheets, and a proposal for an asset management company to buy up bad loans is currently gaining traction among officials.

  • A man looks at a Unicredit logo

    UniCredit: this time it's different

    Top News | 03 February 2017

    Jean Pierre Mustier wanted out. The Frenchman had been recruited three years earlier by UniCredit chief executiv

  • Week Ahead: UniCredit, Nigeria, Greece

    People & Markets | 03 February 2017

    This time it’s different UniCredit, which has spent the last decade in intensive care, launches its long-awaited €13bn rights issue today with the bank in critical condition. After a multi-billion-euro writedown at the end of last year, the Italian lender’s capital levels are now below the regulatory minimum. I

  • A man looks at a UniCredit logo

    UniCredit woos substitute investors

    Top News | 13 January 2017

    UniCredit is courting new investors to support its €13bn rights issue amid concerns that not all of its current shareholders will be willing – or able – to take up their rights in a transaction that is vital to turning around Italy’s biggest bank.

  • Piraeus Bank

    Piraeus Bank eyes bond market return

    Top News | 13 January 2017

    Piraeus Bank is putting together plans to print the first bond issue from a Greek lender since mid-2014, in the latest sign that funding for the sector is slowly returning to normal after three years of capital controls and emergency assistance.

  • BMPS in last push to avoid bailout

    Top News | 16 December 2016

    Banca Monte dei Paschi di Siena is to make one last-ditch effort to convince investors to hand over €5bn before a deadline to bolster its capital buffers expires at the end of the year.

  • Defying logic: buying bonds in an era of negative rates

    Defying logic: buying bonds in an era of negative rates

    All Special Reports | 16 December 2016

    Rock-bottom interest rates, quantitative easing and negative yields have turned the fixed-income investor universe upside down. How do fund managers make sense of these changes and how are they positioning their portfolios in response?

  • ECM's Year of Pain

    ECM’s year of pain

    All Special Reports | 16 December 2016

    Few equity capital markets bankers will look back fondly on 2016. For most, the year was a long, uncomfortable ride that saw markets lurch from one extreme to the other – a year of political upheaval in the UK and Brazil, of a collapse in the wider commodity complex, and of ebbing confidence in China’s growth model. Along the way, deal after deal was caught out; almost every team came out the year scarred in one way or another.

  • Defying logic: buying bonds in an era of negative rates

    Defying logic: buying bonds in an era of negative rates

    All Special Reports | 16 December 2016

    Bunds were hardly a screaming buy at the beginning of 2016. Far from it: shorter-dated paper offered investors next to no yield at all; and even at the longer end, a 0.1% coupon on 30-year debt must have seemed like scant compensation for all the risks that might befall the investment during that time.

  • Monte dei Paschi bank headquaters

    Monte dei Paschi faces bailout

    Top News | 09 December 2016

    Banca Monte dei Paschi di Siena may have little option but to ask for a government bailout after the European Central Bank rejected a plea to extend the deadline on its €5bn recapitalisation efforts by three weeks.

  • European Central Bank headquarters

    Government bond sell-off to hit bank capital

    Top News | 02 December 2016

    Europe’s largest banks are preparing for a hit to their capital buffers at the end of the year, when many will be forced to write down the value of about €1trn of government bonds held as available for sale amid a regulatory clampdown on such holdings.

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