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Saturday, 21 July 2018

Keith Mullin' s stories

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  • Crowding-out effects beckon: beware

    Crowding-out effects beckon: beware

    All Special Reports | 05 April 2018

    The corollary of a fully globalised and interconnected financial system is that markets can be made or broken by capricious and super-sensitive global capital. Those prodigious pools of capital are pondering a lot of issues at the moment. There’s a lot on the radar and they’re worried.

  • Wanted: sovereign Green bonds

    People & Markets | 26 January 2018

    GREEN CAPITAL MARKETS issuance probably got close to US$200bn in 2017, if you throw in everything plus the kitchen sink and include Green-labelled international and domestic bonds, US tax-exempt munis, private placements, ABS/MBS, covered bonds, Schuldscheine, syndicated loans, and financings that had only partial Green use-of-proceeds.

  • Bank mergers not a 2018 story

    People & Markets | 12 January 2018

    EUROPEAN BANK MERGER mania seems to have caught the imagination and looks set to be a driving theme for 2018. There’s only one problem: it’s caught the imagination of policymakers and the media rather than the banks.

  • Preparing the decks for 2018

    People & Markets | 15 December 2017

    IF THE PENDULUM for most major investment banks has broadly swung away from rehab towards investing in growth, not all banks have felt the need to reboot senior management ranks to reflect this significant shift in opportunity and mindset.

  • Japan: a year of positive alignments

    Japan: a year of positive alignments

    All Special Reports | 15 December 2017

    Growth is (relatively) strong, markets are up as a result and capital markets activity is buoyant. The return of Tepco to the bond markets and the funding dynamism of Softbank were among factors that gave bankers in Japan and those who focus on the market from abroad a certain swagger.

  • Banks pivot to growth

    Banks pivot to growth

    All Special Reports | 15 December 2017

    A reformed and reshaped global banking industry is investing for growth again. But with decent profits still elusive for some, and a host of headwinds to battle against, it’s too early to declare that happy days are here again.

  • The FCA, IPOs and how to achieve the square root of zero

    People & Markets | 17 November 2017

    WHEN I SAW the Financial Conduct Authority’s recent package of IPO measures, which it said were designed to ensure the UK’s primary capital markets remained effective – a crucial end-game in a Brexit context – I kept thinking I must have missed something.

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    The FCA, IPOs and how to achieve the square root of zero

    Ticker | 15 November 2017

    When I saw the Financial Conduct Authority’s recent package of IPO measures, which it said were designed to ensure the UK’s primary capital markets remained effective – a crucial end-game in a Brexit context – I kept thinking I must have missed something.

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    Just when you think it’s safe…

    People & Markets | 06 October 2017

    IT’S HARD TO argue that the banking industry hasn’t made significant progress since the financial crisis, having undergone and in many cases still working through processes to right-size, re-balance and re-tool. Considering the severe headcount and expense reductions and business-line filleting that have underpinned efforts to increase returns on equity, it’s been painful.

  • Banks crawl through fog of resolution

    Resolution fog

    All Special Reports | 20 September 2017

    A strong regulatory sense of purpose and direction of travel around capital, liquidity and, more specifically, bank resolution has run headlong at a macro level into a potentially toxic triumph of politics over policy and at a micro level into puzzlement around how point of non-viability is determined and what processes ensue.

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    Passive investment will kill IPOs

    People & Markets | 08 September 2017

    INVESTMENT BANKERS LOVE IPOs more than most. These days that’s largely because of the high fees such deals attract, rather than the kudos that comes with being a go-to adviser and underwriter (those bragging rights have been slipping away as the act of going public has lost its lustre as the highest-form corporate end-state).

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    Follow the money

    People & Markets | 04 August 2017

    THE NARRATIVE EMERGING in Europe around banks’ second-quarter earnings is that the restructuring cycle is reaching an end-point and giving way to a more wholesome focus on business growth. Sounds good, but is that realistic?

  • Venetian farce throws consistency to the wind

    People & Markets | 30 June 2017

    THE EUROPEAN UNION is doing itself no favours. It’s not just that its rationales and applied methodologies for dealing with vulnerable and fragile banks seem inconsistent and rather opaque.

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    What sank Popular? Supervisory negligence

    Ticker | 16 June 2017

    Keith Mullin assesses the aftermath of Spanish lender Banco Popular’s collapse

  • Keith Mullin 475px June 2014

    Strategy and the vagaries of markets

    People & Markets | 27 January 2017

    THERE WAS A lot of chatter on the back of UBS’s fourth-quarter and full-year results around whether the strategy adopted by Sergio Ermotti, to scale back fixed-income and push wealth management to the fore with a smaller equities-led investment bank, has wrong-footed the group vis-à-vis its ability to take full advantage of market conditions that prevailed in the fourth quarter as well as potential evolving market conditions.

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    Banking story turning the corner: stay long

    People & Markets | 20 January 2017

    MAJOR BANK STOCKS have been on a tear since the US election result, up on average around 25% – a whole lot more in many cases. It’s not just US banks but international players too. It’s probably safe to say equity prices have been caught by a wave of investor over-exuberance and the acceleration will settle down over time. But the appreciation does raise some vital questions.

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    Grumpy bankers least of Cryan’s woes

    Ticker | 19 January 2017

    Not that anyone should be surprised, but didn’t John Cryan have a demeanour of a weary man with a lot of troubles on his shoulders in his interview on CNBC?

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    Are asset managers becoming systemically dangerous?

    People & Markets | 13 January 2017

    SHOULD WE BE worried about the latent power of the US$76.7trn held in the asset management sector – 40% of global financial system assets – to wreak havoc on the world and unleash an unforeseen buyside catastrophe?

  • Is derivatives clearing the biggest Brexit issue?

    Ticker | 12 January 2017

    It was the Xavier Rolet show Tuesday as the polished and articulate chief executive of London Stock Exchange Group turned on the charm and transformed the UK Treasury select committee hearing on the UK’s future economic relationship with the European Union – a very broad macro subject – into a detailed and decidedly micro discussion about derivatives clearing.

  • Rok Perko of Slovenia crashes during the men's Alpine Skiing World Cup

    BMPS bailout enrages Slovenia’s dispossessed

    Top News | 06 January 2017

    The recently announced bailout of Banca Monte Dei Paschi di Siena retail Tier 2 bondholders and the limited bail-in of institutional Tier 1 holders has thrown to the fore a bitter dispute around the wipe-out of shareholders and subordinated bondholders in six Slovenian banks that were rescued by the state in 2013 and 2014.

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