Deutsche breaks bond dry-spell September 29, 2011 DEUTSCHE Bank yesterday ended a debt sale drought across Europe by successfully raising €1.5bn (£1.3bn) in long-term funding. The bank became the first European institution to sell senior unsecured bonds since the start of the summer, when both investors and issuers fled the turbulent debt markets. Deutsche’s two-year bonds were offered at 98 basis points [...]
China signals reluctance to support euro September 29, 2011 THE HEAD of China’s sovereign wealth fund, Jin Liqun, signalled yesterday that he is reluctant to deploy Beijing’s firepower to help stem the Eurozone crisis until the region’s leaders present a coherent rescue plan. “We in China are concerned about the unravelling of the situation in the… region,” he said. “China cannot [buy euro debt] without [...]
MERKEL AVOIDS DISASTER OVER BAILOUT September 29, 2011 GERMANY’S parliament approved new powers for the Eurozone’s bailout fund yesterday. Support from the opposition meant there had been no doubt Germany would OK the new powers but Chancellor Angela Merkel also stemmed a potentially damaging backbench rebellion and had a coalition majority for the vote.
Torrid summer boosts LSE September 29, 2011 LONDON Stock Exchange chief Xavier Rolet highlighted the group’s diversification agenda yesterday as he said equity trading volumes were up 12 per cent due to the market turmoil over the past five months. The LSE Group made £190.2m in revenues in the three months to the end of June, 14 per cent higher than a [...]
Citi set to return cash to shareholders, says Pandit September 29, 2011 CITIGROUP chief executive Vikram Pandit said he expects to return significant amounts of capital to shareholders over the next two years. Pandit, speaking in Singapore on an emerging markets push, also said the bank will begin to see benefits of its Asian investment, 85 per cent of which has been in retail banking. “By the [...]
ANALYST VIEWS: HOW IS CURRENT MARKET VOLATILITY AFFECTING ICAP? September 29, 2011 JAMES HAMILTON | NUMIS We believe its earnings are protected from the ravages of declining equity markets and weakening economic environment. Given that the volatility is driven by structural debt and competitiveness problems, we do not see either an easy or quick solution, so believe Icap will continue to benefit. SARAH ING | SINGER CAPITAL [...]
…while Icap eyes London metal bourse September 29, 2011 ICAP has emerged as a contender in the race to buy the London Metals Exchange (LME), after its chief executive Michael Spencer said he was “very, very interested” to learn it was up for sale. Spencer said the LME was a “very good business” and pledged to “do a bit of research and give it [...]
Global IPO proceeds slump to 2009 lows as investors lose appetite for risk September 29, 2011 GLOBAL IPO activity fell off a cliff in the third quarter as extreme volatility in capital markets collided with low summer trading volumes, Renaissance Capital said yesterday. The 55 global IPOs floated in the three months to September raised just $19bn (£12bn), the lowest since the second quarter of 2009 and almost a 60 per [...]
Santander chief expects three year chill on profits September 29, 2011 SPANISH bank Santander expects it will take three years for profits to return to normal as higher regulatory and funding costs bite while the credit cycle gradually improves. The Eurozone’s biggest bank expects its return on equity (RoE) to improve by between three and six percentage points over the next three years and sees profits [...]
Commodities on track for dire quarter September 29, 2011 COMMODITIES, which are on course to close on their worst quarter since 2008 amid concerns over a global slowdown, gained some breathing space yesterday after the German parliament backed plans to expand the Eurozone’s bailout fund. Copper – often seen as a bell-weather for economic growth – as well as other industrial metals have been [...]
