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’Snap news
Breaking pre-market news on Wednesday,
- Santander first-half profit down 21 per cent to €3.5bn – statement.
- ArcelorMittal beats forecasts with 22 per cent rise in first-half Ebitda – statement.
Santander’s €1bn flop – the covered bond that barked
Woof.
The Wall Street Journal has more details of the €1bn covered bond issued somewhat disastrously by Spanish bank Santander last week. Why disastrous? Deal managers were only able to sell about half of the bond,
Snap news
Breaking pre-market news on Thursday,
- Deutsche Bank reports first quarter 2011 net income of €2.1bn; but results from Banco Santander disappoint — statement and statement.
- BSkyB adds 51,000 net subscribers in Q3;
The acrid smell of burnt fingers…
… in the Spanish banking sector:
That’s what a couple of positive bond auctions in the periphery can do.
Abbey Alliance & Bungle Bank Plc
Why is Banco Santander looking to float 20 per cent of its UK business at a much reduced valuation of £16bn?
The answer is because it needs to, reckons Andrew Lim of Matrix:
Our own view is that Santander needs to do this deal to improve Basel III capital ratios relative to European peers.
Snap news
Breaking pre-market news on Tuesday,
- Santander agrees to buy $4.3bn auto loan portfolio from HSBC – statement.
- FSU offer for SDI extended to September 10 – statement.
- Aegon repays €500m of government support – statement.
Snap news
Breaking pre-market news on Wednesday,
- Misys to sell majority of its controlling interest in Allscripts; to return proceeds of £800m to shareholders – statement.
- Satander to take control of Mexican subsidiary Grupo Financiero Santander through $2.5bn deal with Bank of America – statement.
CDS report: Grinding tighter
Markit’s Gavan Nolan wrote this CDS report
News vacuum helping spreads to tighten
Euro rallying, supporting risky assets
Peripheral sovereigns lagging broader market – Greece 680bp, Italy 215bp (+1),
The provisioning pain in Spain stays mainly in the cajas
All hail the Spanish central bank’s long-awaited changes to the way banks provision for loan losses.
The proposed amendments are available on the Bank of Spain’s website, in Spanish.
Luckily Nomura’s Daragh Quinn has a handy English summary,
Abbey, Bungle & Leicester
Why is Santander considering a flotation of its operations in the UK? According to the spin in the weekend press, it is so that the Spanish bank can buy the 318-strong branch network that RBS is being forced to sell as a condition of the state aid it has received.
Not the Kiss of Death Awards, 2009 edition
Much like the so-called Curse of the Magazine Cover, awards to financial institutions have proved to be an interesting contrarian indicator over the years.
As Fintag noted in May, past winners of the Hedge Funds Review’s European Performance Awards — or what he dubbed the “Kiss of Death”
Banco Santander targets $8bn IPO
Banco Santander’s Brazilian unit is raising about 14.1bn reais ($8bn) in an IPO to fund expansion as growth accelerates in Latin America’s largest economy, reports Bloomberg. The bank is selling 600m units at a price of 23.5 reais apiece,
Holy See names new CEO
No, we’re not talking about the Pope; Benedict XVI is no fan of capitalism, in any event.
But not everyone in the Vatican City would bewail the futility of money and ambition, as the Wall Street Journal reported on Thursday:
Santander’s Brazilian job
Details of Banco Santander’s IPO of its Brazilian unit serves as a further reminder that its 74 year-old chairman Emilio Botin is a bit of a shrewdie.
While RBS and Fortis blew themselves up with their ill-timed acquisition of ABN AMRO,
Santander Brazil IPO could top $5.6bn
Banco Santander SA, the Brazilian unit of Spain’s Santander, filed on Thursday for an IPO in Brazil and the US, in what could become one of the largest IPOs of the year, reports Reuters. In July, Santander said it would sell about 15% of its Brazilian unit through a new share issue,
CDS report: Worries about asset quality hit Spanish banks
This CDS report was written by Markit’s Gavan Nolan
European credit markets struggled for the second consecutive session, paying little heed to rallying stick markets. The Markit iTraxx Europe index was trading around 94.7bp,
Santander to spin off Brazil arm in IPO
Banco Santander has appointed advisers to spin off its Brazilian business in an IPO that could raise at least $3bn and create one of Brazil’s largest publicly listed banks. Santander, which reports Q2 earnings on Wednesday,
Santander probed on ties to Madoff
Spanish prosecutors are investigating how one of Europe’s largest banks, Banco Santander, lost more than €2.3bn ($3.1bn) for clients by investing with Bernard Madoff, reports the WSJ. Santander itself lost just €17m.
Half of Madoff loss borne by foreigners
Roughly half the estimated losses from Bernard Madoff’s alleged $50bn “Ponzi” are being borne by non-US investors, according to an analysis of available data. While most of the small individual investors appear to be in the US where Madoff’s main business was based,
Madoff fallout spreads worldwide
The fallout from Bernard Madoff’s alleged $50bn fraud spread on Monday as more banks revealed exposures to his firm and hedge funds braced for withdrawals from anxious clients. Potential losses among
Santander faces defeat in Postbank race
Deutsche Post looks set to reject a late offer from Banco Santander of Spain to buy its Postbank subsidiary, accepting instead a rival bid from Deutsche Bank hailed by Berlin as a further step in strengthening Germany’s banking sector.
CDS report: Bid rumours spur HBOS rally
This CDS report was written by Markit’s Gavan Nolan
The bullish sentiment in the European banking sector was still lingering, complemented today by M&A talk.
Rumours that HBOS may a takeover target for Spanish bank BBVA were greeted positively by the market.
Details emerge for Flowers bid for Shinsei stake
Even as he bids for the UK’s Northern Rock, high-flying dealmaker Christopher Flowers is also putting together a deal to buy almost a third of Shinsei, the Japanese bank he helped rescue seven years ago.
Weekend catch-up: RBS/Hilton, Pru, ING
In case you missed it….
RBS poised for £1.1bn Hilton sale
Royal Bank of Scotland is engaged in a £3.7bn sell-off of UK real estate which could be seen as a call on the market, including the planned sale of a £1.1bn portfolio of mainly Hilton hotels to Jeremy Robson,