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’Euro banks are not very popular…
Major fallers across the continent (NOT just the banking sector):
UniCredit, of course, has already unveiled a €7.5bn cash call. It would seem that the guessing now is who is next.
A snap observation from Chintan Joshi at Nomura:
Snap news
Breaking pre-market news on Thursday,
- Profits at Credit Agricole because of Greek sovereign debt woes — statement.
- 3i Group to increase dividend following pressure from shareholders; NAV down 16 per cent — statement.
Retour au futur, le rumeur de French bank recap
French banks rallying on Monday:
Not hard to see the weekend’s trigger. As Bloomberg describes it:
The Journal du Dimanche reported Ramon Fernandez, head of the French Treasury, met with the heads of BNP Paribas (BNP) SA, Societe Generale (GLE) SA, Credit Agricole SA (ACA),
Moody’s downgrades SocGen and Credit Agricole; BNP review extended
Moody’s downgraded long-term debt of Société Générale and Crédit Agricole, while keeping BNP Paribas on review; SocGen and Credit Agricole are also remaining on review over long-term funding.
The top lines from each statement follow.
How to value a Greek bond like a CDO, part two
Ce contexte spécifique et la liquidité très faible du marché de la dette grecque a conduit le groupe Crédit Agricole S.A. à valoriser, au 30 juin 2011, ces instruments en « mark to model » et à les classer en niveau 3,
Snap news
Breaking pre-market news on Thursday,
- Glencore adjusted EBIT up 50 per cent to $3.3bn — statement.
- Credit Agricole takes €202m charge on Greek bonds, deputy CEO denies recapitalisation plans — statement and Reuters.
Le grande Apple [updated]
(Graphic via Scott Barber at Reuters)
Yup. Apple is the same size as entire eurozone banking sector – as measured by the free float of the Euro Stoxx banks index.
We’re not sure what, if anything,
Eurocrashing again [updated]
Euro at a four month low against the dollar (chart via Reuters)…
The Eurostoxx 600 banking index tanking…
(Unicredit already suspended after hurtling through trading limits, Credit Agricole down 4 per cent,
French exposure to Greece, an Argentine deja vu
The Economist, Buenos Aires, 2002:
[Spanish] banks will be the hardest hit. Through the subsidiaries of BBVA and SCH—they own respectively Banco Frances and Banco Rio, Argentina’s second- and third-largest banks—the Spanish banks control a fifth of Argentina’s banking system.
What lies in Greek bank subsidiaries
We all remember the Vienna Initiative, right?
European banks promised to capitalise subsidiaries in emerging Europe in 2009. Governments didn’t collapse from bank runs. It turned out, in general, not bad at keeping some rubbish balance sheets ticking over.
Snap news
Breaking pre-market news on Thursday,
- RBS reports £1.9bn 2010 operating profit versus loss of £6bn in 2009 – statement.
- Credit Agricole swings to Q4 net loss – statement.
- Britvic cites ‘unprecedented’ pace of input-cost inflation — statement.
More Greek haircut jitters
It’s not just the Greek banks that have been spooked by National Bank of Greece’s cash call and attendant fears of government debt restructuring.
French banks Société Générale and Credit Agricole,
Credit Suisse stress-tests the French banks
A fresh note by Credit Suisse allows us continue our series on the unofficial European bank stress tests being conducted by analysts, ahead of the publication of regulators’ results in mid-July.
Step forward,
Credit Agricole names its Greek pain
Shares in Credit Agricole were down 4.84 per cent in Paris at pixel time:
For which you can probably blame Emporiki, the French bank’s Greek subsidiary.
Credit Agricole gave a presentation on Tuesday to analysts on the problems — and charges — that face Emporiki amid Grecece’s austerity-hit economic climate.
China’s bright-ish future, according to CLSA
“The future looks bright, all right, but not that bright” — although China’s beacon is still very much shining, according to the Hong Kong-based broker CLSA on Tuesday.
The note summed up the opening day of CLSA’s 15th annual China Forum in Shanghai,
Eurozone bank CDS goes squeaky-pop
Eurozone financial CDS has well and truly tightened from last week’s blow-outs:
Click to enlarge the chart, provided by Markit. Sovereign CDS is also squeaking back.
Spare a thought for those who bought protection late last week…
Citic to Credit Agricole, CLSA: How’s your Chinese?
China’s growing interest in western financial institutions has taken an intriguing twist with Crédit Agricole’s joint venture deal with Citic Securities, China’s largest brokerage, agreed in a memorandum of understanding signed this week.
CDS report: It’s getting worse…
Markit iTraxx SovX WE at 168bp, a record wide
Greece at 875bp (+50), Portugal 450bp (+20), Ireland 285bp (+41), Italy 235bp (+50)
Spain at 290bp (+60) despite successful bond auction
Banks suffering,
Who’s exposed to Greece, bank edition
Europe’s banks are slowly fessing up to the size of their Greek exposure.
First up have been the French.
Societe Generale revealed a €3bn exposure on Wednesday, largely down to its 54 per cent stake in Greek bank Geniki.
Who’s exposed to Greece? (III)
We’re closing in on the specific banks who are most exposed to potential haircuts on Greek debt — notwithstanding reports of an enlarged aid package for Athens.
As Evolution Securities explained in a note on Wednesday (emphasis theirs):
Snap news
Breaking pre-market news on Thursday,
- RBS reports 2009 operating loss of £6.2bn, says impairment rose to £13.9bn but “appear likely to have peaked” – statement.
- Telecom Italia postpones release of 2009 results amid money-laundering probe – Reuters.
Who’s selling Greek CDS?
Greek CDS has been sky-high in recent weeks, reaching yet another record on Thursday.
If that isn’t enough to send jitters through the market, here’s something which is.
From BNP Paribas on Friday:
Crédit Agricole to repay state
Crédit Agricole on Wednesday joined other French banks rushing to repay government aid, saying it would use proceeds from recent bond issues to repay within this month the €3bn ($4.5bn), plus €220m in accumulated interest,
Resurgent CLSA scraps pay cuts
CLSA, the Asia-focused brokerage arm of Credit Agricole, has scrapped a controversial scheme that slashed staff pay, in a sign of the dramatic revival in the fortunes of financial groups operating in the region.
Crédit Agricole beats expectations
Shares in Crédit Agricole surged on Thursday after it reported better-than-expected Q2 net profits, helped by resilient sales in its retail and asset management businesses and lower asset writedowns. France’s third-largest bank said it made net profit of €201m ($286m),
Snap news
Breaking pre-market news on Thursday,
- Credit Agricole Q2 net income up 52 per cent to €663m – statement.
- Fortis posts €886m profit on proceeds from divestment – statement.
- Nationwide House price index rises 1.6 per cent in August – statement.