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’Another IB “surprises” on the downside…
And so to the harsh news amongst the “key messages” from Credit Suisse, which on Thursday followed both UBS and Deutsche Bank in reporting rather softer Q4 numbers than anyone seemed to be expecting…
Spain and Italy: only just begun
So Thursday morning’s auctions of Spanish bonds and Italian one-year T-bills went well, and on Friday there’s an Italian bond auction for up to €4.75bn.
The Spanish sale was especially impressive — from the FT earlier,
The ‘Last Days’ of the Euro
Alternative title: Why France and Germany are likely to strike a momentous deal on fiscal union sooner than anyone thinks.
Welcome back, Jonathan Wilmot.
It’s some time since we heard from Credit Suisse’s chief global strategist (and occasional FT Alphaville contributor) but he’s made up for that with a short,
Credit Swiss and 13,000 redundancies
Later this month embattled UBS will hold its big annual investor day in New York at which interim chief executive, Sergio Ermotti, is expected to spell out his plans for the troublesome investment banking arm.
A new shareholder for Nat’s coal curiosity
So, the billionaire Bakrie Brothers have sorted one of their debt issues.
They have struck a deal to sell half of their stake in Nat Rothschild’s cash shell curiosity, Bumi Plc, to an Indonesian businessman.
Snap news
Breaking pre-market news on Tuesday,
- G4S abandons £5.2bn bid for ISS — statement.
- Bakrie Group sells half of its 47 per cent stake in Bumi to Indonesia Borneo investor for $1bn, or £10.91p a share.
Citi, Credit Suisse settle SEC CDO probe
Sums involved: $285m for Citigroup, $2.5m for Credit Suisse.
From the SEC release:
Washington, D.C., Oct. 19, 2011 – The Securities and Exchange Commission today charged Citigroup’s principal U.S.
Bumi and the Bakries
Another twist in what was already an incredibly complex plot at Bumi Plc.
Nat Roschild’s shell company turned Indonesia coal play has abandoned an earlier deal with a company controlled by the Bakrie family.
Credit Suisse on where the market has mispriced Twist
Operation Twist is mostly priced in at this point, but has the market priced it correctly?
Credit Suisse have a short note saying that markets have overestimated the amount of purchases that will head to the longer end of the curve when the Fed sells from its front-end bucket…
Markets Live – Retail Special
It’s a busy week for the UK retail sector, what with Next, John Lewis, Kingfisher and Kesa Electricals reporting results and the Office of National Statistics releasing its sales survey for August.
So FT Alphaville needs some expert help to tell us what it all means.
Fannie and Freddie’s revenge — the details [updated]
– By John McDermott and Cardiff Garcia
The details of the US government’s attempted bank raid are coming in on Friday afternoon.
The Federal Housing Finance Agency has filed 17 lawsuits against banks operating in the US.
ITV hedges its death risks
Unlike its bet on the underlying liabilities, the longevity swaps industry lives on.
ITV on Monday announced it had agreed to a £1.7bn swap deal with Credit Suisse whereby the firm will pay the bank monthly fees to take on the obligation for paying its employees’ pensions.
The City earnings game
We all know that selective disclosure of price-sensitive information – for example, guiding down analyst forecasts – is frowned upon by the regulatory authorities in this country.
And that creates a problem for listed companies.
[Modern Football Finance] Manchester United Pte Ltd
Interesting story breaking on IFR this Tuesday lunchtime:
RTRS-PREMIER LEAGUE CHAMPIONS MANCHESTER UNITED PLANS $1 BLN IPO IN SINGAPORE BY YEAR-END – IFR
English Premier League football champions Manchester United plans an initial public offering in Singapore by the end of the year,
Desperate measures for *really* desperate times
Even from this correspondent’s vacation spot on a rustic Swedish island did he notice how carefully the FOMC’s last statement was scrutinised.
And frankly, we’re bored of reading about the potential efficacy of the ideas floated by the Fed as available tools to combat a protracted downturn.
Swiss bank avalanche
This might be a deferred sell-off following Monday’s holiday in Switzerland. In the words of one analyst though, they’re ‘stuck between a soft dollar and a hard franc…’
(That’s because the wealth management arms of both banks have mainly US dollar revenues and Swiss franc costs).
Snap news
Breaking pre-market news on Thursday,
- Credit Suisse Q2 net income falls 52 per cent, plans to cut jobs – statement, report.
- XStrata Coal to acquire First Coal for CDN$147m – statement.
- Royal Dutch Shell adjusted Q2 earnings up 77 per cent to $8bn – statement.
Snap News
Breaking pre-market news on Friday,
- BHP Billiton to buy Petrohawk Energy Corporation for $12.1bn — statement.
- Credit Suisse drawn into US tax probe — report.
- Rupert Murdoch says News Corp has only made some minor mistakes — report.
A strange kind of bullishness
Nope, no US recession just yet, say Credit Suisse’s Andrew Garthwaite and his global strategy team:
That chart’s from a note doing the rounds on Tuesday, in which Garthwaite and team have gone to overweighting equities again,
Reflections of a UK banks analyst
Tony Shiret isn’t the only big name analyst heading out of the door at Credit Suisse.
UK banks analyst Jonathan Pierce, who made timely calls on The Crock, Alliance & Leicester and Bungle Bank before the crunch,
Swiss banks all stirred up
Two Swiss bank fallers at Tuesday morning pixel time:
Why the sharp-ish move?
The FT reports that Credit Suisse banker, Christos Bagios, has been arrested in connection with the US’s long-running investigation into tax evasion and Swiss banking secrecy.
Basel III blurs
Here’s a capital curio for investors in Credit Suisse’s Monday-announced CoCos issue.
It’s probably not a surprise that a transition from the Basel II to Basel III regulatory regimes might create some scope for capital confusion.
Credit Suisse’s $6.2bn Swiss finish
Credit Suisse says it just gave the latent CoCo market a $6.2bn shot in the arm.
On Monday morning the Swiss bank announced it would issue Chf 6bn ($6.2bn) of Contingent Convertible securities — or debt that will convert into equity once a certain trigger is reached.
Snap news
Breaking pre-market news on Thursday,
- Rumoured takeover target Smith & Nephew says CEO to retire in April; Olivier Bohuon of Pierre Fabre to get top job — statement.
- Credit Suisse misses profit forecasts;
Harbinger exits Inmarsat
Proving once again that lock-up arrangements with big investment banks aren’t worth the paper they’re written on, news reaches the FT Alphaville desk that Philip Falcone’s Harbinger Capital Partners is placing its remaining 14 per cent stake in Inmarsat.
Commerzbank’s complicated capital boost
Commerzbank mystery, solved.
From a Thursday morning statement:
Commerzbank plans measure to optimise its capital structure
Today, as a step in its capital management, Commerzbank AG has provided