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’Tepco and those nationalisation rumours
Shares in Japan’s distressed nuclear plant operator Tepco took a beating on Tuesday as rumours swirled that the government was preparing to nationalise the company.
According to Reuters:
Tokyo Electric’s future has been tenuous since the March 11 earthquake and tsunami struck its Fukushima Daiichi nuclear complex,
When Anglo Irish bonds are liability managing
This week, the prospect of an Anglo Irish debt ‘liability management’ exercise burst into the market’s consciousness.
Anglo Irish anguish
The term is fixed-income code for what would basically a tender or exchange offer for existing Anglo subordinated debt — about €1.7bn of Lower Tier 2 bonds — which sit further down in the nationalised bank’s capital structure than senior debt.
Knowing our banks, knowing yours
In their latest European banking note, Citi analysts (for, errr — cough cough –they should know) look at the claim “we are all Swedish now”. That, of course, being a reference to the Swedish banking crisis in which the state nationalised two of the country’s largest public banks for a number of years at the beginning of the 1990s.
US U-turn on tangible common equity
Here is your bitter-sweet good news of the morning, from the Wall Street Journal (HT Rolfe Winkler):
Citigroup Inc. is in talks with federal officials that could result in the U.S. government substantially expanding its ownership of the struggling bank,
Nationalisation quote du jour
In some ways, it would be similar to a private equity investment… But unlike a private equity deal, the banks would go from being publicly listed to being publicly owned …
- “Let us have public ownership of Lloyds and RBS”
Nationalisation Magnus Opus
UBS’s senior economic adviser, George Magnus, has thrown his hat into the bank nationalisation ring.
Magnus, like many others, is starting to see an increasing likelihood of full-scale bank nationalisation.