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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:
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,
Snap news
Breaking pre-market news on Thursday,
- BNP Paribas reveals €5bn Greece sovereign exposure – statement.
- Commerzbank reports first profit in seven quarters – statement.
- Deutsche Bank ups stake in China’s Hua Xia bank to 19.9 per cent – statement.
Natixis soars on BPCE lifeline
Shares in Natixis jumped more than 30% on Wednesday as investors welcomed news that billions of euros of toxic assets at the French investment bank would be guaranteed by BPCE, its parent company. In an announcement that coincided with the release of the bank’s Q2 results,
Snap news
Breaking pre-market news on Wednesday,
- Natixis parent BCPE will guarantee €35bn of toxic assets as the struggling investment bank – Reuters.
- Gazprom said its oil arm had accumulated a 55 per cent stake in Sibir Energy between April and June 2009,
BPCE throws Natixis a lifeline
Natixis, the troubled French investment bank, has been thrown a lifeline by its parent company BPCE that could help it avoid government aid and pave the way for its long-overdue restructuring. BPCE, the newly created retail banking group formed from the merger of Natixis’s two largest shareholders,
Natixis sees more losses
Natixis, the French investment bank, announced a third straight quarter of losses on Thursday, as its two biggest shareholders – Banque Populaire and Caisse d’Epargne – finalised their merger under pressure from the French government.
A kingdom for some (Tier 1) capital
Yesterday we saw UBS and Credit Suisse use government bailouts to help raise their Tier 1 capital, banks’ stress-test safety cushion, to 11.5 per cent and 13.7 per cent respectively. UK banks, with at least £37bn of HM Treasury money behind them,
Investors flee European lenders
European bank stocks suffered heavy selling on Monday as investors worried over their ability to raise capital and the fate of equity and debtholders in any future bail-outs. Some of Europe’s top banking names suffered falls of more than 15%,
Credit Agricole to cut 500 Calyon jobs
Credit Agricole, France’s biggest retail bank, said on Wednesday it would cut 500 jobs at Calyon, its investment banking unit that has been badly hit by the global credit crunch, reports Reuters. Half the cuts will occur in France and the other half at Calyon’s international operations,
Natixis heavily discounts rights issue
Natixis, one of the French banks worst hit by the US subprime crisis, priced its €3.7bn ($5.3bn) rights issue on Thursday at a lower-than-expected 60% market discount. France’s fourth largest bank is raising the money to strengthen its capital base and repay its two main shareholders,
Natixis, Na-tast-ic
Is it a case of “anything you can do, I can do worse better” at Natixis?
The French bank, which needs to replenish capital after about €3bn worth of subprime-related writedowns, said today it will go ahead with its planned rights issue.
Natixis firm on rights issue
Natixis, the French bank seeking to raise €3.7bn ($5.4bn) in a rights issue, said it did not “see the logic” of proposals by US activist investors to scrap the rights issue in favour of reorganising the bank’s share capital,
From the desk of David Einhorn (When rights issues aren’t so good)
Hedge fund manager David Einhorn of Greenlight Capital is best known (now) as the prolific shorter of Lehman Brothers.
His very public evisceration of the bank in May sparked huge falls in its share price.
Natixis urged to halt rights issue
Natixis has come under attack from a US activist investor who is pushing the French investment bank to scrap its €3.7bn rights issue in favour of reorganising its capital structure. David Einhorn, president of Greenlight Capital,
Natixis jumps 11% on rights issue news
Shares in Natixis clawed back some of the losses made in recent weeks in reaction to the announcement by France’s fourth-largest bank that it would launch a €3.7bn ($5.9bn) rights issue. The shares closed 11% higher at €5.34 yesterday on relief that the bank’s capital base would be put on a firmer footing after its two main shareholders,
Monoline CIFG downgraded
Monoline woes not over: Moody’s have downgraded CIFG Guaranty and family, cutting the bond insurer’s critical Aaa rating by four notches:
New York, March 06, 2008 — Moody’s Investors Service has downgraded to A1,
Natixis tumbles on more credit pain
There’s another spot of French banking difficulty. And this time it can’t be laid at the door of a lone trader.
Shares in Natixis, the investment bank created by mutuals Banques Populaires and Caisses d’Epargne in December 2006,
WestLB close to deal over Boxclever
WestLB, the troubled German bank, was Monday close to agreeing a settlement deal to resolve a high-profile lawsuit brought by French bank Natixis over the collapse of TV rentals business Boxclever six years ago.
AAA moment of truth for the monolines
Specialist bond insurance companies such as MBIA and Ambac face a moment of reckoning in the coming weeks, reports the FT on Monday.
Moody’s and Fitch ratings agencies will shortly complete their reviews of how such companies are rated,
Banks throw lifeline to bond insurer CIFG
Caisse d’Epargne and Banque Populaire, two French mutual banks, have pledged to inject $1.5bn into CIFG, a bond insurer, after it was warned by credit rating agencies it risked losing its vital AAA rating if it did not increase its capital cushion.
French banks eye superfund
French superfund to aid financial companies hit by the global liquidity crunch could be launched within days, reports the FT’s French partner paper, Les Echos. Five leading French banks are working on creating a fund to buy asset-backed securities held by banks,
Is Pinault really going to go hostile? Answer:no
It’s an enticing prospect. Billionaire Francois Pinault tears the French political and business elite asunder as he joins forces with, say, Macquire to launch a €50bn hostile bid for the Franco-Belgian utility Suez.