RSS feedSocGen
’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):
Attack of the acronyms at SocGen
That’s CDOs of RMBS to be specific.
And the erstwhile structured finance favorite (plus some revaluing of CDS) is behind the fourth-quarter profit warning issued by the French Bank on Wednesday morning.
Festive reading
Looking for something to read over Christmas? Or perhaps you are struggling to find a pressie for the banker in your life?
Well, FT Alphaville can help — with a little assistance from SocGen strategist Dylan Grice.
SocGen’s skinned CLO
Synthetic CLOs — gone for good or simply slumbering the deep sleep of securitisation?
From Asset-Backed Alert:
A resurgence of synthetic collateralized loan obligations appears to be taking shape in Europe,
SocGen’s worst-case debt scenario
Our friends at the Daily Telegraph sent us into something of spin on Wednesday evening, when they published this:
What they didn’t mention was that the Societe Generale cross asset research study in question was published more than a month prior.
A Minskian roadmap to the next gold mania
It’s making headlines, so here’s what all the gold at $6,300 fuss is about.
Selected highlights of the latest ‘Popular Delusions’ note from Société Générale’s Dylan Grice:
Central bank hoarding of gold in 1970 ushered in the famous gold bull market.
NY Fed under fire over AIG payments
The New York Federal Reserve under Tim Geithner “severely limited its ability” to extract concessions from AIG’s counterparties in talks that resulted in $27.1bn of public money being transferred to banks including Société Générale and Goldman Sachs,
SocGen continues slow recovery
Société Générale, France’s third biggest bank, on Wednesday lowered its profit outlook in the light of the toughening regulatory environment, as it reported Q3 net profits of €426m, continuing its gradual recovery from loss-making territory.
Et tu Bernanke?
Societe Generale’s Dylan Grice, the Robin to Albert Edward’s Batman, has published a fresh bit of research on Friday.
As can be expected of the bearish duo, the note does not disappoint on the bleakness front.
SocGen plans €4.8bn fund raising
Société Générale hit the acquisition trail on Tuesday with a €1.4bn ($2bn) war chest after launching a €4.8bn rights issue to repay state aid. In one of his first big strategic moves since becoming executive chairman in May,
SocGen reshuffle ahead of foreign push
Société Générale has appointed a prominent French retailer to spearhead the group’s international growth. Bernardo Sanchez Incera, until this week chief executive of the Monoprix supermarket chain,
Ex-SocGen investment bank head quits
The former head of investment banking at Société Générale resigned from the bank on Thursday after France’s markets regulator opened sanction proceedings against him over allegations of insider dealing.
SocGen buoyed by investment banking
Société Générale, France’s second largest bank, returned to profitability in the second quarter, as strong performances from its retail and investment banking units helped offset balance sheet writedowns and weakness in its Russian retail banking division.
SocGen picks Oudéa as chairman
Frédéric Oudéa was promoted to executive chairman of Société Générale after the sudden resignation last week of Daniel Bouton. It is the second time that Oudéa has succeeded Bouton, having replaced him as chief executive last May after the Jérome Kerviel trading scandal in January 2008 forced Bouton to split his chairman and chief executive roles.
A suckers’ rally or the real deal?
The question is on quite a few lips right now. The Footsie is up 25 per cent in the space of two months, as has S&P 500 has risen some 34 per cent from its March 9 low.
James Montier at SocGen says he doesn’t have a clue.
SocGen chairman Bouton to resign
Daniel Bouton is to resign as chairman of Société Générale, one of France’s biggest banks, next week, ending the controversy over his decision to remain following last year’s rogue trading affair that cost the bank €4.9bn ($6.5bn).
Bouton’s belated departure
He almost sounds hurt:
The repeated attacks against me personally in France over the past 15 months affected me but most of all, they risk harming the bank and its 163,000 employees…
It is better for me to withdraw,
Snap news
Breaking pre-market news on Wednesday,
- Santander Q1 net attributable profit falls 5 per cent to €2.096bn — statement.
- SocGen Chairman Daniel Bouton to resign — Reuters.
- Corporate: BPP,
SocGen sees Asian M&A wave
Société Générale plans to expand its investment banking business in Asia, creating new posts for 25 investment bankers and about 15 M&A specialists in the hope of a wave of acquisitions of European,
SocGen cancels stock options
Société Générale bowed to growing public pressure over executive pay on Sunday as it cancelled a plan to award discounted stock options to four directors, including Daniel Bouton, non-executive chairman,
SocGen takes a Russian hit
Société Générale, France’s second-biggest bank, on Wednesday put its Russian expansion plans on hold and wrote down some Russian assets but expressed confidence about the outlook for eastern Europe.
GLG saved by SocGen deal
GLG Partners, the London hedge fund, avoided breaching covenants on its $570m debt by cutting a deal with Société Générale, the French bank, figures showed Thursday. GLG agreed to buy SocGen Asset Management’s UK arm in December and immediately started managing $3bn of its assets,
French banks plan joint functions
French banks Crédit Agricole and Société Générale plan to announce Monday an agreement to combine large parts of their asset-management operations, reports the WSJ. The banks aim to create a joint venture with about €700bn ($909bn) in assets under management,
SocGen sees break-even in final quarter
Société Générale, France’s second biggest bank, sought to reassure markets saying in a trading update on Wednesday that it expected to have broken even in the last three months of 2008 and to make €2bn ($2.6bn) in full-year net profit.
CDS report: EU nation default risk touches record high
The cost of insuring debt issued by the Irish government leapt higher this morning as Europe’s beleaguered credit derivatives traders swallowed hard on last night’s news the Irish state had finally decided to bail out Anglo Irish bank.
Peloton founder tries again
Geoff Grant, co-founder of failed hedge fund Peloton Partners, has succeeded in launching another fund, highlighting how quickly investors can forgive managers of failed funds. California-based Grant Capital Partners has backing close to $100m from Société Générale,
Who’s callable in 2009, SG edition
As noted by FT Alphaville, Deutsche Bank’s decision not to exercise its callable bonds this week sent shivers through the market, with many suggesting the move could create an unsettling precedent for other corporates.
CDS report: Crossover reaches all-time high
The cost of protecting European corporate debt against default jumped on Monday as benchmark credit derivatives indices tracked falling global equities.
The Markit iTraxx Crossover index of credit default swaps written on 50 mostly junk-rated European corporates rose 39 basis points to reach an all-time high of 929 bp.