RSS feedswedbank
’Snap news
Breaking pre-market news on Monday,
- BNP Paribas targeting additional $60bn reduction in US dollar funding by end 2012; to sell €70bn of RWA’s — presentation.
- Swedbank halts share buyback programme;
Snap news
Breaking pre-market news on Thursday,
- Roche raises 2011 earning target — statement.
- Q2 results from Ericsson undershoot — statement.
- Swedbank results top expectations — statement.
- AstraZeneca says FDA approves Brilinta for use in the US — statement.
Snap news
Breaking pre-market news on Tuesday,
- HM Treasury raises bank levy target to £2.5bn — statement.
- UBS Q4 results disappoint — statement.
- BG Group reports forecast beating Q4 figures; provides strategy update — statement and statement.
Snap news
Breaking pre-market news on Tuesday,
- Lloyds makes Q1 profit as bad debts drop – statement.
- Deutsche Bank Q1 profit rises 48 per cent, beats expectations – statement.
- BP Q1 profits up 135 per cent on higher oil price – statement.
Snap news
Breaking pre-market news on Friday,
- Swedbank to leave state guarantee programme – statement.
- Michael Page says to improve performance significantly in 2010 – statement.
- John Lewis weekly department store sales rise 30 per cent – statement.
No discount for you, says Erste Bank
Austrian lender Erste Bank — heavily invested in the emerging European banking systems of countries like Romania and the Czech Republic – said late Thursday it was launching a €1.6bn no-discount rights issue to bring its capital base in line with raised expectations on mounting loan losses in emerging Europe.
Swedbank braced for Latvian devaluation
Swedbank on Tuesday acknowledged it was planning for a possible currency devaluation in Latvia but suggested that the worst could be over in the troubled Baltic region. Economic turmoil in Latvia and Lithuania pushed Swedbank – which has the largest Baltic exposure among Nordic banks - to its third consecutive quarterly loss,
Snap news
Breaking pre-market news on Tuesday,
- Lloyds Banking Group sells Bank of Scotland portfolio management service to Rathbone £35.4m – statement.
- Balfour Beatty wins US contract worth $449m – statement.
The next wave of bank cash calls
Out of the parade of European banks to recently raise cash to repay their governments, Alpha Bank’s rights issue on Monday was never really likely to garner much attention outside of Greece.
In many ways the €986m call is merely a variation on a theme already carried forward by the likes of Unicredit,
Latvia intervention watch
FT Alphaville is (as ever) on Latvian currency intervention and devaluation watch, this Monday morning.
Last week, the Latvian government agreed to cut its budget deficit — to help stave off a full-blown currency devaluation,
Snap news
Breaking pre-market news on Thursday,
- Balfour Beatty confirm it is in advanced discussions regarding a “significant and complementary” acquisition – statement.
- Tullow Oil finds oil in its Ugandan Ngassa-2 well;
Snap news
Breaking pre-market news on Monday,
- Swedbank sets rights issue subscription price at SKr39 per share – statement.
- Cadbury says absorption into Kraft’s “low growth conglomerate” model is unappealing – statement.
Swedbank unveils $2bn rights issue
Swedbank, the biggest lender in the troubled Baltic countries, on Monday reported signs of stabilisation in the region even as it announced a SKr15bn ($2.1bn) rights issue to shore up its battered balance sheet.
Swedbank sweats
Things may be getting better around the world, but as can be seen in Swedish lender Swedbank’s results, loan impairments originating from the Baltic region are still growing meteorically:
Indeed,
Snap news
Breaking pre-market news on Monday,
- Swedbank to raise SEK 15bn in rights issue — statement.
- Corporate: Hardy Oil & Gas, Heritage Oil, BG Group, WH Ireland, Dragon Oil, Shaftesbury, Michael Page,
D-day in Latvia (updated)
Latvia watchers will be awaiting the end of the IMF’s mission to Baltic country on Friday with trepidation.
We already know the talks have been difficult. And while Latvia technically can survive without receiving the second tranche of IMF aid being discussed,
Snap news
Breaking pre-market news on Friday,
- British Airways to raise £600m via convertible debt issue and renegotiated pension-related bank guarantees, announces Q1 loss — statement.
- Swedbank reports worse-than-expected loss of SEK1.85bn on Baltic provisions – Reuters.
CDS report: Swedish banks rally after authorities reassure on Baltic exposure
This CDS report was written by Markit’s Gavan Nolan
European CDS indices gave back some of their gains this afternoon following a lacklustre opening in the US. The Markit iTraxx Europe index threatened to break through the 100bp barrier this morning,
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%,
Still value in structured AAA
German bank LBBW – relatively speaking one of the hardest hit institutions by structured finance – has €68.3bn of covered bonds outstanding.
While LBBW has an institutional rating of A+, all of its covered bonds were affirmed AAA on Wednesday by Standard & Poor’s:
European banks looking to cash in – on each other
Capitalia was again at the centre of merger intrigue on Wednesday when the chairman of the Italian bank welcomed the entrance into its shareholder structure of Grupo Santander of Spain.
Emilio Botín,