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PSU banks: Asset quality continues to be under stress  

March 31, 2016

We remain cautious on PSU banks, as we see continued asset quality stress. We think the macro turnaround is not imminent, and this should drive further worsening of the asset quality cycle, with credit costs remaining elevated in FY17e.

 

Meet the Haves and Have-Nots of U.S. Corporate Credit  

March 31, 2016

The bifurcation between bonds sold by investment-grade companies with stronger balance sheets and those sold by high-yield corporates with more fragile financials was on full display this week following a change in a proposed debt sale by Western Digital Corp. While the junk-rated maker of hard disks had originally planned to fund its acquisition of SanDisk Corp. through a $5.6 billion bond sale, lackluster demand from investors forced it to scale back the program to $5.23 billion of debt issuance.

 

MetLife Decision Could Torpedo Dodd-Frank Risk Protections  

March 31, 2016

I’ll admit that I am shocked by a federal judge’s order allowing MetLife to shed its “too big to fail” designation. After all, the decision by federal regulators to select a financial institution for extra regulation based on its potential risk to the American economy seems very close to a “bulletproof” or judiciary-proof decision.

 

To Bundle or Unbundle? A Look at CSAs, RPAs and MiFID II  

March 31, 2016

The European Commission’s (EC) draft of MiFID II delegated acts, which was leaked in December, caused a stir regarding the use of commission sharing arrangements (CSAs) in paying for research going forward. While the final drafts are not expected to be released until later this year and each individual national regulator will still need to make its own interpretation, the leaked document prompted industry speculation that CSAs may be allowed to coexist with research payment accounts (RPAs) in a post MiFID II environment.

 

Basel Moves to Limit Banks’ Use of Risk Models  

March 30, 2016

In another step toward shoring up the financial system, global banking regulators have proposed limits on banks’ use of internal risk models to calculate how much risk they can take.

 

Bank of England says Brexit carries risk of credit crunch  

March 30, 2016

The Bank of England has warned that uncertainty over Britain’s membership of the European Union carries the risk of a credit crunch, as it raised the bar for banks to pass this year’s stress tests of the sector. The BoE said that Britain’s EU referendum in June represents “the most significant near-term domestic risk to financial stability”.

 

The Next Perfect Banking Storm  

March 29, 2016

Those looking for when the next financial crisis might be should set a reminder for Jan. 1, 2018.That's when a host of new rules are scheduled to come into force that are likely to further constrain lending ability and prompt banks to only advance money to the best borrowers, which could accelerate bankruptcies worldwide. As with any financial regulation, however, the effects will start to be felt sooner than the implementation date.

 

Tighter rules proposed for banks’ credit risk  

March 29, 2016

The biggest lenders to corporates may have to hold even more capital as a result of proposed new rules that would curb how much flexibility banks have to assess the risk of their loan books.

 

Fed talk spurs dollar gains, energy weighs on stocks  

March 24, 2016

Global equity markets fell and the dollar advanced on Wednesday as hawkish comments by Federal Reserve officials put investors on guard for the possibility of more U.S. interest rate hikes this year than currently anticipated. The dollar .DXY was up 0.47 percent against a basket of major currencies, headed towards its first weekly gain in four weeks.

 

New hope over Mifid II ‘complex products’ rules  

March 24, 2016

Industry trade bodies have reiterated calls to overhaul Mifid II proposals that treat non-Ucits products as ‘complex’ instruments, amid signs European regulators may be close to backing down. As part of the regulation, due to come into force in January 2018, non-Ucits products such as investment trusts and many multi-asset funds would be designated as complex.

 
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