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January 8, 2013
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  Credit Markets 
  • Subdued debt issuance is expected from EU financial firms
    Europe's largest banks are expected to continue deleveraging balance sheets in 2013. Consequently, investment bankers do not anticipate much debt issuance from the financial-services sector. Debt securities issued by banks in 2012 declined 7% compared with 2011, according to Dealogic. Sebastien Domanico of Societe Generale says banks have reduced balance sheets on average about 30% during the past three years. Financial News Online (U.K.) (subscription required) (1/4) LinkedInFacebookTwitterEmail this Story
  • Eurozone lending declines again
    Loans to the private sector in the eurozone fell 0.8% in November, extending October's decline, the European Central Bank reported. The data suggest more interest-rate cutting by the central bank is in order. "The concern is that a number of companies who do want to borrow ... and are in decent shape are finding it hard to, so tight credit conditions are handicapping eurozone growth prospects," IHS Global Insight economist Howard Archer said. The Irish Times (Dublin)/Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  • Banks newly aggressive in lending as regulations bite
    Big banks are looking to counter money lost due to new regulatory regimes by expanding their lending, with some of the biggest players moving aggressively onto competitors' turf. But the new playing field is expected to create "great pricing pressure," observes Terry Turner, chief of Pinnacle Financial Partners, noting that "the only way to grow loans is to take them away from someone else." The Wall Street Journal (1/1) LinkedInFacebookTwitterEmail this Story
  • Credit Suisse uses employee bonuses to unload risk
    For 2012 bonuses, Credit Suisse plans to continue bestowing on top executives asset-backed instruments that offload risk onto employees. The move, while a clear win for Credit Suisse, has benefited managers also when the risk pays off, sometimes returning as much as 80%. Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  • Analysis: New rules for derivatives favor platform consolidation
    Derivatives are at the core of the merger of NYSE Euronext and IntercontinentalExchange, Helen Bartholomew writes. The regulatory push to get derivatives centrally cleared opens up new business lines for exchanges with a global reach, product breadth and cutting-edge technology, and those elements combined allow exchanges to create and list "contracts that mirror the economics of [over-the-counter] derivatives," Bartholomew writes. International Financing Review (free content) (1/5) LinkedInFacebookTwitterEmail this Story
CreditSights is the premier provider of independent credit research in the Capital Markets, producing analysis that is globally respected for its integrity and quality. Our analysis spans 40 industries and is focused on U.S. & European High Grade/High Yield issuers and in the last six months we have begun to roll out Asian companies coverage. Click here to learn more.
  Regulatory and Accounting Issues 
  • Basel liquidity reprieve prompts relief and concerns
    The Basel Committee on Banking Supervision's decision to give global banks an additional four years to meet liquidity requirements was aimed at ensuring the change wouldn't discourage lending to the real economy. Some banks have already benefited from the revision, with their share prices increasing. However, the move could prove costly for financial institutions, analysts say. Financial Times (tiered subscription model) (1/7), Reuters (1/7) LinkedInFacebookTwitterEmail this Story
  • Foreign banks get no relief on swaps push-out
    The Office of the Comptroller of the Currency has repeated a mistake embedded in the Dodd-Frank Act concerning foreign banks, Matt Cameron writes. Non-U.S. financial institutions that conduct swaps in their American branches still will have to shift those activities into a separate legal entity by mid-July. U.S. banks can get a three-year "safe harbour" from the rule, Cameron writes. (subscription required) (1/4) LinkedInFacebookTwitterEmail this Story
A blunder at the right moment is better than cleverness at the wrong time."
--Carolyn Wells,
American author and poet

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