Morgan Deemed ‘Winner’ in Moody’s Bank-Rating Massacre
Fifteen banks in the U.S., U.K. and Europe with global capital markets operations saw their ratings cut by Moody’s, some by as many as three notches.
Spain Auction Beats Target
Although yields were at a high not seen since November, Spain exceeded its target at a Thursday bond sale, easing fears that financial markets were closed to the country.
China Sees Manufacturing Rise
China could be overcoming the challenges imposed by austerity and economic woes in the rest of the world, if manufacturing numbers are any indication.
BoE Could Pause QE
Adam Posen switched his vote on quantitative easing at the last meeting of the BOE Monetary Policy Committee, clearing the way for a possible pause in quantitative easing in May.
Regulators Ask Singapore Authority for Help in Libor Probe
Interbank rates, including Libor, are under investigation by a number of countries amid suspicion of bank misconduct. The U.S. has launched a criminal investigation and European authorities are looking into allegations that banks may have colluded to trade derivatives based on the rate.
Moody's Warns More Downgrades on the Way
Moody's warned that it could downgrade the credit ratings of 131 institutions, including 17 banks and securities firms that have global operations as it reviews their long-term ratings and standalone credit assessments.
Barclays, HSBC Chiefs Might Keep Bonuses
It is unlikely that Robert Diamond and Stuart Gulliver, of Barclays and HSBC Holdings, respectively, will be forced to waive their bonuses. Their banks, along with Standard Chartered, unlike RBS, did not receive public funds.
Swedish, Japanese Dominate Green Bond Market
Five of the top 10 underwriters of approximately $7 billion in green bonds come from Sweden and Japan, with Skandinaviska Enskilda Banken and Daiwa Securities Group Inc. underwriting the most of such investments since their inception in 2007.
Italy’s UniCredit Falls on 43% Discount Offer
Italy’s largest bank, UniCredit, saw its stock fall the most in two months in Milan after it announced that it would sell 7.5 billion euros ($9.8 billion) in shares at a 43% discount to Tuesday’s closing price, excluding rights values.
India PMI Rises Fastest in 6 Months
As much of the rest of the world seems to be slowing down, India is moving in the opposite direction, with its Purchasing Managers’ Index rising at the fastest rate in six months.