Banking

BLOOMBERG The Bank of England (BOE) raised interest rates to a new 15-year high, warning that its fight against inflation may require tighter borrowing conditions for a prolonged period. The UK central bank lifted its key rate a quarter point to 5.25%, a smaller hike than the half-point increase delivered in June. Investors and economists had expected the move and ...

BLOOMBERG Mexico’s inflation extended its gradual slowdown in early July, roughly in line with forecasts, helped by double-digit interest rates and the strongest peso since 2015. Consumer prices rose 4.79% in the first half of the month compared to the same period a year earlier, down from 4.93% in late June, the national statistics institute reported. The result was just ...

BLOOMBERG The greenback is set for its biggest weekly gain in nearly five months as bullish traders offered respite for a currency that has been battered in July. A Bloomberg gauge of the dollar’s strength advanced more than 1% in the five-day stretch as the greenback clawed its way back from the 15-month lows it touched amid last week’s selling ...

BLOOMBERG After a year dominated by direct lenders, investment banks are now winning some bigger deals in the buyout financing market. Among them are the $9.4 billion of debt financing backing GTCR’s purchase of a majority stake in Worldpay Inc — the largest buyout financing since Elon Musk’s takeover of Twitter last year. A group of banks are selling the ...

BLOOMBERG Nigeria’s official currency exchange rate is once again widening a gap with the parallel-market rate, shrugging off a brief convergence spurred by central bank actions. The naira closed at 743 per dollar on the platform accepted as the official rate by the central bank, according to data compiled by Bloomberg. That’s about 11% stronger than the 834 a dollar ...

BLOOMBERG Bank of New York Mellon (BNY) wants to do money managers’ trading for them with a new outsourcing service aimed at helping buy-side firms cut costs. The move builds on the trading that BNY Mellon already handles for $1.8 trillion of assets it manages, the firm said in a statement. The bank will target current and prospective clients, primarily ...

BLOOMBERG Morgan Stanley added to the recent wave of bank bond sales in the US investment-grade market, a sign that issuance is still going strong as lenders emerge from earnings blackout periods. The bank sold $6.75 billion of debt in a four-part deal, according to a person familiar with the matter, who asked not to be identified as the details ...

BLOOMBERG  Deutsche Bank AG has drawn fresh criticism from the European Central Bank (ECB) over foreign-exchange (FX) sales even after the lender completed an internal probe into past practices that led to initial changes. An ECB supervisory team has told Deutsche Bank that it needs to improve oversight and checks at its business that pitches FX derivatives such as swaps ...

BLOOMBERG  Mitsubishi UFJ Financial Group Inc and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganisation since the two entities were formed more than a decade ago. The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said ...

BLOOMBERG  Swedbank AB delivered better-than-expected income from lending activities in the second quarter, joining peer Nordea Bank Abp in enjoying the benefits of rising interest rates. Net interest income at Sweden’s second biggest bank rose 7% to 12.77 billion kronor ($1.2 billion) in the three months through June, compared to the first quarter, according to a statement on Tuesday. Analysts ...