Banking

Bloomberg Nigerian local-currency bond yields have plunged to 18-month lows as investors pile into the debt after the central bank restricted sales of higher-yielding, shorter-term central-bank securities. The average yield for naira government bonds has dropped 117 basis points to 13.03% since the central bank moved to block individuals and non-bank firms from buying so-called open-market operations (OMOs) on October ...

Bloomberg Vietnam’s Military Commercial Joint Stock Bank plans to raise about $240 million from the sale of a 7.5% stake to foreign investors via a private placement, according to people familiar with the matter. The sale of the 7.5% stake, or 141.5 million new shares and 47 million treasury shares, is expected to be completed by the end of this ...

Bloomberg A Wall Street regulator is opening a probe into Goldman Sachs Group Inc’s credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card’s algorithms when determining credit limits. A series of posts from David Heinemeier Hansson starting railed against the Apple Card for giving him 20 times the credit limit ...

Bloomberg Germany’s finance ministry sought to break the deadlock in discussions over European banking integration by signaling it may drop its opposition to a key part of the plan. Berlin is ready to consider a form of joint European deposit insurance, something that would stabilise the financial system by reducing the risk of bank runs, according to a finance ministry ...

Bloomberg The Bank of Thailand cut its benchmark interest rate for the second time in three months and said it will ease rules on outflows to curb a surging currency. Five of the seven Monetary Policy Committee members voted to cut the key rate by a quarter-percentage point to 1.25%, the central bank said in a statement. That matches a ...

Bloomberg A California bank with deep ties to the US venture capital industry is targeting Denmark for growth, as a lack of regulatory constraints on lending make the country a preferred destination in Scandinavia. Silicon Valley Bank, a unit of SVB Financial Group, says it’s budgeted a minimum of about $200 million to lend to Danish technology companies. Erin Platts, ...

Bloomberg Postal Savings Bank of China Co is poised for the country’s biggest initial public offering since 2015. The Beijing-based lender, which is already listed in Hong Kong, plans to raise 28.4 billion yuan ($4.1 billion) in what would be the world’s third-largest listing this year behind Uber Technologies Inc’s $8.1 billion share sale in May. One of China’s largest ...

Bloomberg Romania extended a record pause in borrowing costs to almost a year and a half after an unexpectedly sharp slowdown in inflation and as central banks around the world loosen monetary policy. The benchmark rate was left at 2.5% for a 12th straight meeting, as predicted by all economists surveyed by Bloomberg. It’s the first decision by the new ...

Bloomberg Europe’s finance industry has seen its global sway erode dramatically and the main weapon being used to boost the continent’s economies is making things worse, a top Deutsche Bank AG executive warned. The region’s banks and insurers “have lost dramatic amounts of ground,” with only one still ranking in the top 20 globally by market value, compared with six ...

Bloomberg As the Federal Reserve signals it’s satisfied after pulling off a mid-cycle easing, Wall Street’s rate strategists are as divided as ever on the direction of Treasury yields. JPMorgan Chase & Co strategist Nikolaos Panigirtzoglou warned that 10-year yields may surge 100 basis points over the next six months given the Fed is now done with its “insurance” cuts. ...