Banking

  Bloomberg The best start to a year for bond returns is helping fuel an unprecedented debt-sale bonanza by governments and companies around the world of more than half a trillion dollars. From European banks to Asian corporates and developing-nation sovereigns, virtually every corner of the new issue market is booming, thanks in part to a rally that’s seen global ...

  Bloomberg UBS Group AG is recommending investors to buy European credit over US debt amid signs of distress in the US loan markets, cracks emerging in private credit and a potentially severe downside risk in US high-yield debt. “We acknowledge US high yield is better positioned — mainly on the shift in credit quality,” UBS analysts led by Matthew ...

  Bloomberg Two Southeast Asian central banks diverged in their policy settings on Thursday, with Malaysia unexpectedly standing pat and Indonesia delivering a widely expected interest-rate increase that brings it closer to the end of its tightening cycle. Bank Indonesia raised its benchmark rate by 25 basis points to 5.75%, while Bank Negara Malaysia stood pat as predicted by Euben ...

  Bloomberg European Central Bank (ECB) President Christine Lagarde said policymakers mustn’t let up in their battle with inflation — even as the spike in prices appears to have peaked. “We have to also stay that course of resilience that we observed in 2022,” Lagarde told a panel on Friday at Davos. “‘Stay the course’ is my mantra for monetary-policy ...

Bloomberg National Australia Bank Ltd (NAB) has created its own stablecoin pegged to the Australian dollar, a move it says will help large institutional customers with transactions that use blockchain technology. The Melbourne-based lender will start testing the token — named AUDN — before expanding its use cases and getting feedback on the needs of corporate clients, National Australia said ...

  Bloomberg Pakistan’s central bank governor Jameel Ahmad said the nation will see dollar inflows in the coming days after funding commitments from some nations, a move that could bolster finances for cash-strapped nation. The central bank’s biggest strain is limited resources, Ahmad said at an event hosted by the Karachi Chamber of Commerce & Industry. The governor also said ...

  Bloomberg The number of bankers and traders in the European Union (EU) earning more than €1 million ($1.1 million) rose to a record in 2021 as securities firms took in bumper revenue and investment banks relocated staff to the bloc after Brexit. The number of such “high earners” surged 42% from the previous year to 1,957, the European Banking ...

  Bloomberg Credit Suisse Group AG will pay its senior bankers an upfront cash award again this year, as executives attempt to incentivise staff to stick with the troubled lender as it undergoes a broad restructuring. Managing directors and directors in most locations will be paid the cash component of their variable 2022 compensation straight away, according to an internal ...

  Bloomberg China’s yuan is poised to resume its advance as the removal of Covid curbs supercharges economic recovery in 2023, according to a veteran trader at Standard Chartered Plc. “The yuan is more likely to go to 6.5 per dollar than to 7 within the next three to six months,” said Charles Feng, head of macro trading for Greater ...

  Bloomberg Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) may need to raise new equity over the medium term to build capital levels as the bank regulator bolsters its requirements, according to analyst Nigel D’Souza. BMO issued shares in December 2022 and there’s been talk of CIBC doing the same after Canada’s financial watchdog boosted the minimum ...