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EuroWeek - Market News
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One head better than three as BofA ML puts Meissner on top
Bank of America Merrill Lynch has torn up the tri-head structure that it had in place at the top of its global corporate and investment banking (GCIB) division, opting instead to promote Christian Meissner to be sole head.
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Jefferies confident of HG future despite Tullow, GSK
Bankers at Jefferies International expect to lose a small number of UK corporate brokerships as the firm?s acquisition this week of Hoare Govett from Royal Bank of Scotland beds down. But the longer term outlook for the broker is positive, they say, as mid-caps could find themselves less well served by bulge bracket firms.
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Belgian covered bond law to set new standards
Prospects for the birth of a Belgian covered bond market have taken a leap forward with the recent formation of a new government after a year and a half of political deadlock. Market participants say that the chance of a covered bond law in the country is finally looking stronger.
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Secured funding swept up in LTRO frenzy
In a flurry of activity that offered another glimpse of the spare cash washing around the European banking sector after the ECB?s first Long Term Refinancing Operation (LTRO) in December, Spain?s CatalunyaCaixa and Banco Popular Espa?ol launched tender offers this week, buying back ABS, covered bonds and hybrids.
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IB pulls Deutsche down to first loss since 2008
Deutsche Bank?s corporate banking and securities (CB&S) division has posted its worst quarterly result since the end of 2008, reporting a pre-tax loss of ?422m.
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