European Firms Shun Euro Bonds
BY ELENA MOYA, WSJ.com
European companies have shunned the euro in the bond markets this year and have instead piled into dollar, sterling and even ruble-denominated bonds, data from Dealogic show. For the first time since 2000, bonds denominated in euros account for less than half of all European corporate bond issuance.
http://jlne.ws/kXvbSg
JPMorgan’s Dimon Was Tempted To Remind Geithner Where Treasury’s Bread Is Buttered
Forbes
The Associated Press had an interesting tidbit last week in a story on JPMorgan Chase CEO Jamie Dimon’s May 19 appearance at a dinner for the University of Colorado’s Denver Business School, aside from the headlines generated when the banker said a U.S. debt default would be a “moral disaster.” While the AP led with that morsel, later in the story came an interesting anecdote from the period when Dimon’s bank paid back taxpayer dollars it received under the TARP program, and a reminder that some banks believed they could skate through the 2008 crisis just fine on their own.
http://jlne.ws/iRdJTO
In Reputation Ranking, Some Banks Break from the Pack
By Heather Landy, American Banker
Public perceptions of bank brands remain a long way from rosy, but they are becoming more nuanced. The 30 banks included in American Banker's second annual survey of bank reputation, conducted by the Reputation Institute, scored higher with consumers on average, and with a much wider distribution, than last year. The results suggest that reputation, in recent years an albatross for the financial sector as a whole, is starting to look more like a point of differentiation, with several large institutions able to break away from the pack more convincingly as they moved to the top of the ranking.
http://jlne.ws/jLtNP5
U.S. Commercial Property Prices Drop to Post-Recession Low
By Brian Louis and David M. Levitt, Bloomberg
U.S. commercial property prices fell to a new post-recession low in March as sales of financially distressed assets weighed on the market, according to Moody’s Investors Service.
http://jlne.ws/jeEtd4
Fitch revises Belgium’s outlook to negative from stable
By Gerry Davies, ForexLive
* Political risk is higher in Belgium than in other euro area peers
* Belgium will likely be downgraded if it misses official deficit targets
http://jlne.ws/j6mzTj
China's economy may face inflation, sluggish growth
People's Daily Online
China's National Economic Accounting and Economic Growth Research Center under Peking University released the "China Economic Growth Report 2011" on May 21. The report said that judging from the current macroeconomic imbalance in China, China is faced with both inflationary pressure and the risk of sluggish growth. China needs to prevent stagflation by controlling the gross unbalance in the current stage.
http://jlne.ws/lDciHx
Chicago Fed Index: Index shows economic activity weakened in April
Led by declines in production-related indicators, the Chicago Fed National Activity Index fell to –0.45 in April from +0.32 in March. April marked the lowest reading of the index since August 2010. Three of the four broad categories of indicators that make up the index deteriorated from March, but two of those three categories made positive contributions to the index in April.
http://jlne.ws/jkM4vL
ISDA Publishes "The Economics of Central Clearing: Theory and Practice," A Discussion Paper on Clearing Issues
Barron's
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of an in-depth discussion and analysis of the purposes, function and issues associated with central clearing of over-the-counter (OTC) derivatives.
http://jlne.ws/lrz9Pi
Lagarde is Front-Runner to Head IMF
By Gonzalo Vina and Andres R. Martinez, Bloomberg
Support mounted for French Finance Minister Christine Lagarde to head the International Monetary Fund as Mexico offered its central bank governor as an emerging- market candidate, challenging Europe’s 65-year hold on the job.
http://jlne.ws/keFwki
IMF Executive Board Concludes 2011 Article IV Consultation with United Arab Emirates
Public Information Notice (PIN) No. 11/57
May 23, 2011
On April 21, 2001, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the United Arab Emirates (U.A.E.), and considered and endorsed the staff appraisal without a meeting.
Background
The economic recovery in the U.A.E. is gaining strength, supported by a favorable global environment but subject to increased regional uncertainty. Real nonhydrocarbon GDP growth is projected to accelerate to 3.3 percent in 2011 from 2.1 percent in 2010, reflecting stronger tourism, logistics, and trade in the emirate of Dubai; and large public investment spending in the emirate of Abu Dhabi, including through Government-Related Entities (GREs)...
http://jlne.ws/lSSQwE
Italy Shocked, Shocked by S&P Move
By Francesco Guerrera, WSJ.com
Judging from the reaction from local media and financial executives, Standard & Poor’s decision late on Friday to revise Italy’s sovereign debt outlook from “stable” to “negative” went down like a plate of overcooked pasta.
http://jlne.ws/mJwZ8i
Mizuho president to step down
TAIGA URANAKA, Reuters
Mizuho Financial Group’s (MFG-N3.08-0.03-0.96%) president will step down and its corporate banking chief will take the helm, Japan’s second-largest bank said on Monday, as it grapples with persistent system troubles including a breakdown in ATMs after the devastating March earthquake.
http://jlne.ws/knfu2n
CME eyes move into swaps in Europe expansion drive
Luke Jeffs, Reuters
U.S. exchange giant CME Group is eying a move into Europe's lucrative swap clearing business by early 2012 as part of its rapid expansion plans in the region, where it has only just gained a foothold.
http://jlne.ws/mz5ieq
IMF Executive Board Initiates Selection Process For Next IMF Managing Director
Press Release
http://jlne.ws/ltFkaa
Europeans Focus on Retaining Leadership of IMF
By LIZ ALDERMAN, NY Times
PARIS — As the International Monetary Fund prepared to accept nominations Monday to replace Dominique Strauss-Kahn at its helm, European officials rallied over the weekend around Christine Lagarde, France’s finance minister, as their top choice for the post, despite fresh warnings from leaders of emerging markets and other countries that simply handing the job to another European could undermine the fund’s legitimacy.
http://jlne.ws/laVbdh
U.S. Treasury Department Statement Regarding Leadership Of The International Monetary Fund
Press Release
http://jlne.ws/iqZtrv
IMF Executive Board Approves An E26 Billion Extended Arrangement For Portugal
Press Release
The Executive Board of the International Monetary Fund (IMF) today approved a three-year SDR 23.742 billion (about E26 billion) arrangement under the Extended Fund Facility for Portugal in support of the authorities’ economic adjustment and growth program. This front-loaded program makes SDR 5.6 billion (about E6.1 billion) immediately available to Portugal from the IMF. In 2011, total IMF financing will amount to about E12.6 billion and will be partnered with about E25.2 billion committed by the European Union.
http://jlne.ws/jEvM6v
S&P To Assess The Credit Impact On Italian LRGs And Poste Italiane Of Its Outlook Change To Neg On Italy
Press Release
Standard & Poor's Ratings Services revised its outlook on the Republic of Italy today to negative from stable, and affirmed its unsolicited 'A+/A-1+' credit ratings on the Italian sovereign
http://jlne.ws/jZYwq5
Banks 'set to miss lending targets'
Press Association via Yahoo! UK & Ireland News
The UK's top banks are on course to miss Project Merlin lending targets for small businesses, according to figures revealed by the Bank of England.
http://jlne.ws/k76lDZ
UK News: Banks face fury over lending target failure
Edinburgh Evening News
THE UK's top banks were facing further public outrage today as the Bank of England was set to reveal they are on course to miss crucial Project Merlin lending targets.
http://jlne.ws/ljb2qy
NY senators bat with banks on rule change
New York Post
New York lawmakers are coming to the rescue of some major US banks. The Senate agricultural committee is set to host hearings as early as mid-June to discuss new derivatives rules, which have become a hot-button issue on Wall Street, The Post has learned. US legislators, including Sens. Chuck Schumer...
http://jlne.ws/iPS2FC
Goldman execs expect subpoenas, WSJ says
Market Watch
SAN FRANCISCO (MarketWatch) -- Goldman Sachs Group Inc. executives expect to receive subpoenas soon from U.S. prosecutors seeking more information about the firm's mortgage-related business, the Wall Street Journal reported Friday, citing unidentified people familiar with the situation. Officials at the investment bank reckon the Department of Justice will ask for certain documents and other ...
http://jlne.ws/moF2ac
UBS Chief Sends Memo to I-Bankers
CNBC
UBS Chief Executive Officer Oswald Gruebel admitted in an email this morning that some of the high level departures from the Swiss banks investment banking have been regrettable.
http://jlne.ws/lRzXsF
JPMorgan Traders Are Taking Market Share, O'Connor Says
BusinessWeek
JPMorgan Chase & Co., the most profitable U.S. bank, is taking trading revenue from Goldman Sachs Group Inc. and Bank of America Corp. as investments including its $1.7 billion purchase of RBS Sempra's commodities business begin paying off, Deutsche Bank AG analysts said.
http://jlne.ws/kt8ObV
Banks battle for $1bn Puerto Rican road
By Helen Thomas in New York, Financial Times
Goldman Sachs and Morgan Stanley are squaring off in the bidding to finance and operate one of Puerto Rico’s busiest roads as a 10-month-long privatisation process approaches its conclusion.
http://jlne.ws/jtefvh
ING Can Be More With Less, Says the Reluctant Banker
BY MAARTEN VAN TARTWIJK AND ARCHIE VAN RIEMSDIJK, WSJ
When Jan Hommen was approached to run ING Groep NV, the timing couldn't have been worse. The Dutchman was just planning to move to the U.S. and spend more time with his children and grandchildren. And, having little experience in banking and insurance, he was far from the obvious choice to guide the Dutch bancassurer through the biggest crisis in its history.
http://jlne.ws/lj2yMm
RBS sees opportunity in crisis
The Nation, Thailand's English news
Many banks across the world seem to have hit the alarm button. The sharp swings in global oil prices since the start of the wave of unrest in the Middle East and North Africa, the fragile US economic recovery, Europe's prolonged sovereign-debt crisis and Japan's tremendous disaster have created uncertainty for them. But not for the Royal Bank of Scotland.
http://jlne.ws/lJN8q8
Emerging market bond fund flows signal shift
By Robin Wigglesworth in London, Financial Times
Money is continuing to pour into emerging market bond funds, subduing the cost of borrowing for developing countries and underlining the shift in economic power away from the western heavyweights of the financial system. Eight consecutive weeks of net inflows have taken the total invested in these funds this year to $7.9bn, according to EPFR, the fund data provider.
http://jlne.ws/iYRWzY
Swaps Group Warns of 'Too Big to Fail' in Clearinghouses
BY KATY BURNE, WSJ.com
Derivatives clearinghouses can and do fail, and policy makers should be concerned that they could be the next "too big to fail" beneficiaries of federal bailouts, according to a discussion paper released by the International Swaps and Derivatives Association.
http://jlne.ws/mehi4g
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