How shady actually was the Santander-Goldman deal?

With Matt Levine I share the fascination for the deal that featured in last week’s This American Life and in Propublica. I also wonder why actually this deal would be shady, as the Propublica story wants us to believe. Though Matt does a fair amount of explaining, the deal involves a simple transaction, recorded by two one journal entry. It […]

Why would culture at the New York FED be unique?

It began with APRA’s Wayne Byres two weeks ago. His speech highlighted the importance of culture. It concludes as follows: “An increasing proportion of supervisory attention is therefore being directed to making assessments of organisational culture. The international community of supervisors is still grappling with how best to do this, and how to respond when a […]

Bank capital on track

Today both the EBA and the Basel committee published their Basel III monitoring reports. These reports measure the progress banks make regarding the implementation of the new bank capital rules.   The results look encouraging, banks have added capital since the April 2009 G20, shortfalls are lower than before, and not near the voodoo stories […]

The market for hybrids is open for business!

BPCE (A2/A/A) announced a benchmark USD RegS/144A dated Tier 2 transaction with IPTs of UST+230bps area. HSBC Bank Plc (Aa3/AA-/AA-) is expected to issue its inaugural multi-currency AT1 transaction this week following a global investor roadshow. Credit Agricole (A2/A/A)  is holding investor meetings in the US and Europe starting from 8 September for a possible […]