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daily data point financial services commentary from the economist intelligence unit daily data point financial services commentary from the economist intelligence unit home about subscribe to feed we ve moved november 17 2011 in asset managers banks economy exchanges insurers tags announcement leave a comment the economist intelligence unit is relaunching its industry blog now known as eiu views the site features data driven commentary by members of the eiu s industry team the approach is much the same as daily data point but the new site will feature a broader pool of editors writing about a wider range of sectors including of course the financial services industry please update your bookmarks and head over to www eiuviews com to see only the finance posts visit www eiuviews com index php category financial services for the finance rss feed use www eiuviews com index php category financial services feed credit markets test of equivalence august 19 2011 in economy tags credit markets europe sovereign debt leave a comment yesterday bonds issued by walt disney set new records for corporate debt with the lowest ever coupons achieved for five ten and 30 year bonds disney s ten year tranche with a coupon of 2 75 boasted a yield roughly the same as french sovereign bonds as investors seek safe havens amid market turmoil yields on us treasuries have plunged giving intrepid corporate borrowers in america an opportunity to pitch for low cost long term funding coca cola and at t also issued bonds this week at record low yields for the companies as treasuries gold the swiss franc and other perceived low risk assets attract investors this got us thinking about the creditworthiness of the world s strongest corporate borrowers vis à vis beleaguered sovereigns at the close of trading yesterday there were 25 companies with narrower credit default swap spreads than the top ranked sovereign norway in the minds of cds traders norway is roughly as creditworthy as walt disney is mickey s magic kingdom now considered a safe haven the map below shows the approximate corporate equivalents to a selection of european sovereigns according to the cds market bank of america deep discount august 9 2011 in banks tags bank of america usa leave a comment in a day of extraordinary action in the markets perhaps the most noteworthy move yesterday was a 20 plunge in the share price of bank of america despite rallying today the bank america s largest by assets has seen its shares lose around 30 of their value so far this month and nearly 50 so far this year bank of america now trades at a wince inducing 32 of its book value this puts it at the bottom of the price to book league table for domestic banks but there are banks in europe that trade at similar discounts many of these remain part nationalised rbs dexia or face severe sovereign related stress unicredit alpha bank for bank of america a major mortgage lender this is is not the best neighbourhood to be in uk banks a reprieve of sorts july 20 2011 in banks tags barclays hsbc interbank lending lloyds banking group rbs stress test uk leave a comment british banks received a fillip from parliament today as the treasury select committee called for more detailed analysis of the proposal to ring fence banks retail units from the rest of their operations banks have criticised the proposal made by the independent commission on banking as saddling them with unnecessary costs and restraining their capacity to lend signs of a rethink on the proposal sent british banks shares sharply higher the rally reversed steep declines following friday s eu stress test although all four of the british banks in the test passed some of the details that emerged about the banks balance sheets spooked investors in particular funding costs soared in the test s adverse scenario which many analysts including the eiu think was not nearly adverse enough the cost of funding for barclays for example rose almost four fold between 2010 and 2012 in the test the largest jump in the 90 bank sample the other british banks in the sample also saw above average increases in costs thanks in part to reliance on wholesale funding sources exposure to fickle wholesale markets is one of the reasons cited in favour of erecting firewalls around universal banks retail activities any new analysis of the retail ring fence idea should take the implications of banks enduring reliance on short term interbank markets into account euro area debt crisis default options july 13 2011 in economy tags bankruptcy eiu euro zone greece sovereign debt leave a comment a new survey of executives by the economist intelligence unit adds another perspective to the all but inevitable event roiling financial markets a greek default nearly three quarters of more than 300 executives polled by the eiu over the past week believe that greece will eventually default on its debt for the full survey results visit the eiu s business research site on monday euro area finance ministers released a statement calling for a broader and more forward looking policy response to greece s ongoing struggles with its crushing debt burden on the same day greek prime minister george papandreou added his thoughts on the matter warning that if europe does not make the right collective forceful decisions now we risk new and possibly global market calamities due to a contagion of doubt that will engulf our common union in the eiu s survey a small but noteworthy minority of respondents 12 think that the impact of a greek default will be of a similar scale and magnitude of the collapse of lehman brothers in 2008 a larger share of executives 47 predict a significant long lasting impact but with the pain largely confined to the euro area the remaining respondents either expect little impact or weren t willing to hazard a guess with greece s benchmark bonds trading at half of face value and spreads for spain and italy recently touching euro era highs officials are scrambling to stem the contagion from the monetary union s troubled periphery there is talk of an emergency euro summit on friday when release of the eu s bank stress tests could destabilise markets further but true to form euro area officials are finding it difficult to come to an agreement on whether to meet or not interbank lending swap meet july 8 2011 in banks tags federal reserve interbank lending leave a comment the federal reserve s temporary dollar swap lines with other major central banks are beginning to look like anything but temporary the facilities were first introduced in december 2007 closed in february 2010 reopened in may 2010 and recently extended through august 2012 under these agreements the fed offers unlimited dollar liquidity to other central banks which in turn offer the funds to local banks that find it difficult to borrow in interbank markets the re emergence of strains in short term us dollar funding markets was cited by the fed when it revived the programme last year after its brief hiatus the recent extension of the swap lines previously scheduled to expire next month suggests that officials believe that these strains remain or may be worsening but so far the move looks like more of a precaution than a sign of imminent distress since announcing the extension on june 29th no central bank has drawn on the facility the data is reported weekly on thursdays in fact the swap lines have not been used since march when only us 70m was drawn a small fraction of the hundreds of billions borrowed during the depths of the crisis following the collapse of lehman brothers ipos in hong kong mostly sunny july 6 2011 in exchanges tags hong kong ipo leave a comment the volume and value of initial public offerings in hong kong soared in the first half of the year according to a new analysis by pricewaterhousecoopers despite some companies getting cold feet and pulling planned listings in recent weeks pwc believes the hong kong exchange is on track for another robust year last year the number of ipos in hong kong rose by 56 and the value of funds raised increased by nearly 80 in the first half of this year the volume of listings rose by 55 and the value of money raised nearly tripled when compared with the same period in 2010 the number of expected ipos in 2011 110 reckons pwc should be roughly equal to the previous year however the value of fundraising forecast at hk 380bn us 48 8bn is expected to fall by 15 from 2010 choppy markets led six firms to scrap planned hong kong ipos last month although the pipeline still looks relatively healthy chinese retailer sun art for example reportedly closed the books early on its hk 8bn listing if not as lucrative as last year the ipo market in hong kong still looks to be one of the busiest in the world this year american banks turning japanese june 22 2011 in banks economy tags japan lending usa leave a comment after a brief growth spurt bank lending in the us shrank in april and may according to the latest data from the federal reserve as bloomberg points out banks appetite for government bonds has remained relatively robust since the onset of the financial crisis american banks now hold almost us 1 7trn in treasuries and related government debt with holdings growing by an 11 12 annual clip so far this year despite miserly yields the situation at japanese banks looks eerily similar funds are being recycled into government bonds instead of loans with year on year credit in a seemingly permanent state of contraction the economist intelligence unit does not expect america to experience a protracted slump like the one that has dogged japan since its spectacular asset price bubble burst in early 1990s still there are enough similarities in some metrics to cause discomfort encouragingly deposits at american and japanese banks are at or near record highs this will please regulators who are urging banks to avoid flightier wholesale sources of funding but until these funds are put to more productive use than stockpiling low yielding government bonds nobody will be truly happy bank loans in china tapping the brakes june 14 2011 in banks economy tags china eiu lending 1 comment in most large countries loan growth of 17 would represent a breakneck pace in china such growth is perceived as sign of a slowdown in may the value of china s outstanding bank loans rose by 17 from the year before the slowest pace since late 2008 a series of interest rate increases and more importantly hikes to banks reserve requirements appear to be cooling the stimulus fuelled surge in lending recorded in the months after the global financial crisis the latest boost to reserve requirements announced today is the sixth hike so far this year more increases are likely in the coming months as worries persist over rising consumer inflation 5 5 in may and a frothy property market still the economist intelligence unit expects china s gdp to grow by 9 this year only a modest slowdown from the 10 3 growth recorded in 2010 despite the central bank s tightening measures credit conditions will remain relatively loose note some data in this post and the accompanying chart have been updated to reflect revised historical data american banks too small to survive june 8 2011 in banks tags bankruptcy usa leave a comment on june 3rd atlantic bank and trust of charleston south carolina became the 45th bank in the us to fail this year after a brief period in receivership under the control of the federal deposit insurance corporation the lender s assets worth us 208m were transferred to first citizens bank and trust this is not an unusual occurrence 367 banks have failed since 2008 but the pace of failures so far this year is slower than in 2010 and only five banks failed in may which some see as an encouraging milestone recall however that three banks failed in march promptly followed by 13 in april the highest monthly tally since last spring more encouraging is that the size of failed banks so far this year is significantly smaller than last year an average of us 430m in assets per bank through may this year versus us 867m over the same period in 2010 categories asset managers banks economy exchanges insurers archives archives select month november 2011 1 august 2011 2 july 2011 4 june 2011 4 may 2011 6 april 2011 7 march 2011 5 february 2011 14 january 2011 17 december 2010 13 november 2010 12 october 2010 16 september 2010 14 august 2010 17 july 2010 9 june 2010 13 may 2010 14 april 2010 19 march 2010 23 february 2010 20 january 2010 20 december 2009 14 november 2009 21 october 2009 20 blog parent site eiu financial services briefing other economist sites business finance channel buttonwood s notebook daily chart eurofinance free exchange blog markets data channel risk briefing viewswire other sites of interest accrued interest alea aleph blog alpha sources bankthink bankwatch boe financial stability boj financial system stability cfo db research deus ex macchiato dnb featured statistic ecb financial stability econompic euro area debt crisis blog fed surveys and reports financial stability board ft alphaville ftfm alchemy imf data imf research implode o meter banks implode o meter hedge funds marketpulsefx nyt dealbook oxford swf project pehub reuters dealzone reuters global investing reuters hedge hub rortybomb seeking alpha world bank finance research wsj deal journal wsj marketbeat wsj private equity beat zero hedge asia bailout bank of america bankruptcy barclays bis brazil capital ratios catastrophe cds china citigroup compensation credit conditions credit markets deposits dubai earnings ecb eiu equities europe federal reserve fees forecast foreign exchange fraud fundraising germany goldman sachs greece hedge funds housing hsbc imf indonesia interbank lending investment banking ipo ireland islamic finance japan jobs jpmorgan latin america lending m a mexico microfinance middle east moody s morgan stanley non performing loans pensions portugal private equity rbs russia santander sovereign debt sovereign wealth funds spain stress test survey sweden switzerland trading uae ubs uk usa venezuela wealth management wells fargo world subscribe in a reader previous entries blog at wordpress com ben eastaugh and chris sternal johnson subscribe to feed subscribe subscribed daily data point sign me up already have a wordpress com account log in now privacy daily data point subscribe subscribed sign up log in report this content view site in reader manage subscriptions collapse this bar loading comments write a comment email required name required website design a site like this with wordpress com get started
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