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...better returns than traditional government and corporate debt....
...The event highlighted the US scheme, which has attracted interest from Amazon, Mastercard and Bank of America but is still seeking corporate buyers for its credits....
...It was enough to drag down shares of other French lenders, with Société Générale and Crédit Agricole sliding 3 per cent and 2 per cent respectively....
...Crédit Agricole, Atos, Attestor and the French bank lenders declined to comment. Crédit Agricole’s stance was first reported by online publication L’Informé....
...Crédit Agricole said the partnership showed that it was ready to “accompany Worldline’s development and allow it to pursue its strategy of becoming a leading European player in the payments market”....
...France’s second-biggest bank by market value said its investment bank had its best quarter, and it performed particularly well compared to rivals, including on Wall Street, in fixed income trading....
...This structure helps circumvent US regulations when globally significant banks, such as Crédit Agricole, own fund management companies. One can see the attraction for Amundi....
...And since 2008, mid-market corporates and mortgage borrowing have increasingly moved away from banks....
...The caution from Crédit Agricole, which has around 35 per cent of the French mortgage market when its co-operative banks and LCL are included, echoes that of rival Société Générale....
...Those two markets — private credit and BSL — are seen as near competitors, if not substitutes....
...Citigroup, which is undergoing a restructuring, saw its corporate and investment bank fees jump about 50 per cent from a year ago....
...In France and Italy, the model lives on with the likes of Crédit Agricole and Intesa Sanpaolo operating large insurance businesses....
...Still, rather than simply competing head-to-head with private credit, banks have made the calculation that they must embrace the new world and form their own copycats....
...“It’s more that November and December were very strong months in the US, and European credit is playing catch-up this year.”...
...These were bigger gains than at rival banks JPMorgan Chase and Citigroup, which reported results last week. Investment banking, meanwhile, had its best quarter in two years, with revenues of $2.1bn....
...Is corporate credit too crowded? For a gestalt image, start with the Bank of America fund managers’ survey....
...Several banks, including Barclays and Wells Fargo, have partnered with asset managers to establish a toehold in private credit....
...The former rugby lawyer shaking up the world of private credit Paul Weightman is no stranger to high-profile corporate scraps....
...Ardonagh is owned by Madison Dearborn and HPS Investment Partners....
...But the Fed’s so-called “pivot” in December — when the central bank gave its strongest signal yet that it was prepared to begin lowering rates — sparked a dash back into credit funds....
...The crowded corporate credit trade, part 2 Last week I looked at the boom in corporate credit and the accompanying tight credit spreads in high-yield and investment-grade bonds....
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...Ructions in financial markets last year, including the decision by many banks to pull back from corporate lending, allowed direct lenders such as Ares, Sixth Street, HPS Investment Partners and Blackstone...
...It is also betting a partnership with French bank Crédit Agricole will provide a boost from 2025, and foresees it lifting group sales growth to between 5 per cent and 10 per cent in the medium term....
...The biggest profit driver was Citi’s corporate and investment bank, where fees jumped about 50 per cent from a year ago....
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