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...But regulators are studying the liquidity risks being stored up in these strategies, and the potential spillover effects for the wider financial sector....
...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...There will also be an undisclosed amount of debt financing provided by a group of private lenders including Blackstone Credit, HPS Investment Partners and Blue Owl Capital....
...Ermotti said the only reason UBS was allowed to take over its rival was because Credit Suisse was failing after years of loss making....
...While new Fed proposals to increase bank capital (dubbed the “Basel endgame”) are being recalibrated, further adjustments to liquidity, capital rules and risk management practices are nonetheless likely....
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...A boom in private-credit CLOs, for one, would create demand for more frequent liquidity than what’s available from most funds today....
...CVC has also been a large investor in sports and has invested in Spanish football league La Liga and the Six Nations rugby union tournament....
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...During the period Scope Group entities provided other advisory services to Greensill as well as credit ratings, such as “industry risk reports” Esma said, and it failed to flag these services when rating...
...How far should regulators go in dictating the basic designs of some of the most widely used tech products and services?...
...Still, buyers’ remorse often sets in when the credit card bill arrives....
...But for those in Miami for JPMorgan Chase’s annual credit conference this week, nothing was more enticing than a panel discussion on liability management exercises....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...Although currently low, liquidity risks could rise with the growth of retail funds....
...obliviousness offered by private BDCs and other nontraded private credit vehicles....
...Ant’s bid for Credit Suisse Securities (China) Ltd, which includes investment banking and brokerage services in mainland China, could complicate UBS’s plans to dispose of its stake in the unit....
...In addition, reforms have introduced new friction, Balkanising service delivery in ways that does no one any favours....
...UBS put the unit, which includes investment banking and brokerage services, up for sale after taking control of Credit Suisse when it collapsed last year....
...“Everyone is losing sight of the fact that this market is too big for just private credit or banks.” Additional reporting by Sun Yu...
...At some point, this risks leaving lenders without sufficient reserves and could cause unwanted volatility in short-term borrowing costs and even a credit crunch....
...Liquidity is like water, it finds its level. People want market-based solutions. They don’t want to be told where to trade....
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