Hints and tips:
Related Special Reports
...Apollo has sold a stake in the lending business it acquired from Credit Suisse last year shortly before the Swiss bank’s shotgun rescue by UBS, securing a multibillion-dollar investment from one of the US...
...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’s stance on the company’s refinancing contrasts with the accommodating position often taken by French banks to big corporate clients....
...The bank sounded one note of caution on its car financing business Arval — an area where French rivals Société Générale and Crédit Agricole are also big operators — saying used car values were now falling...
...Crédit Agricole had in 2018 entered a partnership with German payments company Wirecard, which it paused amid concerns around the now-collapsed group’s accounting....
...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....
...France’s biggest mortgage lender Crédit Agricole has warned of a deepening slowdown in demand, rejecting criticism that banks are refusing to make loans to prospective homebuyers....
...“Last year US credit did outperform — European credit did OK, but not to the same degree,” said Mohit Mittal, chief investment officer of core strategies at Pimco....
...Private-credit funds are on track for their outright decline in gross capital distributions for the first time since 2020, the bank points out: As Barclays puts it: In our view, the suppression in private...
...Citigroup, which is undergoing a restructuring, saw its corporate and investment bank fees jump about 50 per cent from a year ago....
...Big bancassurers such as France’s Crédit Agricole and KBC of Belgium could capitalise on rule changes....
...The ironic quirk, however, is that this newcomer is backed by Japan’s Nomura, a traditional bank which private credit has been designed to displace....
...Is corporate credit too crowded? For a gestalt image, start with the Bank of America fund managers’ survey....
...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....
...Banks such as Nomura, which owns a minority stake in Corinthia, have sought to build their own private credit fund businesses as they have watched fund managers including Ares, HPS Investment Partners, Sixth...
...The former rugby lawyer shaking up the world of private credit Paul Weightman is no stranger to high-profile corporate scraps....
...That shift has opened the door for investment banks to pitch hard for business that they lost to private lenders after rates dramatically rose in 2022, with the banks hoping for a revival of lucrative fees...
...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....
International Edition