It's a pattern that's been repeated time and again over the past couple of years. UK banks have lost dozens of prized positions as providers of RCFs to core domestic clients. In a sign of the shift, three of the top six providers of RCFs — when measured by number of facilities — to UK corporates in the year to date are foreign banks: BNP Paribas is second in the league table, Citigroup fifth and Bank of America Merrill Lynch sixth.
Traditionally, the UK banks have locked out the top spots. All three banks have been steadily climbing up the league tables over the past few years. More onerous capital rules brought in after the financial crisis and the resulting collapse in return-on-equity has made it more difficult for banks to justify extending RCFs, many of which have traditionally made little — or no — money on a standalone basis. The trend is forcing many corporates to look not just at funding from foreign banks but for alternative sources of capital.
An increasing number are turning to private capital providers — mainly investment arms of US insurers — which don't have the same capital requirements as banks and so can make a decent return by lending money to UK corporates. What we are offering is absolutely pari passu with banks loans — our product isn't really any different. Loans are a loss-leader for many banks in the UK.
BNP Paribas and Citigroup have both launched a big push in the UK over the past two years, expanding their corporate banking offerings to target mid-sized companies. Lending is at the heart of the strategy. The two banks see UK clients as pote.
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Gareth Gore, Alasdair Reilly. We invite banks, issuers and advisers to pitch now for the IFR Awards , including several new categories. Royal Bank of Scotland named Alison Rose as its new chief executive on Friday, becoming the first major British lender to appoint a woman to its top job. McEwan is due to join National Australia Bank as its next chief executive.
Rose has worked at RBS for 27 years and takes on the role at a pivotal time for the lender, as British banks prepare for the economic fallout if Britain leaves the European Union without a deal next month. RBS said Rose's pay package "continues to represent a restrained pay position in terms of comparable roles".
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British banks have been criticised by investors this year for giving their executives more favourable pension arrangements than the rest of their workforce. She also won plaudits for leading a government-commissioned review into the barriers holding back female entrepreneurs. The appointment means RBS will be led by two women in its top executive roles, after Katie Murray was promoted to the chief financial officer role in January. McEwan, who has led the bank since , announced his decision to retire in April.
Huw Jones, Iain Withers. A wave of UK financials supply broke last week amid a relative pause in Brexit headlines, with subordinated sterling trades getting a roaring response and euro supply welcomed, although bankers are unsure how long the good times will last. The first benchmark AT1s from the UK since June, the deals were a testament to the demand for the riskiest class of financial institution debt.
Nationwide came first. It printed its perpetual non-call December at 5. Barclays followed on Wednesday. Its self-led perpetual non-call six-year deal was marketed at the 6. Bankers said Barclays paid little to no new issue concession, seeing fair value at 6. It was the first benchmark from a UK bank in euros since June and market participants had cast doubts on euro investors' appetite for UK risk. Earlier this month, Bank of Ireland pulled a euro Tier 2, with some bankers blaming Brexit.
But feedback indicated investors were willing to play, albeit at "a level back" according to a banker on the Lloyds deal. A Brexit premium is already priced in to UK spreads. In covereds, UK lenders offer a pick-up over core European and Canadian comparables. Lloyds' result encouraged Virgin Money that the time was right to finally bring out its inaugural euro covered on Tuesday, which it had marketed at the end of August. Lloyds Bank is preparing an inaugural euro senior issue from its non-ringfenced-entity while challenged lender Metro Bank is expected to offer a sterling benchmark senior non-preferred trade this week.
Metro's deal could be a relatively difficult sell, bankers said. The UK lender is still suffering after a gaping hole in its balance sheet was uncovered in January. Imminent events could cloud the outlook for UK lenders, at least in the euro market, bankers said. A UK Supreme Court ruling on whether Prime Minister Boris Johnson's suspension of parliament was lawful is awaited, and market participants are uncertain on how investors will interpret either outcome. If the court sides with the government, it could be seen as decreasing the risk of a no-deal Brexit. However, it could also cause a pick-up in headlines and increase execution risk.
Latest News - Global. Quick read. Burton Frierson. The DMA helps to cap today's bounce. Daily RSI falls further but nears oversold territory and Monthly RSI suggests bulls still have momentum. A bid is placed at 0. The stop will be below the low and the target will be near 0.
Christopher Romano. BON SF. Deutsche Bank, J. A project finance package usually includes financing from a variety of sources, different types of collateral arrangements, guarantees, escrow accounts, project sponsor commitments, etc. Finnish firms often play an important role in co-financing large-scale projects in these countries. IFC maintains an active relationship with Finland, covering business development with Finnish companies interested in investing in emerging markets, cooperation with Finnish banks, and donor funded initiatives.
Apart from co-investing with Finnish companies, it finances ventures that use Finnish technology, cooperate with Finnish partners on a long-term basis or generate major environmental or social benefits. Finnfund provides equity capital as well as long-term investment loans and participates in guarantee arrangements. In addition to financing, the corporation offers a broad range of fund-management and advisory services.
NIB promotes sustainable growth of its eight-member countries Finland, Sweden, Norway, Denmark, Iceland, Estonia, Latvia, and Lithuania by providing long-term complementary financing, based on sound banking principles, to projects that strengthen competitiveness and enhance the environment. Loans and guarantees are given to investments that assure energy supply, improve infrastructure, or support research and development.
NIB finances investment projects and project exports, both in and outside the member countries. The bank has lending operations both in its member countries and in emerging markets. High priority is given to investments furthering economic cooperation between the member countries. Finnvera plc. Finnvera carries out this task by improving the range and versatility of financing options available to enterprises through loans, guarantees, capital investments and export credit guarantees.
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Finnvera grants loans to enterprises and entrepreneurs, and issues guarantees, and export credit guarantees to enterprises and financiers.