Singapore c.bank to introduce s-term bills from Q2 2011

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Singapore’s central bank said on Thursday it will issue short-term bills next year, a fourth instrument for money markets, to help banks manage their liquidity.

Currently the central bank uses three instruments — foreign exchange swaps, money market borrowings and repos.

“MAS Bills will be our fourth instrument. These bills are negotiable, so banks needing liquidity can tell them or pledge them as collateral in interbank repo markets as well as the MAS Standing Facility,” said Heng Swee Keat, the managing director of the Monetary Authority of Singapore.

“This will facilitate banks in managing their liquidity.”

He said the bills would be for up to three months and the authority was initially planning an issue of up to S$20 billion. (Reporting by Nopporn Wong-Anan)

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Saudi Kayan seeks $2.4 bln for rise in project cost

July 26, 2010 By Leave a Comment

July 25 (Reuters) – Petrochemical firm Saudi Kayan (2350.SE) is trying to secure loans from one or several banks to cover a 9 billion riyals ($2.4 billion) rise in the cost of its plants.

“It is expected that the gross cost of the project will rise by approximately 24 percent or around 9 billion riyals,” it said in a statement posted on the bourse website. ($1=3.750 riyals) (Reporting by Souhail Karam) (souhail.karam@thomsonreuters.com ; +966 1 463 2603; Reuters Messaging:souhail.karam.reuters.com@reuters.net))

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Ex Credit Suisse exec says shrink banks -paper

July 26, 2010 By Leave a Comment

July 25 (Reuters) – The simplest way to regulate the global banking system is to limit the size of bank balance sheets, former Credit Suisse (CSGN.VX) and Dresdner Bank board member Leonhard Fischer told German weekly Welt am Sonntag.

The financial crisis revealed some banks were too big for one national regulator to rescue, Fischer told the Sunday paper.

“All the complex approaches to bank regulation have failed. We have never had as much regulation as today. The upshot is that banks hire a couple lawyers more to circumvent the rules,” Fischer was quoted as saying.

“For me it’s about size. I would limit the size of balance sheets.”

Fischer acknowledged the size limit is an imperfect solution, adding one should not be deterred by the argument that smaller banks would mean fewer loans for the real economy.

Fischer quit Credit Suisse in March 2007 to join RHJ (RHJI.BR) International, a vehicle for private equity firm Ripplewood Holdings. (Reporting by Edward Taylor; editing by Karen Foster)

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Manila to sell retail bonds before global peso bonds

July 21, 2010 By Leave a Comment

July 20 (Reuters) – The Philippines has received advice from banks that a global peso bond issue with a maturity of at least five years is feasible, but the government will likely sell retail treasury bonds first, a senior official said.

“We would like to have it this year if there is an opportunity,” Roberto Tan, national treasurer, told reporters regarding a planned peso global bond sale. (Reporting by Karen Lema)

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Temasek eyeing benchmark sterling bond sale-sources

July 20, 2010 By Leave a Comment

July 19 (Reuters) – Singapore state investor Temasek Holdings [TEM.UL] is looking to sell sterling-denominated bonds, its first issue in the British currency, sources with knowledge of the deal told Reuters.

Temasek could do a benchmark issue — which in industry terms is at least $500 million equivalent, sources said.

UBS (UBSN.VX), Deutsche Bank (DBKGn.DE), HSBC (HSBA.L) are likely to be lead managers for the sale, sources said.

Temasek and the banks declined to comment.

“They see sterling as an additional pool of capital for them,” said one of the sources who spoke to Reuters.

(Reporting by Saeed Azhar and Kevin Lim; additional reporting by Saikat Chatterjee in Hong Kong)

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Philippines looking at peso, retail bonds – govt

July 13, 2010 By Leave a Comment

July 12 (Reuters) – The Philippine government was looking to fund an increased budget deficit this year through issuing global peso bonds and retail treasury bonds, National Treasurer Roberto Tan told reporters on Monday.

“We are now getting feedback from banks on a global peso bond,” he said.

On Friday, the new government raised this year’s budget deficit forecast to 325 billion pesos ($7 billion), or 3.9 percent of GDP, from about 300 billion or 3.6 percent of GDP. [ID:SGE6680FQ] ($1=46.2 pesos) (Reporting by Karen Lema; Editing by John Mair)

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Snowe: no decision on US financial reg reform vote

July 11, 2010 By Leave a Comment

Maine, July 10 (Reuters) – Maine Senator Olympia Snowe said on Saturday she has not decided which way to vote on crucial financial reform legislation, with the most important thing being “to get it right.”

Snowe is one of two moderate Republicans in the U.S. Senate whose vote is seen as critical to passing the bill.

“It’s a big issue, and the most important thing is to make sure we get it right,” Snowe told Reuters when asked if recent changes to the legislation had secured her support.

“I’m still looking at it — it’s this big,” Snowe said of the bill, holding her hands about six inches apart as she marched in the annual Moxie Festival parade in Lisbon Falls, Maine, which celebrates the state’s official soft drink.

Snowe, along with Senator Scott Brown of Massachusetts, are thought likely to support the sweeping bill after a plan to impose a $19 billion tax on large banks and hedge funds was scrapped by Democrats at Brown’s urging.

Snowe voted for an earlier version of the bill passed by the Senate in May.

A final Senate vote is possible next week. Democrats need 60 votes to overcome any Republican maneuvers to block the bill. (Reporting by Sarah Mahoney in Lisbon Falls, writing by Ros Krasny; Editing by Doina Chiacu)

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GE considers selling Garanti stake in parts: report

July 10, 2010 By Leave a Comment

(Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

A representative of GE Turkey, Kursat Ozkan, said the sale method to be used was still unclear and work was continuing.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions.

(Additional reporting by Aali Kandemir; Editing by Simon Jessop)

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UPDATE 1-GE considers selling Garanti stake in parts -paper

July 10, 2010 By Leave a Comment

ISTANBUL, July 9 (Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

A representative of GE Turkey, Kursat Ozkan, said the sale method to be used was still unclear and work was continuing.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions. (Additional reporting by Aali Kandemir; Editing by Simon Jessop)

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GE considers selling Garanti stake in parts -paper

July 10, 2010 By Leave a Comment

July 9 (Reuters) – General Electric (GE.N) is looking at selling its 20.85 percent stake in Turkish lender Garanti Bank (GARAN.IS) in parts, after an unsuccessful attempt at a block sale, Sabah newspaper said on Friday.

Few banks came forward to publicly declare their interest in the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at around $3.8 billion but not giving control of the bank, had limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very possible. Therefore, GE gave a message that it might sell the stake in parts. So that method is also being talked about now,” said the unnamed source.

The bank is just under 50 percent publicly traded, while Turkish conglomerate Dogus Group owns 30.5 percent and has first refusal on the stake. It has declined to clarify its intentions. (Editing by Simon Jessop)

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Europe shares briefly turn negative; banks down

July 6, 2010 By Leave a Comment

July 5 (Reuters) – European shares briefly turned negative in early trade on Monday as banking shares fell, weighed down by worries over stress tests being conducted on the sector.

At 0808 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was flat at 969.43 points after rising to a high of 975.28 and falling to a low of 967.89.

Among banks, Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L) and BNP Paribas (BNPP.PA) fell 1.3 to 2.1 percent.

The market was expected to remain choppy as volumes were low because of a holiday in the United States.

(Reporting by Atul Prakash)

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Taiwan stocks extend gains; banks, techs up

July 6, 2010 By Leave a Comment

TAIPEI, July 5 (Reuters) – Taiwan stocks rose 1.49 percent on
Monday, with banks leading the way on hopes of long-term
potential gains in China, while technology firms that could post
solid June sales figures also outperformed.

The main TAIEX share index closed up 109.22 points at
7,439.96, extending Friday’s 1.06 percent rebound from a
three-week closing low.

Chinatrust Financial Holding Co (2891.TW), the most active
share by volume, rose 2.44 percent. Investors focused on possible
gains from closer links to China following last month’s signing
of a key trade deal (see [ID:nECFA]).

Smartphone maker HTC Corp (2498.TW) shot up 6.92 percent and
chipmaker TSMC (2330.TW) (TSM.N) jumped 1.82 percent, lifting the
electronics sector .TELI 1.63 percent higher. TSMC and HTC are
due to report their June sales later this week.
(US$1=T$32.2)
(Reporting by Baker Li; Editing by Jonathan Standing)

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Frank says will revive bank tax proposal

July 2, 2010 By Leave a Comment

(Reuters) – Democratic Representative Barney Frank said on Wednesday that he would revive a proposal to tax banks and other large financial firms that had been stripped from a landmark overhaul of financial regulations.

Frank’s proposal would move separately from the sweeping financial regulation bill, which the House is expected to approve imminently.

“The committee that I chair will, I hope, bring out a bill that revives that assessment,” Frank said in debate on the House floor.

(Reporting by Andy Sullivan and Kevin Drawbaugh; Editing by Leslie Adler)

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India’s State Bank sets base rate at 7.5 percent

June 30, 2010 By Leave a Comment

June 29 (Reuters) – State Bank of India (SBI.BO), India’s largest lender, said on Tuesday it would set its so-called base rate at 7.5 percent.

Financials

The base rate would be effective from July 1.

The central bank introduced the new lending rate system or the base rate to ensure that larger borrowers do not bargain for cheaper rates from banks, distorting their asset liability management. [ID:nSGE6190MI]. (Reporting by Sumeet Chatterjee; editing by Surojit Gupta)

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Deutsche CEO says “regulatory arbitrage” a worry

June 28, 2010 By Leave a Comment

June 27 (Reuters) – The chief executive of Deutsche Bank (DBKGn.DE) said on Sunday he wsa concerned the G20 plan to give countries flexibility on the timing of tougher of capital rules will lead to an uneven playing field for banks.

Financials

The Group of 20 leaders, at a two-day summit in Toronto, are likely to allow countries flexibility in instituting tough capital rules, according to a draft communique obtained by Reuters

“If you don’t have a coordinated approach to regulatory (systems)… then there’s the risk of regulatory arbitrage,” Josef Ackermann told Reuters when asked about the G20 draft communique. (Reporting by David Dolan; Editing by Ron Popeski)

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US lawmakers agree to let banks trade most swaps

June 26, 2010 By Leave a Comment

June 25 (Reuters) – U.S. lawmakers finalizing sweeping financial reforms agreed on Friday to allow banks to trade in-house many types of over-the-counter derivatives, watering down a controversial plan that would have required banks to spin off much of their lucrative swaps dealing desks.

Bonds | Global Markets | Funds News | ETFs News

Under the deal, banks can trade in-house foreign exchange and interest rate swaps, gold and silver swaps, and derivatives designed to hedge their own risk.

But banks will need to spin off dealing desks to affiliates to handle agricultural, energy and metals swaps, equity swaps, and uncleared credit default swaps. (Reporting by Charles Abbott, Rachelle Younglai, Roberta Rampton, editing by Jackie Frank)

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EURO BONDS-BAT dual tranche bond

June 26, 2010 By Leave a Comment

June 25 (Reuters) – News, details on corporate bond issues in the European markets on Friday:

Stocks | Bonds | Global Markets

BAT (BATS.L)

Issue: Cigarette maker British American Tobacco is selling a dual-tranche bond, an official with one of the banks managing the sale said. The deal comprises a 10-year 600 million euro bond and a 30-year 275 million pound bond.

Managing banks: BNP Paribas, Deutsche Bank, HSBC, JP Morgan, Lloyds.

Rating: Moody’s Baa1, S&P BBB+ and Fitch BBB+

(London Corporate Finance: +44 207 542 8389)

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Hungary bank tax to last for two years – report

June 26, 2010 By Leave a Comment

June 25 (Reuters) – Hungary plans to levy a planned special tax on banks for two years instead of a previously announced three years, a top government official told the news portal hirszerzo.hu on Friday. “The bank tax is for two years, phased out gradually, within a clear framework,” Zoltan Csefalvay, state secretary for strategy at the Economy Ministry, told Hirszerzo.hu. Prime Minister Viktor Orban said in a speech earlier this month that the tax on the financial sector would be levied for three years and the government would collect 200 billion forints from financial institutions in 2010. (Reporting by Marton Dunai; Editing by Dan Lalor)

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Banks could trade many swaps under new compromise

June 26, 2010 By Leave a Comment

(Reuters) – Banks would be allowed to trade in-house many types of over-the-counter derivatives under a new proposal designed to break an impasse in the U.S. Congress over financial regulation reform, Democratic Rep. Collin Peterson said on Friday.

Politics

Banks could trade foreign exchange and interest rate swaps in house, as well as gold and silver swaps, and derivatives designed to hedge their own risk, said Peterson, citing a compromise worked on by members of a House and Senate financial reform panel as well as Obama administration officials.

But banks would need to spin-off desks to affiliates to handle agricultural, energy and metals swaps, equity swaps, and uncleared credit default swaps, Peterson said.

(Reporting by Charles Abbott and Roberta Rampton)

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Banks could trade many swaps under new compromise

June 26, 2010 By Leave a Comment

June 25 (Reuters) – Banks would be allowed to trade in-house many types of over-the-counter derivatives under a new proposal designed to break an impasse in the U.S. Congress over financial regulation reform, Democratic Rep. Collin Peterson said on Friday.

Stocks | Bonds | Global Markets | Funds News | ETFs News

Banks could trade foreign exchange and interest rate swaps in house, as well as gold and silver swaps, and derivatives designed to hedge their own risk, said Peterson, citing a compromise worked on by members of a House and Senate financial reform panel as well as Obama administration officials.

But banks would need to spin-off desks to affiliates to handle agricultural, energy and metals swaps, equity swaps, and uncleared credit default swaps, Peterson said. (Reporting by Charles Abbott and Roberta Rampton)

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