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Italy's bond, which marks its third green bond and matures on 30 October 2031, was priced to yield 4.056%. Elsewhere, Cyprus raised 1 billion euros from its first sustainable bond, the country's debt office said, becoming the latest European government to enter the market. Sustainable bonds are a broader form ESG debt, proceeds from which can be spent on both green and social projects. Cyprus follows a number of smaller countries including Slovenia and Luxembourg opting for sustainable bonds as they often struggle to find enough projects to back standalone green bonds. Leonidou said Cyprus expects to sell sustainable bonds every two or three years going forward.

☆ Europe banks can lose 38% of deposits before having to sell assets at a loss-research
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 29 (Reuters) - The average European bank could withstand a loss of 38% of its deposits without having to sell at a loss government bond holdings or have a fire sale of illiquid assets, Jefferies analysts said. "Most investor discussions end up at deposit flight risk and the extent to which this can be offset," it added. But investors are worried about the risk that banks may at some point be forced to sell their HTM securities. Jefferies analysed the ability of banks to quickly cover deposit outflows with minimal or no losses, against the level of retail deposits, which comprise 63% of the median bank's deposit base. Following are the results of Jefferies' liquidity analysis:Jefferies liquidity analysis of EMEA banksReporting by Valentina Za and Iain Whithers.

☆ Credit Agricole launches China M&A and investment banking business
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 27 (Reuters) - Credit Agricole (CAGR.PA), France's second-biggest listed bank, has become the latest foreign lender to boost its China investment banking operations with the launch of a new unit. The new unit, Credit Agricole (Beijing) Advisory Services, focuses on cross-border merger and acquisition, encompassing purchases, disposals and capital raising, it said in a statement on Monday. The unit which began operations on March 10 is overseen by Huai Yang as head of the operation, the bank said. Previously, the bank served its Chinese advisory clients from its offshore base. Some global banks are accelerating their expansion in China with the government granting a few major licences since earlier this year.

☆ Analysis: Traders relaxed as ECB starts running down massive bond holdings
▼ + stars: | 2023-03-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

So far traders are optimistic, comforted by an initially small pace of bond sales and a predictable structure. U.S. and UK central banks have started QT, although the Bank of England was forced to delay its plans following turmoil in British bond markets last year. said DZ Bank's head of government bond trading Dalibor Jarnevic. If APP reinvestments stop before the end of 2024, ECB market presence would rely on reinvestments under the more flexible Pandemic Emergency Purchase Programme (PEPP). Whatever the size or pace, traders are seeking opportunities as the ECB makes the shift to QT.

☆ Banks pile into euro zone bond sales as rates shoot up
▼ + stars: | 2023-02-28 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

Heavy central bank buying had kept borrowing costs and volatility low for years, so the key question now is who steps in as the ECB steps out. They were the top buyers in the European Union's debt sale this month, buying almost 50% of a seven-year bond and 35% of a 20-year bond. Banks also took 39% of an Italian 20-year debt sale in January, while fund managers took 25%. In a 16-year debt sale last year, banks bought 29%. Bank treasuries took 30% of a 30-year Belgian debt sale in February, versus 10% a year ago.

☆ Analysis: Boom in European bank earnings hints at a rally with legs
▼ + stars: | 2023-02-23 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

The euro zone is expected to stagnate rather than contract, while cost of borrowing is still rising. The European Central Bank's campaign to raise interest rates as it fights to bring inflation back to its 2% target has been a boon for euro zone lenders. In the meantime, euro zone lenders' earnings per share (EPS) have surged to their highest since the global financial crisis in 2008. In the United State, where the rate cycle is more advanced, there's less potential for earnings upgrades at this point, she said. Earnings euro zone banks($1 = 0.9408 euros)Reporting by Joice Alves and additional reporting by Samuel Indyk in London; editing by Amanda Cooper and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt to raise $1.5 billion with debut sukuk at 11% yield
▼ + stars: | 2023-02-21 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Feb 21 (Reuters) - Egypt was set to raise $1.5 billion on Tuesday from its debut sale of Islamic bonds known as sukuk at a yield of 11%, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625% and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt's vulnerable finances fell into crisis after the war in Ukraine triggered heavy foreign investment outflows from Egyptian financial markets. The sukuk will be listed on the London Stock Exchange, issued through The Egyptian Financial Company for Sovereign Taskeek, with the finance ministry as obligor. The sukuk will help Egypt repay $1.25 billion in five-year Eurobonds, which carried a fixed interest rate of 5.577% and mature on Feb. 21.

☆ Italian fund buys stake in asset manager Anima in play on bank M&A
▼ + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.

LONDON, Feb 10 (Reuters) - European banks risk jeopardising the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday. ShareAction said the five banks and Britain's HSBC (HSBA.L) rank as the largest European financiers of the top oil and gas companies expanding production between 2016 and 2021. However, HSBC said in December that it would stop directly financing new oil and gas fields, joining other banks restricting asset financing, the NGO noted. The spokesperson pointed to the French bank's targets to reduce exposure to oil and gas production by 2025. The International Energy Agency said in 2021 that to reach net-zero emissions by mid-century, no investment into new oil, gas and coal supply projects was needed.

CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TIM) asset. Two sources familiar with the matter told Reuters KKR's approach valued the venture at about 20 billion euros ($21.4 billion). Prime Minister Giorgia Meloni repeatedly said her government wants to secure public control of TIM's network. But there is no common ground yet within her administration on how to reach such a goal and it was no clear whether a CDP bid would receive the blessing of the Treasury. Economy Minister Giancarlo Giorgetti believes Rome has "multiple options" to put TIM's network under strategic government control, a separate source said, without elaborating.

☆ Banco BPM wants to squeeze more long-term value from retailers' payment business
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 4 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) is keen to generate greater value longer-term from its retailers' payment business as it explores strategic options for the unit, its chief executive said on Saturday. Speaking to reporters on the sidelines of the Assiom-Forex conference in Milan, Chief Executive Giuseppe Castagna said Banco BPM was considering ways to boost profitability at its business that provides payment services to shopkeepers. "What we certainly won't do is be selling future P&L (profit and loss) inflows to get cash upfront," Castagna said. "Like with our other businesses, we're looking for ... a model that creates more value for the bank," Castagna said without elaborating. Banco BPM recently agreed to sell a majority stake in its non-life insurance business to Credit Agricole (CAGR.PA), its single biggest investor with whom it already partnered in consumer credit.

☆ Santander is not interested in potential acquisition of Orange Bank
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

MADRID, Feb 2 (Reuters) - Spain's Santander (SAN.MC) is not interested in the potential acquisition of Orange Bank (ORAN.PA), the mobile banking unit of Orange, chairman Ana Botin said on Thursday. Les Echos reported on Wednesday that French banks BNP Paribas , Credit Agricole (CAGR.PA) and Societe Generale (SOGN.PA) were mulling a bid for Orange Bank. The newspaper added that Spanish bank Santander and U.S. private equity fund Cerberus were also considering a bid. "We are not interested in Orange," Botin said during the annual earnings press conference in Madrid. Reporting by Emma Pinedo; Editing by Jesus AguadoOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon creates bazaar for U.S. banking wannabes
▼ + stars: | 2023-01-24 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The e-commerce goliath recently added to its growing pile of debt with an $8 billion loan. After first tapping the market’s biggest bookrunners, Amazon enlisted Canada’s TD Securities to shop the lesser-traveled byways around Wall Street for the follow-up deal. It’s easy to understand why the wannabes would jump at the chance to work with Amazon. Others such as BBVA, which offloaded its American subsidiary but kept its broker-dealer business, are keen to expand in U.S. investment banking. For Amazon, spreading the wealth is a chance to trial new banking relationships before potentially hiring them for more complicated matters.

SummarySummary Companies Top EU court dismisses HSBC challenge over cartel participationUpholds annulment of Euribor cartel fineHSBC separately challenging reduced Euribor fineBRUSSELS, Jan 12 (Reuters) - HSBC (HSBA.L) on Thursday failed to overturn a court ruling that it had participated in a cartel to rig benchmark Euribor rates in 2007, but Europe's top court confirmed that a 33.6 million euro ($36 million) fine had been scrapped. The European Court of Justice, Europe's highest court, rejected HSBC's attempt to clear its name by challenging a 2019 lower court decision that it had colluded with others to try to manipulate key Euribor (euro interbank offered rate) rates. The European Commission, the bloc's executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor, a benchmark for rates on financial products, fining the lender 33.6 million euros. Three years later, a lower tribunal scrapped the fine because of insufficient reasoning, but dismissed the bank's attempt to shake off the ruling that it had taken part in a cartel. The European Commission subsequently imposed a slightly lower fine of 31.7 million euros in 2021, which HSBC is separately challenging.

☆ HSBC wins appeal against $36 mln Euribor cartel fine
▼ + stars: | 2023-01-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 12 (Reuters) - HSBC (HSBA.L) has won an appeal against a decision by European antitrust regulators to fine Europe's second-largest bank 33.6 million euros ($36 million) over its role in a cartel to manipulate benchmark Euribor interest rates in 2007. HSBC, penalised alongside JPMorgan (JPM.N) and Credit Agricole (CAGR.PA), challenged the decision and in 2019, a lower tribunal scrapped the fine because of insufficient reasoning. The European Commission subsequently re-imposed a slightly lower fine of 31.7 million euros in 2021. HSBC, JPMorgan and Credit Agricole opted against settling with European regulators and, following a full investigation, JPMorgan was fined 337.2 million euros and Credit Agricole was ordered to pay 114.7 million euros. EU, U.S. and British regulators have fined banks billions of euros for manipulating benchmark interest rates and the foreign exchange market.

LONDON, Jan 3 (Reuters) - Credit Suisse (CSGN.S) announced a series of staff changes on Tuesday following the departure of the co-head of its European investment banking operation, according to internal memos seen by Reuters and confirmed by a company spokesperson. Monarchi is now sole IBCM head for Europe, the Middle East and Africa (EMEA), whereas Geller has been named sole global head of M&A. Additionally, William Mansfield, head of EMEA Consumer & Retail M&A, has taken up Deasy's responsibilities as head of EMEA M&A. Deasy's exit, which was first reported by Financial News, is the latest in a string of departures as Credit Suisse embarks on a plan to cut thousands of jobs and shift its focus from investment banking towards more stable wealth management. Alongside the promotions, the Swiss lender also said it had hired Credit Agricole (CAGR.PA) banker Gen Oba as co-head of IBCM in France, Belgium and Luxembourg.

By acquiring MPS, UniCredit could have bridged in part the gap with domestic champion Intesa Sanpaolo (ISP.MI), which overtook it as Italy's top lender in 2020 by buying smaller peer UBI. Such a deal would have further widened the distance between the top two banks and Banco BPM (BAMI.MI), which ranks third with roughly one-fifth of their assets. Sources with knowledge of the matter have told Reuters Banco BPM together with UniCredit remain potential buyers for MPS. On Thursday, Banco BPM CEO Giuseppe Castagna was quoted as saying MPS was "too big a mouthful" for his bank to swallow. Bankers say an MPS deal could help Banco BPM loosen the grip of Credit Agricole (CAGR.PA), the French bank which this year became the single biggest investor in Banco BPM.

☆ Italy's goal is several big banking groups as it works to exit MPS - PM
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 29 (Reuters) - Italy will work to exit the capital of bailed-out lender Monte dei Paschi di Siena (BMPS.MI) with a view to creating a banking landscape with several large groups, Prime Minister Giorgia Meloni said on Thursday. Meloni said Monte dei Paschi had been "very badly handled" by previous governments leading to taxpayers spending billions of euros to prop up the Tuscan lender, whose restructuring however "appears rather solid." Italy owns 64% of Monte dei Paschi following a 2017 bailout that cost taxpayers 5.4 billion euros. Rome pumped another 1.6 billion euros into the bank as part of a 2.5 billion euro recapitalisation completed in November. In an interview on Thursday Banco BPM CEO Giuseppe Castagna said Monte dei Paschi was "too big a mouthful" for his bank to swallow.

☆ Russian rouble slips again as volatile year-end trade continues
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

The rouble lost about 8% against the dollar last week and is on course for a hefty monthly decline after an oil embargo and price cap came into force. At 0705 GMT, the rouble was 1.1% weaker against the dollar at 71.19 , moving in the direction of the almost eight-month low of 72.6325 struck last week. It lost 0.5% to trade at 75.37 versus the euro and shed 1.4% against the yuan to 10.12 . Brent crude oil , a global benchmark for Russia's main export, was down 0.7% at $83.7 a barrel. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Additional reporting by Bansari Mayur Kamdar; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ European shares eye upbeat end to week on banks, healthcare boost
▼ + stars: | 2022-12-23 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 rises 0.2%Banks, healthcare firms gainBavarian Nordic at the top of STOXX 600Italian business morale rises in DecemberDec 23 (Reuters) - Europe's STOXX 600 edged higher on Friday, with gains in healthcare firms and banks putting the index on course to end the last week before Christmas on an upbeat note. The region-wide STOXX 600 (.STOXX) rose 0.2% at 0915 GMT and was bound for a 0.8% weekly advance. Morale amongst Italian businesses and consumers rose in December, data showed on Friday, although the manufacturing sector was more downbeat. On the economic data front, a report showed Spain's economy expanded 0.1% in the third quarter, slowing from a 2.0% growth rate in the previous three-month period. Among STOXX 600 sectors, shares of retailers (.SXRP) rose 0.6% to lead gains.

☆ French bank Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

PARIS, Dec 23 (Reuters) - French bank Credit Agricole (CAGR.PA) said on Friday it had struck a long-term bancassurance partnership deal with Italy's Banco BPM (BBPM) (BAMI.MI) to provide non-life insurance products and related services through BBPM's networks. As part of the deal, the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. Reporting by Sudip Kar-Gupta, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

The deal allows the provision of non-life insurance products and related services through BBPM's networks for a 20-year period. It also stipulates that the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. "We are very pleased that our long-standing strategic partnership with Banco BPM will soon be strengthened," Credit Agricole CEO Philippe Brassac said in a statement. Credit Agricole has a 9.18% stake in Banco BPM, Italy's third-largest bank behind Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI). Three weeks ago, Banco BPM picked Credit Agricole over a rival bid from French insurer AXA (AXAF.PA) to start exclusive talks over a non-life insurance partnership.

☆ French airports company ADP's shares slump as Royal Schiphol sells off ADP stake at discount
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

PARIS, Dec 6 (Reuters) - Royal Schiphol Group has sold off its remaining stake in French airports company Aeroports de Paris (ADP) (ADP.PA), ADP said on Tuesday, prompting ADP's shares to slump as the sale took place at a sharp discount to ADP's recent share price. ADP said Royal Schiphol had sold off the shares at a price of 133 euros per share - a sharp discount to ADP's closing share price of 147.65 euros on December 5. ADP shares were down 13.68% at 127.05 euros in early session trading - the worst performer on France's SBF-120 index (.SBF120). The French state owns just over 50% of ADP's share capital. Royal Schiphol had already sold in November a 2.5% stake in ADP to Credit Agricole (CAGR.PA) and a 1.6% stake to Canada Pension Plan Investment Board.

☆ Credit Agricole is weighing foray into German car-sharing: media report
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 27 (Reuters) - French bank Credit Agricole (CAGR.PA) is weighing plans to offer car-sharing financial services in Germany because the growing market offers opportunities to challenge incumbent players, an executive told trade publication Automobilwoche. "We are testing car-sharing in smaller towns in France with a population of up to 30,000. The German membership-based car-sharing market is undergoing a transformation as Volkswagen (VOWG_p.DE) is selling its all-electric car-sharing unit WeShare to Berlin-based Miles Mobility. Germany's Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) sold their car-sharing venture Share Now to Stellantis (STLA.MI). Car rental firm Sixt has branched out into car-sharing.

☆ EBRD to support $206 million in Ukraine investment via local banks
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 23 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will help facilitate loans in Ukraine for key industries from agriculture to pharmaceuticals. The bank will issue risk-sharing instruments to local banks Credit Agricole Ukraine, ProCredit Bank, OTP Bank Ukraine and leasing company OTP Leasing aimed at backing up half of the risk of 200 million euros ($206.34 million) in new financing, according to an emailed statement from the bank. The EBRD will provide a 50-million euro guarantee to support the lending, which is also aimed at sectors such as food processing, transport and logistics and retail. "The bank's dedicated food security package envisages supporting 200 million euros of investment this year in Ukraine," the statement added. ($1 = 0.9693 euros)Reporting by Jorgelina do RosarioOur Standards: The Thomson Reuters Trust Principles.

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