A sign of things to come? Credit Agricole SA (ACA), France’s second- largest bank by assets, said it expects to report a loss for 2011 and will eliminate 2,350 jobs at its investment-banking and consumer …
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December 13, 2011
European banks are frantically raising cash: European banks, under pressure from regulators to bolster capital, are selling some of their fastest-growing businesses to competitors from outside the region — at the expense of future profit …
TD: Preferred Technical Downgrade on Global Scale by S&P
Standard and Poor’s has announced: Following a review of The Toronto-Dominion Bank (TD Bank) under Standard & Poor’s revised bank criteria (published on Nov. 9, 2011), we are affirming our ratings on the bank, including …
December 12, 2011
The European governments need the banks, because the banks buy their debt. Guess who the banks depend on? European banks turning to their governments to raise required capital could trigger a downward spiral of declining …
December 9, 2011
Moody’s downgraded some French banks: BNP Paribas SA (BNP), Societe Generale SA and Credit Agricole SA (ACA) had their credit ratings cut by Moody’s Investors Service, which cited funding constraints and deteriorating economic conditions amid …
December 8, 2011
Three cheers for BMO! The consortium, known as Maple Group, wants to buy TMX for $3.8-billion. It also wants to buy privately-held Alpha, TMX’s biggest competitor in the stock market business in Canada, then combine …
December 7, 2011
FortisBC Energy (formerly Terasen; now owned by Fortis, proud issuer of FTS.PR.C & FTS.PR.E (OperatingRetractible), FTS.PR.F (PerpetualPremium), and FTS.PR.G & FTS.PR.H (FixedReset)) has issued 30-year paper at 4.25%. DBRS has confirmed BIG.PR.B and BIG.PR.C at …
December 6, 2011
It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 13bp, FixedResets up 5bp and DeemedRetractibles gaining 8bp. Volatility was quite good, with five winners and two losers. Volume was below …
YLD.PR.A, YLD.PR.B Redemption Announced; Default Almost Certain
Split Yield Corporation (managed by Quadravest) has announced: Notice of Final Redemption of all Shares Effective February 1, 2012 Split Yield Corporation (the”Company” hereby provides formal notice that all of its outstanding Class I Preferred …
December 5, 2011
Barclays is buying back some Tier 1 Capital: Barclays Plc (BARC), the U.K.’s second- largest bank by assets, offered to buy back as much as 2.5 billion pounds ($3.9 billion) of capital notes to improve …