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6/18/2013, 12:48 AM ET

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Wednesday, January 11, 2012, 4:00 AM BNP Paribas (BNPQY.PK) becomes the latest bank to withdraw from lawsuits challenging the 2009 restructuring of MBIA (MBI). BofA (BAC) and UBS (UBS) are among the four remaining banks still moving ahead with legal claims against the bond insurer. Comment! [Financials]
Friday, December 23, 2011, 9:42 AM S&P's Scott Bugie says the ECB's €489B liquidity infusion Wednesday was just that - liquidity, not solvency, and by itself will not prevent threatened ratings downgrades of the EU's banks. "It's kicking the can a long way down the road rather than just a little bit, but in the end it is still kicking the big old can down the road." Comment! [Global & FX, Financials]
Wednesday, December 21, 2011, 8:00 AM Bloomberg reports BNP Paribas (BNPQY.PK) and Credit Agricole (CRARY.PK) are among French banks struggling to come up with €37B to meet coming debt payments in 2012 Q1. With typical funding markets dried up (or at punitive rates), the lenders are busy finding creative ways to mortgage existing assets and may be taking part in today's ECB lending operation. Comment! [Global & FX, Financials]
Thursday, December 15, 2011, 4:16 PM Fitch is downgrading the credit ratings of 8 major Western banks - BAC, BCS, CS, DB, GS, MS, Soc Gen (SCGLY.PK), and BNP Paribas (BNPQY.PK) - to A from either A+ or AA-. Fitch claims the move was motivated by its view that the banks' business models are "particularly sensitive" to economic and regulatory challenges. Shares of the affected names are largely unchanged AH. 5 Comments [Financials]
Thursday, December 15, 2011, 1:07 PM The row between France and the U.K. over AAA ratings continues, with shadow MPC member Andrew Lilco pointing out French government finances have little to do with it. It's the mammoth assets (and corresponding liabilities) of the French banks which the government could end up having to stand behind that has markets worried. The question is not whether France should be as high as the U.K., but whether it's "justified as higher than Italy's." (David Stockman earlier) Comment! [Global & FX, Financials]
Thursday, December 15, 2011, 11:16 AM Numbers: BNP Paribas (BNPQY.PK) has $2.5T of assets against $80B of TCE - 31X leverage. The big 3 French banks have footings of $6T, nearly triple the size of France's GDP. "Stuffed with sovereign debt backed by no capital ... it's only a matter of time before (they) topple into the abyss ... and that includes German (banks) too," writes David Stockman. Comment! [Global & FX, Financials]
Tuesday, December 13, 2011, 8:07 AM Under pressure to boost capital, Europe's banks are jettisoning their "family jewels." Banco Santander (STD) and ING, for instance, are unloading assets in fast-growing Latin America, while Deutsche Bank (DB) is considering the sale of its asset-management unit. 2 Comments [Global & FX, Financials]
Friday, December 9, 2011, 12:54 PM Goldman upgrades Europe's banks from underweight to neutral, believing the new funding arrangements by the ECB (and Fed) should help the lenders make it through the economic downturn. Of particular import is the ECB offering 3 year loans which should allow "banks to detach their funding cost from that of sovereigns." Comment! [Global & FX, Financials]
Friday, December 9, 2011, 4:18 AM Moody's downgrades the long-term ratings of French banks BNP Paribas (BNPQY.PK), Credit Agricole (CRARY.PK) and SocGen (SCGLY.PK), noting the impact of funding constraints and deteriorating macro fundamentals. (see also) Comment! [Global & FX]
Thursday, December 8, 2011, 11:18 AM Results begin to leak out about the latest (likely irrelevant) EU bank stress tests. The EBA concludes the continent's banks need to raise €114.7B, €8B more than the October estimate. German lenders need €13.1B, Italians €15.4B. U.K banks (the collective) apparently are not in need of fresh capital. 2 Comments [Global & FX, Financials, Breaking News]
Wednesday, December 7, 2011, 3:09 PM S&P also places several of the large bank groups across the eurozone on "CreditWatch Negatvie," including BNP Paribas (BNPQY.PK), Commerzbank (CRZBY.PK), Credit Agricole (CRARY.PK), Deutsche Bank (DB), SocGen (SCGLY.PK). (previous) 2 Comments [Global & FX, Financials, Breaking News]
Tuesday, December 6, 2011, 9:30 AM Unlike the downgrade of the U.S., a rating cut for EU sovereigns might actually mean something as European banks are far larger (assets as a % of GDP) and far more intertwined with governments than their American cousins, points out Mark Grant. Lower sovereign ratings are then almost certain to increase already high bank funding costs. Comment! [Global & FX, Financials]
Wednesday, November 30, 2011, 1:48 PM The uncertainty over Kraft's (KFT) proposed split makes the company among the more conspicuous among Gimme Credit’s latest list of the 10 investment-grade companies whose bonds are most likely to lag the broad market over the next three to six months. Also: LOW, TGT, CSC, BNPQY.PK, RBS, DTEGY.PK, WMB, EQT, ETP. Comment! [U.S. Economy]
Monday, November 28, 2011, 5:46 AM BNP Paribas (BNPQY.PK) is reportedly considering selling a private-equity portfolio worth over $700M to take advantage of surging demand. Several other sales options are also on the table. Comment! [Financials]
Friday, November 25, 2011, 8:34 AM Likely unable to raise capital the old-fashioned way - issuing shares and shedding assets - European banks are set to indulge in some fancy footwork. Known as "R.W.A. optimization," the process involves altering the risk-weighting on existing assets to allow less capital to be held against them. 6 Comments [Global & FX, Financials]
Sunday, November 20, 2011, 7:04 AM BNP Paribas (BNPQY.PK), which has been hired to convince Greece's creditors to take a haircut, is telling them their CDSs may not pay out, as the terms of the old debt can be changed. The more holders who agree, the more money BNP makes, while some wonder about the bank's own exposure to those CDSs. (see also) 8 Comments [Global & FX, Financials]