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5/23/2013, 11:27 AM ET

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Wednesday, October 19, 2011, 8:16 AM Not wanting to raise capital at their low share prices, EU banks are vowing to shed €775B in assets from their balance sheets over the coming 2 years. "Impractical," says an analyst. "Every bank is selling and no bank is buying. It just won't work. There has to be a recapitalization." Comment! [Global & FX, Financials]
Tuesday, October 18, 2011, 3:17 PM More on the latest EU bazooka: As floated earlier, the EFSF will offer first-loss guarantees to holders of sovereign debt, creating an effective fivefold increase in the fund's firepower. Second, EU banks will be recapitalised to a 9% ratio. German and French lenders can do this on their own, while others will receive assistance as necessary. 2 Comments [Global & FX, Top Stories, Financials]
Monday, October 17, 2011, 3:14 PM Dexia showed a capital ratio of 12.1% in this summer's EU bank stress tests, yet failed just weeks later. That number was an accounting charade. It turns out leverage at several major EU banks is far higher than at the U.S. majors before the credit crisis. Among those similar to Dexia: Deutsche Bank (DB), ING, and Credit Agricole (CRARY.PK). 1 Comment [Global & FX, Financials]
Friday, October 14, 2011, 1:18 PM S&P lowers its rating for BNP Paribas (BNPQY.PK) to AA- from AA as it affirms the ratings of SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK). "In our view, French banks have already started to adapt their funding profiles, especially with the issuance of long term debt." Comment! [Financials, Global & FX, Breaking News]
Thursday, October 13, 2011, 4:40 PM Fitch downgrades UBS to A from A+, and places Goldman Sachs (GS), Morgan Stanley (MS), Deutsche Bank (DB), Credit Suisse (CS) and BNP Paribas (BNPQY.PK) on negative watch, as "the ongoing Eurozone crisis continues to feed intense market speculation regarding the potential for bank recapitalization schemes." Earlier, Fitch downgraded Lloyds (LYG) and RBS, and put Barclays (BCS) on negative watch. 4 Comments [Global & FX, Financials, Breaking News]
Thursday, October 13, 2011, 9:46 AM At least 66 big European banks would fail a revised stress test and need to raise ~€220B ($302.3B) of capital, Credit Suisse analysts say. RBS (RBS -4.2%), Deutsche Bank (DB -4.6%) and BNP Paribas (BNPQY.PK) would need the most, a combined €47B; eight banks out of 90 failed July's official stress test, with a combined capital shortfall of €2.5B. 1 Comment [Financials, Global & FX]
Thursday, October 13, 2011, 7:53 AM French banking shares are sharply lower today, but rather than a new sign of weakness, they're likely just giving back monstrous recent gains. BNP Paribas (BNPQY.PK) is off 7.9% after popping more than 50% over the last 3 weeks. SocGen (SCGLY.PK) -4.9%, Credit Agricole (CRARY.PK) -5.6%. Comment! [Global & FX, Financials, On the Move]
Wednesday, October 12, 2011, 2:50 PM European banks threaten to shrink their balance sheets rather than raise capital in order to meet new EU rules, a move that would deal another blow to already slow economies in the region. "Why should we raise capital," when shares are trading at 60% of book, says one banking chief. 2 Comments [Global & FX, Financials]
Tuesday, October 11, 2011, 7:32 AM Reuters is reporting the EBA (the EU bank regulator) is performing more stress tests, this time requiring a core tier 1 ratio of 7%. Given conservative haircut figures, this would imply the need for EU banks to raise nearly €100B in capital. Of the major banks, RBS would need the most, €5.7B. Comment! [Global & FX, Financials]
Monday, October 10, 2011, 2:45 AM BNP Paribas (BNPQY.PK) and Societe Generale (SCGLY.PK), France's two largest banks, deny a report they may look to raise a combined €11B ($14.8B) as part of a wider EU bank recapitalization plan. Both firms also said they would reach Basel III targets without capital increases. 1 Comment [Financials, Global & FX]
Wednesday, October 5, 2011, 8:09 AM French finmin Baroin signals his willingness to reopen the July 21 agreement and force a haircut larger than 21% on EU bank holdings of Greek paper. "Given what happened over the last three months, we should perhaps look at the extent of the private-sector involvement." (previous) Comment! [Global & FX, Financials]
Monday, October 3, 2011, 4:25 AM Other French bank stocks aren't faring much better than Dexia (DXBGF.PK) after Greece warned it will miss its deficit targets. Credit Agricole (CRARY.PK) -5%; SocGen (SCGLY.PK) -7%. BNP Paribas (BNPQY.PK) -6% amid a 2.3% selloff in the broader market. 4 Comments [Financials, Global & FX, Top Stories]
Monday, September 26, 2011, 11:35 AM Odds of a French bank bailout jump after the Bank of France's Christian Noyer muses that a facility set up in 2008 could be used in case of an "extraordinary event." The big French banks led the CAC 40 higher today. SocGen (SCGLY.PK) +4.9%, BNP Paribas (BNPQY.PK) +4.4%, Credit Agricole (CRARY.PK) +3.4%. 2 Comments [Global & FX, Financials]
Monday, September 26, 2011, 7:18 AM It's the beaten down bank shares partying hardest in Europe. SocGen (SCGLY.PK) leads the French lenders, +8%. In Milan, Intesa Sanpaolo +10.1%. Germany's Deutsche Bank (DB) +8% premarket. 2 Comments [Global & FX, Financials, On the Move]
Friday, September 23, 2011, 7:29 AM A Deutsche Bank analyst says the 21% writedown EU banks took on their Greek loan portfolios following the July 21 bailout agreement is not enough. That piece of paper assumed a bond yield of 9%, but today, there is no Greek debt yielding less than 13.75%. Comment! [Global & FX, Financials]
Thursday, September 22, 2011, 11:52 AM BNP Paribas (BNPQY.PK) CEO Baudouin Prot denies chatter his bank is in talks with Qatar about selling a stake to the country's sovereign wealth fund. "I formally deny it," he says, adding the lender has no need to raise capital. The shares jumped about 7% yesterday on the rumor. Today in Paris, -5.7%. 1 Comment [Global & FX, Financials]