Top Stories

• Eu3tr weight of capital lifted as banks leave shadowlands behind

  Capital markets this week shrugged off the dark clouds that have hung over the banking sector since December 2009 following the announcement that their new Basel III capital requirements would be far lighter than feared and far slower in arriving. read more »

• Standard Chartered in BP box seat as banks pay to play

  Standard Chartered has emerged as a surprise early leader in the race to win lucrative advisory and financing business related to BP’s $30bn asset disposal plan. read more »

• FIG bond market back on form with summer bouquet of fresh deals

  European FIG bonds markets rallied strongly this week, lapping up a full gamut of new issues, from Spanish banks to 50 year deals to a retail tier one. read more »

• Kazakh crisis takes Tristan Oil to brink of default

  Eurobond issuer Tristan Oil is on the brink of default after failing to persuade the government of Kazakhstan, where the Moldovan company has its major operations, that its continuing business is more valuable than its assets. read more »

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People & Markets

• Southpaw: Jain stamps authority on Deutsche CIB

  Anshu Jain is a man under pressure — Eu10bn of pressure to be precise. That is Deutsche Bank’s pretax profit target for its operating businesses by 2011, double that posted in 2009. Having taken control of the entire corporate and investment banking division in July following the retirement of Michael Cohrs, he has wasted no time in setting out his strategy, with Asia and investment banking set to play crucial roles. David Rothnie reports. read more »

• Credit Matters: Stress tests? What stress tests?

  Gary Jenkins finds it more than a little ironic that the European banking sector can fly through the stress tests but still needs the proposed new Basel III regulations to be watered down. read more »

• ECB ups haircuts on ABS and lower rated debt

  The ECB has revised its haircut schedule for repo collateral, increasing the discount it applies to asset backed securities and to bonds rated below A-. read more »

• Apted, Amalou leave Daiwa for new Sumitomo venture

  Steve Apted and Sam Amalou quit Daiwa Capital Markets this week and are believed to be joining a new operation being set up by Sumitomo Mitsui Financial Group. read more »

• Citi hires Merrill Lynch veteran John Millar

  Citi has hired John Millar as a managing director in its equity capital markets group in Europe, the Middle East and Africa. read more »

Inside EuroWeek

• Italy’s vote puts EFSF into the starting blocks

  The European Financial Stability Facility is all but ready to print bonds, confirmed an official at the rescue fund. read more »

• Pain in Spain as Madrid fails to follow sovereign success

  EuroWeek understands that a three year syndicated offering in euros from Comunidad de Madrid was running into trouble late on Thursday. read more »

• Bond market switch shows US model is here

  A report from Fitch Ratings has shown that European borrowers have moved to the US model of funding, having increased their reliance on the bond market. The agency expects this shift to be permanent. Nina Flitman and Sarah White report. read more »