Banken in der Eurozone

Europe’s Collateral Drought Shows Up in Bond-Market Anomaly: A debt metric is flashing warnings about Europe’s dwindling pool of bond collateral
www.bloomberg.com/news/articles/...-up-in-bond-market-anomaly

Fitch downgrades PacWest debt to junk status after deposit flight exceeds peers. Fitch also downgraded Western Alliance and Trustmark although they remain investment grade.
www.morningstar.com/news/marketwatch/...-flight-exceeds-peers

Italian banks' deposits down 68 billion euros year-on-year. Deposits fell by 3.7% year-on-year
www.reuters.com/business/finance/...pril-vs-march-2023-05-16/

A resilient banking sector for the euro area
Remarks by Luis de Guindos, Vice-President of the ECB, at the 18th edition of the Banking Sector Industry Meeting “Banking: Navigating the Wave of Inflation”
www.ecb.europa.eu/press/key/date/2023/...1~5747dc857a.en.html

ECB eyes additional steps to tackle bank deposit risks
he European Central Bank is considering whether requirements tailored for individual lenders could help address the risks arising for those holding large amounts of uninsured deposits, a document showed.
www.reuters.com/markets/europe/...k-deposit-risks-2023-05-19/

ECB Bulletin: Update on economic, financial and monetary developments
The inflation outlook continues to be too high for too long. In light of the ongoing high inflation pressures, the Governing Council decided at its meeting on 4 May 2023 to raise the three key ECB interest rates by 25 basis points...The Governing Council’s future decisions will ensure that the policy rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to its 2% medium-term target and will be kept at those levels for as long as necessary.
www.ecb.europa.eu/pub/economic-bulletin/html/eb202303.en.html

The funding costs of euro area banks continued to increase in February, reflecting movements in market rates and higher deposit rates. Banks’ repayments of funds borrowed under the third series of targeted longer-term refinancing operations (TLTRO III) also contributed to higher bank funding costs. Bank lending rates for firms and households rose further, reflecting the increases in the key ECB interest rates. Banks reported a strong decrease in loan demand from firms and households in the first quarter of 2023. Furthermore, banks expect that the ECB’s non-standard monetary policy measures will contribute to weakening lending dynamics due to their effect on banks’ funding and liquidity positions.
www.ecb.europa.eu/pub/economic-bulletin/...2303.en.html#toc13
According to the April 2023 euro area bank lending survey, credit standards for loans to firms and to households for house purchase showed a further substantial tightening in the first quarter of 2023, pointing to a persistent weakening of loan dynamics
www.ecb.europa.eu/stats/ecb_surveys/...vey/html/index.en.html

> https://www.ariva.de/forum/...er-eurozone-472954?page=318#jumppos7972

SBB Dividend Pause Puts Pressure on CEO Company’s Bonds. Floating-rates due December 2024 trading at distressed levels. “The risk of default is definitely there at maturity,” said Glenn Kringhaug, a credit analyst at the ABG Sundal Collier. “With SBB now pausing dividends, IB Invest is clearly dependent on disposing of assets to handle its debt.”
https://www.bloomberg.com/news/articles/...ure-on-ceo-company-s-bonds

How Quirky German Debt Is Winning Followers Abroad. Schuldschein provides an alternative way to raise funds. Not quite a loan and not quite a bond, traditional Schuldschein promissory notes were created by German lenders for reputable local borrowers such as real estate firm Vonovia SE
www.washingtonpost.com/business/...a0-512954d75716_story.html

EZB beobachtet Liquidität der Banken – Strengere Maßnahmen sind denkbar
Die EZB fragt sich, wie gut Banken darauf vorbereitet sind, einem Ansturm auf ihre Einlagen standzuhalten. Schon bald könnte sie Anforderungen an einzelne Institute stellen.
www.handelsblatt.com/finanzen/...n-sind-denkbar/29160388.html

> https://www.ariva.de/forum/...er-eurozone-472954?page=317#jumppos7941

Most shorted in %: Samhällsbyggnadsbo. I Norden B (12,93%)
https://shortnordic.com/index.php#sweden
Goldman Sachs cuts SBB’s target price in half – The stock falls over 6 percent on the stock exchange
https://sweden.postsen.com/business/101954/...the-stock-exchange.html
https://www.avanza.se/aktier/om-aktien.html/...byggnadsbo--i-norden-b

Hart getroffen wurde in den letzten Wochen der größte schwedische Vermieter für Gewerbeimmobilien, die Samhallsbyggnadsbolaget i Norden AB (SBB). Ihr Aktienkurs sank seit Anfang Mai um 40 Prozent, nachdem die Ratingagenturen ihre Daumen gesenkt und die Anleihen des Unternehmens auf „Junk“ herabgestuft hatten.
www.axinocapital.de/make-money/artikel/...cht-den-unterschied

Die Rendite offener Immobilienfonds setzt sich im Wesentlichen aus den Komponenten Mietrendite, Immobilienwertänderung und Liquiditätsverzinsung zusammen. Scope hat sie einzeln untersucht und eine Prognose für 2023 abgegeben.
www.fondsprofessionell.de/sachwerte/news/...-bisschen-224383/

Why The End Of The Debt Ceiling Crisis Triggers The Next $1.2 Trillion Banking Crisis
www.zerohedge.com/economics/...ext-12-trillion-banking-crisis

Deutsche Bank will Büroflächen um rund 40 Prozent reduzieren
Die Deutsche Bank will an ihrem Hauptstandort die Büroflächen um etwa 40 Prozent gegenüber dem Stand von Anfang 2021 reduzieren, da immer mehr Beschäftigte von zu Hause aus arbeiten. Damit steht sie nicht alleine. Auch andere Institute in Deutschland haben einen geringeren Bürobedarf signalisiert.
www.institutional-money.com/news/maerkte/...eduzieren-224547/
Immobilienaktien: Das Ende der Malaise ist noch nicht in Sicht
Die Negativschlagzeilen für den Immobiliensektor reißen in Deutschland nicht ab. Aktuell teilte das Statistische Bundesamt mit, dass im März 2023 fast ein Drittel weniger Baugenehmigungen für Wohnungen erteilt wurden als im Vorjahresmonat, was durchaus als dramatisch interpretiert werden darf.
www.institutional-money.com/news/maerkte/...-in-sicht-224542/

We look at why markets are pricing an imminent recession, the link to inflation & an ongoing banking crisis, & the impact on energy markets.
timera-energy.com/pricing-in-a-sharp-recession/

Deutsche Bank veteran strategist Jim Reid painted an ominous outlook for the US economy in a note to clients. He pointed to aggressive central bank interest rate hikes breaking parts of the economy as the end of the hiking cycle usually ends with a bang.
www.zerohedge.com/markets/...t-data-predict-depth-cre-turmoil
Jim Reid: If You Saw This Presentation Centuries In The Future - What Do You Think Happens Next?
www.zerohedge.com/markets/...e-what-do-you-think-happens-next

The ECB’s most recent forbearance analyses focused particularly on risk management aspects and banks’ preparedness for dealing with an increase in distressed debtors and refinancing risk. The analyses have revealed that banks need to improve three areas in particular: how they identify a client in financial difficulties, how they ensure that clients are granted the most appropriate measures, and how they monitor forbearance measures, both at individual and portfolio level.
www.bankingsupervision.europa.eu/press/....nl230517_1.en.html

Von Frankfurt bis London: Immobilienmarkt vor scharfer Wende
https://www.institutional-money.com/content/fpim/...-05-18_121537.jpg
https://www.institutional-money.com/news/maerkte/...in-europa-224555/

Deutsche Bank will Büroflächen drastisch reduzieren. Auch die Apobank will die Büroflächen herunterfahren. Die KfW erklärte vor rund einem halben Jahr, sie gebe Tausende Quadratmeter an Büroflächen in Frankfurt ab. Und die DZ Bank setzte sich das Ziel, aufgrund freiwerdender Flächen mehr Tochterfirmen zu sich in die Zentrale zu holen.
www.fondsprofessionell.de/news/...rastisch-reduzieren-224564/

Norges Bank Investment Management CEO Nicolai Tangen at the hearing of the Standing Committee on Finance and Economic Affairs of the Storting: The fund lost a considerable sum in the Silicon Valley Bank bankruptcy, the biggest bank failure since the financial crisis. We think it’s becoming more and more important to put resources into finding what I call the “rotten apples”. These are companies whose state of health is perhaps not quite what it might appear. If we manage to find them early, there’s money to be saved.
www.norges-bank.no/en/news-events/.../2023/2023-04-18-tangen/

app.handelsblatt.com/finanzen/...re-konditionen/28948016.html

UK-EU Memorandum of Understanding on Financial Services Cooperation
Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom of Great Britain and Northern Ireland.
www.gov.uk/government/publications/...al-services-cooperation

Abwärtsspirale: Krise bei Gewerbeimmobilien verschäft sich -  Krise bei Gewerbe-Immobilien: Der Teufelskreis..Deutsche Bank will Büroflächen um 40% reduzieren..Deutschlands größte Bank gehört zu einer wachsenden Zahl von Unternehmen, die ihre Immobilien-Fläche verkleinern, weil Mitarbeiter seit der Pandemie nicht mehr so häufig in Vollzeit im Büro sind. Der Trend treibt den Leerstand in die Höhe, was Immobilieninvestoren Sorgen bereitet.
finanzmarktwelt.de/...-bueroflaechen-um-40-reduzieren-270933/

Speech by Isabel Schnabel, ECB: Monetary and financial stability – can they be separated?

Over the longer run, weakened bank profitability may expose the persisting problem of overbanking in the euro area coupled with a lack of pan-European bank mergers – an issue the ECB cannot solve on its own. So, the changing interest rate environment may provide a new impulse for one of the most important steps in European integration – completing European banking union.

www.ecb.europa.eu/press/key/date/2023/...9~de2f790b1c.en.html