Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
- Tel: +44 (0) 20 7542 3878
- E-mail: email@example.com
The German lender’s shares have jumped after reports it could buy back debt amid a wider market rout. The actual amount CEO John Cryan could raise is limited. As with ex-boss Josef Ackermann’s attempt to reject ECB liquidity in 2012, the boast is what counts.
The Italian bank beat 2015 net profit forecasts, and boss Federico Ghizzoni is making progress on a plan to cut costs and boost revenue. Yet UniCredit still looks undercapitalised. It’s a bad time to be a bank, let alone one whose strategy rests on suddenly less-clear growth.
The German lender has moved to reassure investors fretting about delayed coupons on its new AT1 securities, after CDS prices collapsed. Unlike hybrid forebears in 2008, AT1s should absorb losses. Yet instead of dampening volatility, the fear of a trigger is exacerbating it.
- Italy ends up on wrong side of oil punt
- AstraZeneca pay contortions get ever more tangled
- Glaxo self-help looks better than surgeon’s knife
- ChemChina's Syngenta bid is prickly for Monsanto
- Europe has as much to lose from Brexit as UK
- Italy’s bad bank fit for its one real purpose
- Italian bad bank satisfies both Rome and Brussels