Articles by Louie Woodall
Sonia proves its mettle through Covid-19 crisis
New risk-free rate gaining ground at Libor’s expense
Capital overhaul depresses Crédit Agricole’s solvency ratio
Wind down of “Switch” mechanism may have come at a bad time for the French lender
Crédit Agricole, Natixis, UniCredit pummelled by XVA losses
Top banks take combined €207 million hit from valuation adjustments
Covid-19 chaos drains Axa’s Solvency II ratio
French insurer’s regulatory capital ratio is at its lowest since the Solvency II regime took effect
UK banks’ derivatives books shrunk at year-end
The gross fair value of portfolios declined 22%
Banks stride towards BCBS 239 implementation
No G-Sib was non-compliant with any key data management principles
NatWest Markets’ CVA reserve swells £136m
Funding benefit and debit valuation adjustment help offset derivatives charge
BBVA trims capital target following ECB relief measures
Spanish lender targets 225-275bp CET1 management buffer
SocGen’s trading VAR unmoved by wild markets
Though market RWAs soared, VAR dipped 7% quarter-on-quarter
Deutsche Bank liquidity buffer shrinks €17bn
Clients’ clamour for cash forces bank to monetise liquidity pool
Covid relief frees €4.9bn of capital at Santander
Bank sees CET1 buffer climb to 272bp
XVAs take $346m bite out of HSBC’s trading profits
Derivatives valuation adjustment impact pushes trading profits down 49%
Bond embrace may help emerging markets withstand Covid-19
Annual growth rate of debt issued by non-bank borrowers averages 11%
Short-dated sterling swap volumes surge
On April 22, traded volumes were four times the two-year average
Funds piled into WTI futures in wild week for crude
Funds long 325 million barrels on April 21
US regional banks put $18bn aside for credit losses in Q1
Huntington, Citizens, Truist saw provisions increase over 400% on Q4 2019
Capital One triples loss allowances for oil and gas loans
Loss reserves up to almost 10% of total exposure
Credit Suisse takes $51m derivatives hedging loss
Net trading revenues down 47% on year-ago quarter
Capital One oil swaps waiver could haunt CFTC
Oil price collapse raises fresh questions about regulator’s justification for offering relief
EU market risk relief targets VAR measures
Dealers with a large percentage of their total capital set using value-at-risk stand to benefit most
Foreign banks’ EM exposure could spiral as Covid-19 bites – BIS
Activation of credit lines and guarantees could cause exposures to leap 26%
EU banks diversified sovereign holdings in 2019
Yet banks in peripheral eurozone countries still heavily exposed to home government risk
Covid loan losses exceed 2019 CCAR projections
CECL accounting likely responsible for discrepancy
At Bank of America, trading revenues get a $300m DVA boost
But credit and funding valuation adjustments deducted $492 million from other income