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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessNYCB Positive Review From Moody's: Good For DePfa, Aareal, Deutsche
NYC Bancorp (NYCB US) Moody's upgraded to "review for upgrade" (from review for downgrade) last night after NYCB's capital injection. Good for DePfa, Aareal, Deutsche.
- NYCB got USD1.05bn capital injection (part equity, part convertible pref) from three investors including Steve Mnuchin’s Liberty Strategic Capital. Assuming pref conversion, this should raise CET1 capital by around 1pp (last reported 9.1%).
- NYCB is not a Euro credit name but what this does do is marginally reduce the risk of a catastrophic failure and the shock wave that could send through, amongst others, the US CRE office market which is one of the key causes of NYCB’s travails.
- Alongside DePfa (PBB GY) announcement yesterday it would pay the April AT1 coupon, this is a small positive for Aareal Bank and Deutsche Bank. The latter is only minimally involved with US office but a German bank failure would likely have systemic effects on DB as that country’s largest lender.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.