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floraya

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認識瑞士牛牛第二回認識瑞士牛牛第一回畀面勳章親子王國15週年勳章

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發表於 08-10-8 23:27 |只看該作者 |正序瀏覽 |打印

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abh5PaCjs9pU

Oct. 8 (Bloomberg) -- HSBC Holdings Plc, Royal Bank of Scotland Group Plc and the biggest U.K. banks face the most debt coming due in at least 10 years as the credit market seizure raises borrowing costs to the highest on record.

The six largest British banks have 54 billion pounds ($95 billion) of debt to refinance by April, triple the amount of the year-ago period, according to data compiled by Bloomberg. HSBC, the U.K.'s biggest bank, and RBS each have about 11.5 billion pounds of debt due, while Barclays Plc has 15.9 billion pounds maturing, the data show.

Financing costs are soaring as banks hoard cash after the credit crunch triggered by the U.S. subprime mortgage crisis a year ago. The three-month London interbank offered rate in dollars rose to 4.52 percent from 2.64 percent in March, while the equivalent rate for euros increased to a record 5.39 percent, from 4.74 percent six months ago.

``The banks have no idea how they are going to manage rolling over their debt,'' Kornelius Purps, a Munich-based bond strategist at UniCredit SpA, said before today's coordinated interest-rate cuts. ``The central banks will have to intervene.''

The Bank of England was among central banks to lower rates today in a worldwide action to stave off a recession.

Government Rescue

Bank borrowing costs rose this month even as the U.K. announced a cash injection to the banking system, Europe's policy makers provided emergency funding and U.S. President George W. Bush approved a $700 billion rescue plan.

Prime Minister Gordon Brown's government will invest about 50 billion pounds in the U.K.'s banks, the Treasury said in a statement today.

HSBC and Standard Chartered Plc said they have no current plans to take government capital to bolster their reserves. RBS and Barclays will be taking up aspects of the plan, they said in statements. Lloyds TSB Group Plc, which has about 512 million pounds of bonds to refinance by the end of March, said it will make a futher announcement about the plan ``in due course.''

Banks need more capital after the worst U.S. housing slump since the Great Depression and $593 billion in worldwide losses and writedowns caused their stocks to tumble, forced Lehman Brothers Holdings Inc. into bankruptcy and pushed the U.K. government to nationalize Bradford & Bingley Plc.

Total Debt

The U.K. bank debt includes bonds, commercial paper and equity-linked notes and compares with 18 billion pounds repaid in the year-earlier period.

Investors are demanding an average 4.02 percentage points more in yield to buy bank bonds rather than government securities, up from 0.95 percentage point last year, according to indexes compiled by Merrill Lynch & Co. The so-called spread on investment-grade corporate bonds overall averages about 3.35 percentage points.

Rising yields may cost the banks as much as $5.6 billion more in annual interest compared with a year earlier should they refinance all of the debt in the bond market, Merrill data show.

``Bond investors are the guys that will decide the future of these banks and at the moment they're not prepared to roll over their financing,'' said Simon Maughan, a London-based bank analyst at MF Global Securities Ltd. ``If you can't roll over you're in an awful lot of trouble.''

HBOS, based in Edinburgh, has 11.9 billion pounds of debt due in the next six months. Lloyds TSB will pay about 10.2 billion pounds in a stock swap for HBOS, based on yesterday's closing share prices.

Lloyds spokesman Emile Abu-Shakra in London declined to comment, as did a spokesman for HBOS.

Standard Chartered

Standard Chartered, the London-based bank that earns most of its money in Asia, needs to repay about 2.4 billion pounds of debt.

``The outstanding 2.4 billion pounds in the context of a 400 billion-pound balance sheet is not material,'' spokesman Arijit De said. ``Standard Chartered is not dependent on wholesale funding markets.''

Barclays has no debt that counts as regulatory capital maturing before the end of March, according to Simon Eaton, a London-based spokesman. ``Any other financing represents our normal course of business,'' he said.

HSBC's maturities aren't a reflection of funding requirements, London-based spokesman Patrick McGuinness said. ``In parts of our business we are managing down the balance sheet, and in others we are seeing strong deposit growth.''

HSBC is one of the only European banks that takes in more in customer deposits than it loans out and has one of the highest capital ratios in Europe, Bloomberg data show.

RBS spokeswoman Carolyn McAdam declined to comment.

Credit-Default Swaps

The cost of default protection on HBOS is the highest of the six banks and the cost for HSBC is the lowest, according to traders of credit-default swaps. Contracts linked to each of the six banks fell today, signaling an improvement in perception of credit quality.

HBOS dropped to 198 basis points, meaning investors pay 198,000 euros ($271,000) a year to protect 10 million euros of debt from default for five years. Contracts on RBS are 197 basis points, Standard Chartered default swaps are at 137 and those on Barclays are 128 basis points, CMA Datavision prices show. Lloyds TSB contracts are 102 and those on HSBC are 79.

Credit-default swaps are financial instruments based on bonds and loans that are used to speculate on a company's ability to repay debt.

``If confidence returns there is less of a liquidity issue and the debt can be rolled over,'' said Neil Smith, an analyst at WestLB AG in Dusseldorf. ``Three months should be enough.''

英國central bank主動放水救市
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floraya

男爵府

積分: 7364

認識瑞士牛牛第二回認識瑞士牛牛第一回畀面勳章親子王國15週年勳章

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發表於 08-10-9 01:48 |只看該作者

5仔真係型, 唔駛向央行借錢, 轉頭仲借番俾人, 勁勁

http://www.hkexnews.hk/listedco/listconews/sehk/20081008/LTN20081008229_C.pdf

______________________________________

2008年10月8日

滙豐歡迎英國政府公布
滙豐所有英國附屬公司均會遵守第一級資本要求，全部資金需求由內部提供
滙豐控股沒有計劃運用政府的注資方案

滙豐宣布，歡迎英國政府公布，向該國銀行體系提供流動資金及注入資本，並表示此乃挽回市場對英國金融業信心的重要而必需的措施。

滙豐將會按照政府今日所公布計劃的宗旨，確保其英國附屬機構英國滙豐銀行有限公司繼續具備適當的資本，一切資金需求均由集團內部提供。滙豐因此沒有計劃運用英國政府的注資方案。

滙豐集團支持各項穩定金融市場運作的措施，並已於昨日向倫敦銀行同業市場提供大額英鎊資金，向其他銀行拆出約共20億英鎊的三個月及六個月期流動資金。滙豐預期今日會繼續在倫敦銀行同業市場活躍拆出資金，並相信此舉有助紓緩近數星期來，英國貨幣市場上，三個月及六個月期同業借貸的緊絀狀況。

滙豐在全球85個國家和地區經營業務，其中英國的2007年利潤，約佔集團全球利潤的四分之一。滙豐集團市值為1,900億美元（於2008年10月7日），是全球最大的金融服務機構之一。超過一億客戶在滙豐存有12,000億美元款項。第一級資本比率為8.8%，貸存比率為90% (於2008年6月30日)，集團是全球資本最雄厚及流動資金最高的銀行之一。

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apanman88

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積分: 2550

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發表於 08-10-8 23:32 |只看該作者

原文章由 floraya 於 08-10-8 23:27 發表
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abh5PaCjs9pU

Oct. 8 (Bloomberg) -- HSBC Holdings Plc, Royal Bank of Scotland Group Plc and the biggest U.K. banks face the most debt coming due ...