Paul Tobin News
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Morgan Stanley led the busiest day for bank bond issuance in Europe in almost two months as lenders took advantage of borrowing costs that remain near the lowest in five years.
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The Federal Reserve said First Tennessee Bank and Banco Bilbao Vizcaya Argentaria SA were among dozens of borrowers from its discount window during the fourth quarter of 2010.
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MetLife Inc. is in advanced talks to buy the Chilean pension-management unit of Banco Bilbao Vizcaya Argentaria SA, which has a market value of more than $2 billion, said three people with knowledge of the matter.
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Rolls-Royce Holdings Plc is expanding its nuclear energy operations with the purchase of U.S. engineering firm PKMJ Technical Services.
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Banks in Europe are undercutting regulators’ demands that they boost capital by declaring assets they hold less risky today than they were yesterday.
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Concern that Grupo Financiero BBVA Bancomer SA may turn over cash to its Spanish parent has sparked a sell-off in the lender’s bonds that’s making them attractive to ING Groep NV and Aberdeen Asset Management Plc.
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The European Investment Bank said it granted a 500 million-euro loan Medgaz, the natural-gas pipeline linking Algeria to Spain.
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Spain’s Finance Minister Elena Salgado said she sees no need for Portugal to be rescued as Spain’s neighbour has taken the needed measures. She spoke today at a news conference in Madrid.
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Banks are benefiting from a European Central Bank subsidy that could reach 120 billion euros ($158 billion), enough to pay every bonus at financial firms in London for the next 24 years at today’s levels.
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Spain had its top credit rating cut to Aa1 by Moody’s Investors Service with a stable outlook, the ratings company said today in a filing.
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