Funding
US banks’ non-core funding dependence ratio jumped in 2023
BHCs’ aggregate figure almost doubled to post-pandemic high last year
Pension schemes prep facilities to ‘repo’ fund units
Schroders, State Street and Cardano plan new way to shore up pension portfolios against repeat of 2022 gilt crisis
US systemic banks increase reliance on short-term funding in 2023
Contentious STWF metric weighs heavily on Morgan Stanley and Goldman G-Sib scores
Derivatives funding: smart solutions for a complex environment
Eurex’s cleared repo and GC Pooling offerings are helping market participants overcome challenges in the funding, financing and collateral markets
BTFP shutters with loans at near-record high
Program saw last-minute $3bn dash for loans in final three days of operation
EU index managers face funding risks as US moves to T+1
Rotations from European to US assets will need prefunding due to slower EU settlement
Interbank lending plummets at major European banks
Reduced repo operations and TLTRO repayments among drivers
TLTRO hedge unwinding bill tops €1.2bn at BNPP, SocGen
Exit from swaps tripped up by ECB’s tightening marred banks’ 2023 throughout
NYCB’s borrowing boosted cash reserves by 66% in Q4
Embattled bank bolsters liquidity in anticipation of tighter supervision but sees funding costs climb
Canadian MMFs face yield squeeze on CDOR’s demise
High-yielding BA notes will disappear from the market in June with no clear replacement at hand
US Bancorp adds on $8bn in long-term debt
Interest expense from LTD rises to $569 million in Q4
Former NY Fed chief calls for overhaul of discount window
Dudley’s proposed changes include prepositioning collateral, cutting costs of secondary credit facility
Secured wholesale funding outflows surge 74% at Australian banks
Winding down of term funding facility responsible for September spike
Citi, JP Morgan bail-in buffers ebb above minimums
Duo’s long-term debt headroom closest to regulatory requirements among top US banks
BTFP lending hits record high amid lower rate
Emergency facility extended $8bn at the start of the December, more than previous three months combined
Morgan Stanley grows overnight and open repos as rivals retreat
Dealer adds $30 billion on its book while peers shift to longer tenors
Western Alliance cuts repos, increases reliance on warehouse borrowing
Drawdown from expanded revolving line helps cut $2bn of costly overnight funding
Ally says only a third of long-term debt qualifies for Fed bail-in rule
Bank holding company would face shortfall of $3.5 billion of debt under new standards
PacWest’s loans jitter, deposits dwindle in race towards merger
Merging partner Banc of California also sees deposit base slip further
Metro Bank bets the house on lending pivot
New portfolio will need to grow quickly to avoid squeezing net interest margins, say experts
BTFP becomes top source of Fed funding
Emergency lending programme accounts for over 54% of loans extended to US dealers by the central bank
US systemic risk scores hit records at JPM, Citi and 5 others
Riskiness of top dealers inflated by fair-value securities and higher reliance on short-term funding
US banks reshaped liquidity buffers in Q2
Truist, BofA and US Bancorp lead highly liquid assets pile-up
US banks offload FHLB advances after record glut in Q1
First Citizens leads shift, Regions bucks trend