Following several quarters of slowing down, the Turkish economy is starting to stabilize, and forecasts suggest a V-shaped recovery for 2020. BBVA CEO went to Turkey this week to meet with the Garanti BBVA team. Onur Genç stressed that: “Turkey was the biggest positive surprise for the Group in 2019, and 2020 will be even better.”
Dillan Knudson has taken somewhat of a circuitous route throughout his career in the financial industry - and beyond - leading to his recent appointment as BBVA Houston CEO.
We interview Hector Chacon BBVA USA Global Wealth Executive
The new year kicked-off with a deluge of corporate issuances. Last week Europe’s bond market had its biggest week ever, with sales of new bonds totaling over €90 billion. Financial institutions accounted for approximately half of the total (€43 billion). BBVA issued two bonds that were warmly welcomed by investors.
Today, BBVA placed €1 billion of Tier 2 subordinated debt on the market. The debt, maturing on January 16, 2030 has an interest rate of mid-swap plus 127 basis points, 28 basis points below the initial interest rate (mid-swap plus 155 points) and a 1% coupon. Demand for the issuance reached €4.2 billion, exceeding the opening offer by four times.
BBVA USA has appointed Jorge Unda as Chief Investment Officer of its asset management units. In his new role, Unda will be responsible for overseeing the asset management functions of both the bank’s Asset Management & Trust division and those of BBVA Wealth Solutions, Inc., a registered investment adviser affiliate of the bank.
According to BBVA Research’s latest Country Risk Quarterly Report, financial tensions have eased across all regions, markets, and asset classes with the exception of Latin America. Emerging Asia is the only region where all variables for the macroeconomic vulnerability radar analysis stand below their corresponding risk thresholds. Between 2018 and 2019 there were no significant changes to the degree of macroeconomic vulnerability across all developed economies, whereas within emerging regions, changes were concentrated in Latin America.
BBVA kicked off 2020 with a €1.25 billion non-preferred 7-year bond issue, the year’s first by a Spanish bank. The bond received a warm welcome from investors and was two-times oversubscribed, with demand exceeding €2.6 billion and drawing a high-quality order book. All this enabled BBVA to price the bond at 70 basis points over mid swap, compared to the initial guidance of 90 basis points.
Garanti BBVA has collaborated with the Turkish Industry and Business Association (TÜSİAD) by sponsoring the fifth ‘Understanding & Doing Business with China’ conference, recently held in Istanbul.
Corporate and investment banking focus its activity on financing the development of enterprises and corporations and catering to their investment needs. Wholesale clients – which can be anywhere from different-sized companies to financial institutions or institutional investors - require more sophisticated financial products, either because of their size or the nature of their activity. In this guide we take a look at eight basic concepts that will help you understand the fundamentals of this business.