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Euroclear Seeks to Reverse Mistaken Credits on UniCredit Bonds


May 27 2021, 12:46 AM
May 26 2021, 3:45 PM
May 27 2021, 12:46 AM
(Bloomberg) It was Euroclear’s fault, but the latest twist in UniCredit SpA’s coupon fiasco is exacerbating investors’ frustrations with the bank.
(Bloomberg) It was Euroclear’s fault, but the latest twist in UniCredit SpA’s coupon fiasco is exacerbating investors’ frustrations with the bank.
The drama began last week. Chief Executive Officer Andrea Orcel who’s been in the job a little over a month surprised bondholders when he decided not to pay a coupon of about 30 million euros ($37 million) due this week on legacy bonds, on the grounds that the bank made a loss last year. Investors had been assured on earnings calls this year that it would be honored. ....

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Analysis-European banks: Q1 full house is no winning hand just yet


4 Min Read
LONDON (Reuters) -European banks’ first-quarter earnings have surpassed all expectations in a turnaround from the COVID-19 doldrums of a year ago, yet after a decade of travails more than one season may be needed to win over sceptics.
FILE PHOTO: The European Central Bank (ECB) and the skyline with its financial district are photographed during sunset as the spread of the coronavirus disease (COVID-19) continues in Frankfurt, Germany, April 13, 2021. REUTERS/Kai Pfaffenbach
European bank shares are up 25% already this year, more than double the gains of the underlying STOXX 600 index. Since November, when President Joe Biden won U.S. elections with pledges for big-time spending, the sector has rallied some 66%. ....

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