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How far can Orcel take UniCredit?

A market-beating increase in UniCredit’s share price is just the beginning, chief executive Andrea Orcel tells Euromoney. He must now prove the many remaining sceptics wrong and show the bank can still thrive when net interest margins fall and credit costs rise.


After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.
Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
Despite its roots in the region, HSBC’s Asian woes have sometimes seemed endemic. It has been overly dependent on Hong Kong and too often caught in Sino-US crosshairs. But under regional co-CEOs Surendra Rosha and David Liao, the lender has regained its confidence, is more regionally diverse than ever, and is busy posting record profits.
European corporates are finding a warm welcome from investors, pushing investment-grade volumes to a 2023 monthly record last month – their biggest total since the start of the interest-rate hiking cycle. But while investors are clearly ready to buy even the more adventurous stories, they still need the reassurance of sensible pricing.
Digital sukuk issuance still faces the issue of uneven Shariah interpretation.
As a relative outsider, Slawomir Krupa might have appeared better suited to the chief executive job at Societe Generale precisely because it had done so badly under an establishment insider. BNP Paribas’ good performance, by contrast, would make the traditional background of its rumoured chief-executive-in-waiting, Marguerite Bérard, less of a barrier.
MUFG’s vast balance sheet has the potential to make a considerable difference to Japan’s net-zero ambitions. But the bank won’t be pulling back from polluters, arguing that money needs to flow to where emissions are, not away from them.
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Long Reads / Mag / Most Read / Ad

How debt and geopolitics made a lethal mix for development

After years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.

Private foundations and donor-advised funds: meet philanthropy’s new drivers

Private foundations were once the preserve of a narrow group of the monied elite. Today, they are the fastest-growing source of private-sector philanthropy in the US and across the developed world.

Private credit bridges the lending gap as banks pull back

Borrowers that financed cheaply in 2021 will soon hit a maturity wall. Many will struggle to refinance at higher cost. Some will default. Private credit managers – still magnets for institutional capital – are set to step in and bridge some of the financing gap left by the banks.

Will complacent SLB structures wreck the market?

Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.
What They Said


Reza Baqir, head of sovereign debt advisory at Alvarez & Marsal, warns that new lending could become scarcer as sovereign difficulties worsen
Peter Phelan, chair of the Arrc and chief administrative officer of Citi’s institutional clients’ group, says that there are lessons to be learned from Libor’s trajectory
Tim Flynn, chief executive of European alternatives manager Hayfin, sees opportunity in the current credit market conditions
Sriram Muthukrishnan, group head of global transaction services product management at DBS Bank, explains how the pandemic transformed his business
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