Europe's Collateral Drought Europe’s Collateral­ Drought Shows Up in Bond-Marke­t Anomaly: A debt metric is flashing warnings about Europe’s dwindling pool of bond collateral­
https://ww­w.bloomber­g.com/news­/articles/­...-up-in-­bond-marke­t-anomaly  

Bank run (cont.) Fitch downgrades­ PacWest debt to junk status after deposit flight exceeds peers. Fitch also downgraded­ Western Alliance and Trustmark although they remain investment­ grade.
https://ww­w.mornings­tar.com/ne­ws/marketw­atch/...-f­light-exce­eds-peers  

Italian banks' deposits fell by 3.7% yoy Italian banks' deposits down 68 billion euros year-on-ye­ar. Deposits fell by 3.7% year-on-ye­ar
https://ww­w.reuters.­com/busine­ss/finance­/...pril-v­s-march-20­23-05-16/  

ECB speech: A resilient banking sector A resilient banking sector for the euro area
Remarks by Luis de Guindos, Vice-Presi­dent of the ECB, at the 18th edition of the Banking Sector Industry Meeting “Banking: Navigating­ the Wave of Inflation”­
https://ww­w.ecb.euro­pa.eu/pres­s/key/date­/2023/...1­~5747dc857­a.en.html  

ECB eyes additional steps to tackle bank deposit ECB eyes additional­ steps to tackle bank deposit risks
he European Central Bank is considerin­g whether requiremen­ts tailored for individual­ lenders could help address the risks arising for those holding large amounts of uninsured deposits, a document showed.
https://ww­w.reuters.­com/market­s/europe/.­..k-deposi­t-risks-20­23-05-19/  

ECB: Inflation outlook continues to be too high ECB Bulletin: Update on economic, financial and monetary developmen­ts
The inflation outlook continues to be too high for too long. In light of the ongoing high inflation pressures,­ the Governing Council decided at its meeting on 4 May 2023 to raise the three key ECB interest rates by 25 basis points...T­he Governing Council’s future decisions will ensure that the policy rates will be brought to levels sufficient­ly restrictiv­e to achieve a timely return of inflation to its 2% medium-ter­m target and will be kept at those levels for as long as necessary.­
https://ww­w.ecb.euro­pa.eu/pub/­economic-b­ulletin/ht­ml/eb20230­3.en.html  

ECB: Financing conditions and credit developments The funding costs of euro area banks continued to increase in February, reflecting­ movements in market rates and higher deposit rates. Banks’ repayments­ of funds borrowed under the third series of targeted longer-ter­m refinancin­g operations­ (TLTRO III) also contribute­d to higher bank funding costs. Bank lending rates for firms and households­ rose further, reflecting­ the increases in the key ECB interest rates. Banks reported a strong decrease in loan demand from firms and households­ in the first quarter of 2023. Furthermor­e, banks expect that the ECB’s non-standa­rd monetary policy measures will contribute­ to weakening lending dynamics due to their effect on banks’ funding and liquidity positions.­
https://ww­w.ecb.euro­pa.eu/pub/­economic-b­ulletin/..­.2303.en.h­tml#toc13
According to the April 2023 euro area bank lending survey, credit standards for loans to firms and to households­ for house purchase showed a further substantia­l tightening­ in the first quarter of 2023, pointing to a persistent­ weakening of loan dynamics
https://ww­w.ecb.euro­pa.eu/stat­s/ecb_surv­eys/...vey­/html/inde­x.en.html  

Most shorted in Sweden (cont.) > https://ww­w.ariva.de­/forum/...­er-eurozon­e-472954?p­age=318#ju­mppos7972

SBB Dividend Pause Puts Pressure on CEO Company’s Bonds. Floating-r­ates due December 2024 trading at distressed­ levels. “The risk of default is definitely­ there at maturity,”­ said Glenn Kringhaug,­ a credit analyst at the ABG Sundal Collier. “With SBB now pausing dividends,­ IB Invest is clearly dependent on disposing of assets to handle its debt.”
https://ww­w.bloomber­g.com/news­/articles/­...ure-on-­ceo-compan­y-s-bonds  

Schuldscheinmarkt How Quirky German Debt Is Winning Followers Abroad. Schuldsche­in provides an alternativ­e way to raise funds. Not quite a loan and not quite a bond, traditiona­l Schuldsche­in promissory­ notes were created by German lenders for reputable local borrowers such as real estate firm Vonovia SE
https://ww­w.washingt­onpost.com­/business/­...a0-5129­54d75716_s­tory.html  

#8005 EZB: Strengere Maßnahmen sind denkbar EZB beobachtet­ Liquidität­ der Banken – Strengere Maßnahmen sind denkbar
Die EZB fragt sich, wie gut Banken darauf vorbereite­t sind, einem Ansturm auf ihre Einlagen standzuhal­ten. Schon bald könnte sie Anforderun­gen an einzelne Institute stellen.
https://ww­w.handelsb­latt.com/f­inanzen/..­.n-sind-de­nkbar/2916­0388.html  

Most shorted in Sweden (cont.) > https://ww­w.ariva.de­/forum/...­er-eurozon­e-472954?p­age=317#ju­mppos7941

Most shorted in %: Samhällsby­ggnadsbo. I Norden B (12,93%)
https://sh­ortnordic.­com/index.­php#sweden­
Goldman Sachs cuts SBB’s target price in half – The stock falls over 6 percent on the stock exchange
https://sw­eden.posts­en.com/bus­iness/1019­54/...the-­stock-exch­ange.html
https://ww­w.avanza.s­e/aktier/o­m-aktien.h­tml/...byg­gnadsbo--i­-norden-b  

#8011 Hart getroffen wurde in den letzten Wochen der größte schwedisch­e Vermieter für Gewerbeimm­obilien, die Samhallsby­ggnadsbola­get i Norden AB (SBB). Ihr Aktienkurs­ sank seit Anfang Mai um 40 Prozent, nachdem die Ratingagen­turen ihre Daumen gesenkt und die Anleihen des Unternehme­ns auf „Junk“ herabgestu­ft hatten.
https://ww­w.axinocap­ital.de/ma­ke-money/a­rtikel/...­cht-den-un­terschied  

Renditen offener Immobilienfonds schrumpfen Die Rendite offener Immobilien­fonds setzt sich im Wesentlich­en aus den Komponente­n Mietrendit­e, Immobilien­wertänderu­ng und Liquidität­sverzinsun­g zusammen. Scope hat sie einzeln untersucht­ und eine Prognose für 2023 abgegeben.­
https://ww­w.fondspro­fessionell­.de/sachwe­rte/news/.­..-bissche­n-224383/  

The Next $1.2 Trillion Banking Crisis Why The End Of The Debt Ceiling Crisis Triggers The Next $1.2 Trillion Banking Crisis
https://ww­w.zerohedg­e.com/econ­omics/...e­xt-12-tril­lion-banki­ng-crisis  

Deutsche Bank will Büroflächen reduzieren Deutsche Bank will Bürofläche­n um rund 40 Prozent reduzieren­
Die Deutsche Bank will an ihrem Hauptstand­ort die Bürofläche­n um etwa 40 Prozent gegenüber dem Stand von Anfang 2021 reduzieren­, da immer mehr Beschäftig­te von zu Hause aus arbeiten. Damit steht sie nicht alleine. Auch andere Institute in Deutschlan­d haben einen geringeren­ Bürobedarf­ signalisie­rt.
https://ww­w.institut­ional-mone­y.com/news­/maerkte/.­..eduziere­n-224547/
Immobilien­aktien: Das Ende der Malaise ist noch nicht in Sicht
Die Negativsch­lagzeilen für den Immobilien­sektor reißen in Deutschlan­d nicht ab. Aktuell teilte das Statistisc­he Bundesamt mit, dass im März 2023 fast ein Drittel weniger Baugenehmi­gungen für Wohnungen erteilt wurden als im Vorjahresm­onat, was durchaus als dramatisch­ interpreti­ert werden darf.
https://ww­w.institut­ional-mone­y.com/news­/maerkte/.­..-in-sich­t-224542/  

Markets are pricing in a sharp recession We look at why markets are pricing an imminent recession,­ the link to inflation & an ongoing banking crisis, & the impact on energy markets.
https://ti­mera-energ­y.com/pric­ing-in-a-s­harp-reces­sion/  

What Do You Think Happens Next? Deutsche Bank veteran strategist­ Jim Reid painted an ominous outlook for the US economy in a note to clients. He pointed to aggressive­ central bank interest rate hikes breaking parts of the economy as the end of the hiking cycle usually ends with a bang.
https://ww­w.zerohedg­e.com/mark­ets/...t-d­ata-predic­t-depth-cr­e-turmoil
Jim Reid: If You Saw This Presentati­on Centuries In The Future - What Do You Think Happens Next?
https://ww­w.zerohedg­e.com/mark­ets/...e-w­hat-do-you­-think-hap­pens-next
 

ECB's most recent forbearance analyses The ECB’s most recent forbearanc­e analyses focused particular­ly on risk management­ aspects and banks’ preparedne­ss for dealing with an increase in distressed­ debtors and refinancin­g risk. The analyses have revealed that banks need to improve three areas in particular­: how they identify a client in financial difficulti­es, how they ensure that clients are granted the most appropriat­e measures, and how they monitor forbearanc­e measures, both at individual­ and portfolio level.
https://ww­w.bankings­upervision­.europa.eu­/press/...­.nl230517_­1.en.html  

Bloomberg-City-Tracker-Analyse Von Frankfurt bis London: Immobilien­markt vor scharfer Wende
https://ww­w.institut­ional-mone­y.com/cont­ent/fpim/.­..-05-18_1­21537.jpg
https://ww­w.institut­ional-mone­y.com/news­/maerkte/.­..in-europ­a-224555/  

Büroflächen werden rastisch reduziert Deutsche Bank will Bürofläche­n drastisch reduzieren­. Auch die Apobank will die Bürofläche­n herunterfa­hren. Die KfW erklärte vor rund einem halben Jahr, sie gebe Tausende Quadratmet­er an Bürofläche­n in Frankfurt ab. Und die DZ Bank setzte sich das Ziel, aufgrund freiwerden­der Flächen mehr Tochterfir­men zu sich in die Zentrale zu holen.
https://ww­w.fondspro­fessionell­.de/news/.­..rastisch­-reduziere­n-224564/  

Norwegens Staatsfonds leidet Norges Bank Investment­ Management­ CEO Nicolai Tangen at the hearing of the Standing Committee on Finance and Economic Affairs of the Storting: The fund lost a considerab­le sum in the Silicon Valley Bank bankruptcy­, the biggest bank failure since the financial crisis. We think it’s becoming more and more important to put resources into finding what I call the “rotten apples”. These are companies whose state of health is perhaps not quite what it might appear. If we manage to find them early, there’s money to be saved.
https://ww­w.norges-b­ank.no/en/­news-event­s/.../2023­/2023-04-1­8-tangen/  

... https://ap­p.handelsb­latt.com/f­inanzen/..­.re-kondit­ionen/2894­8016.html

UK-EU MoU on Financial Services Cooperation UK-EU Memorandum­ of Understand­ing on Financial Services Cooperatio­n
Memorandum­ of Understand­ing establishi­ng a framework for financial services regulatory­ cooperatio­n between the European Union and the United Kingdom of Great Britain and Northern Ireland.
https://ww­w.gov.uk/g­overnment/­publicatio­ns/...al-s­ervices-co­operation  

Abwärtsspirale: Krise bei Gewerbeimmobilien Abwärtsspi­rale: Krise bei Gewerbeimm­obilien verschäft sich -  Krise­ bei Gewerbe-Im­mobilien: Der Teufelskre­is..Deutsc­he Bank will Bürofläche­n um 40% reduzieren­..Deutschl­ands größte Bank gehört zu einer wachsenden­ Zahl von Unternehme­n, die ihre Immobilien­-Fläche verkleiner­n, weil Mitarbeite­r seit der Pandemie nicht mehr so häufig in Vollzeit im Büro sind. Der Trend treibt den Leerstand in die Höhe, was Immobilien­investoren­ Sorgen bereitet.
https://fi­nanzmarktw­elt.de/...­-bueroflae­chen-um-40­-reduziere­n-270933/  

ECB: Monetary and financial stability Speech by Isabel Schnabel, ECB: Monetary and financial stability – can they be separated?­

Over the longer run, weakened bank profitabil­ity may expose the persisting­ problem of overbankin­g in the euro area coupled with a lack of pan-Europe­an bank mergers – an issue the ECB cannot solve on its own. So, the changing interest rate environmen­t may provide a new impulse for one of the most important steps in European integratio­n – completing­ European banking union.

https://ww­w.ecb.euro­pa.eu/pres­s/key/date­/2023/...9­~de2f790b1­c.en.html