Thursday, May 20, 2010

Financials;China Construction Bank (CCB);Bank capital raising;Bank capital raising Capital


· Bank capital raising – UK fund managers push back against high fees associated w/bank rights issues - The Institutional Shareholders Committee (ISC) has established a new council whose first task will be to set up an inquiry into banks' charges for running rights issues.  London Telegraph 

· China Construction Bank (CCB) said it may delay an $11B cap raise until ’11 due to market conditions – Reuters

· UK banks – the WSJ says British regulators are considering creating “living wills” that would unwind banks during a crisis – WSJ 

· FMD - announced the appointment of two new independent directors, Nancy Y. Bekavac and Thomas P. Eddy. Additionally, the Board of Directors elected Daniel Meyers, the Company's Chief Executive Officer and President, to serve as Chairman of the Board. Peter B. Tarr, the previous Chairman of the Board, has resigned his positions as a director and executive officer of the Company.

· AF - announced that it has filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission.  At this time the Company does not have any immediate plans or current commitments to sell securities under the self registration statement.  George L. Engelke, Jr., Chairman and Chief Executive Officer, commented, "The shelf registration statement we filed today will provide greater capital management flexibility and enable us to readily access the capital markets in order to pursue growth opportunities that may become available to us in the future and/or should there be any changes in the regulatory environment that call for increased capital requirements."

· Auto debt – sellers of ABS backed by auto loans finding warm reception in the market (WSJ)

· Hedge funds – some prominent hedge fund managers tell CNBC they are de-risking given the current environment (CNBC)

· Goldman's New Critics: Hedge Funds (CNBC) 

· Bank investing – one large HF says it’s now too risky to invest in large financial institutions for anything other than the short-term (FT Alphaville)     

· WFC – upgraded at Keefe Bruyette

· Commerzbank – the co is preparing to exit from German state support by asking shareholders to agree to a range of capital-raising measures (FT)    

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