Please send job moves to
[email protected]Morgan Stanley
elevates
former intern
MORGAN STANLEY has elevated two bankers to
senior roles in South-East Asia, with one
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lRMûJUSTûSEVENûYEARSûAGOûASûANûINTERN
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that Jannie Tsuei will assume responsibilities
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%ASTû!SIAû
investment banking, effective immediately.
Tsui, who is a graduate of Harvard and
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Pennsylvania, joined MS as an associate
intern in 2011 before relocating to
Singapore in 2015. She was promoted to
vice president in 2016.
Meanwhile, MS also said that it had
appointed *ONATHANû0mUGû as head of South-
East Asia M&A and head of Singapore
coverage. His appointment is also effective
immediately.
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promoted to executive director earlier thisyear. He had an earlier stint with MS between
2007 and 2008 as an analyst before leaving to
work for the Singapore government.
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who left the bank in April to join San
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as partner.
Meanwhile, Tsuei’s predecessor as
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joining Citigroup as head of insurance in its
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A spokesperson for Morgan Stanley
CONlRMEDûTHEûCONTENTûOFûTHEûMEMO
THOMAS BLOTTIN BRIEF
NAB
Higher provisions for 2H
NATIONAL AUSTRALIA BANK warned of higher
compliance-related provisions in the second half
in a sign of the ongoing impact of the country’s
Royal Commission.
Australia’s number four lender said during a
trading update last Tuesday that it was making
“progress towards resolving several previously
disclosed regulatory compliance investigations”.
It said it expected to make additional provisions
but cautioned that there were “significant
uncertainties in determining a provisioning
outcome at this time”.
The update comes after a difficult week for the
bank after the Royal Commission heard that
it charged millions of dollars to pension fund
customers for advice they never received and
then downplayed the issue to the corporate
regulator.
NAB’s reputation, much like the other Big Four
lenders, has taken a hit after the quasi-judicial
inquiry revealed widespread wrongdoing in the
banking sector, while higher funding costs have
put pressure on earnings.
The bank said that its third-quarter unaudited
cash profit – a measure that excludes various
one-off items such as losses or gains from
acquisitions and disposals – slipped 3% year on
year to A$1.65bn (US$1.2bn).
It attributed this to an increase in credit
impairment charges, which rose 17% to
A$203m, and higher investment spending.
NAB said overall expenses rose 2% compared
with the quarterly average of the March 2018
half-year without providing further details.
Its common equity tier one ratio was 9.7%,
down from 10.2% at the end of Q2 following the
payment of its interim dividend. The bank said it
still expected to reach APRA’s “unquestionably
strong” target of 10.5% by January 1, 2020.ANZ
Credit provisions halveAUSTRALIA & NEW ZEALAND BANKING GROUP said last
Tuesday that its provision charges more than
halved for the April-June quarter.
The bank said during its third-quarter trading
update that provision charges stood at A$121m
(US$87.9m) versus A$243m a year ago.
It attributed this to a higher level of write-backs
in its institutional loan book.
ANZ also said that its common equity tier one
ratio edged up 3bp quarter on quarter to 11.07%.
The bank did not disclose profit or revenue
figures having announced earlier this year it
would cease reporting quarterly earning figures.Sebi
Simplifies electronic bidding rulesIndia’s market regulator has simplified the
rules around the use of electronic platforms for
private placements of bonds.
The Securities and Exchange Board of India has
allowed closed bidding in addition to the openbidding system, among other changes.
“The market regulator is making the electronic
bidding platform flexible and easier for
investors,” said a DCM banker.
In January, Sebi issued new bookbuilding
guidelines that made it mandatory for bids on
instititional bond issues of Rs2bn (US$29m)
or more to be made through an electronic
platform, down from the previous minimum of
Rs5bn. That move, however, drew widespread
criticism from issuers and investors who were
not comfortable with the level of disclosure in
the open bidding system.
Under the new rules, if issuers plan to use a
closed bidding system, they must disclose
that information in a private placement
memorandum. There is no real-time
dissemination of bids on an electronic platform
under the closed system.
The issuer also has an option to choose uniform
or multiple yield allotments, but that would also
have to be disclosed in the PPM, Sebi said.
“Every investor will get allocation at the
respective bid price, at or below cut-off,” said
the same DCM banker.
Investors can place multiple bids for an issue.
The market regulator has clarified that the
allotment of bonds via electronic platforms will
be prioritised based on yield, followed by the
time a bid was made. If bids are at the same
level, earlier bids will get priority.
The regulator has also given an option to make
payments through clearing corporations or
through escrow bank accounts. The payments
can be made one or two days after the issue
date.