In France, investors welcomed announcements of additional cost-cutting efforts by Societe Generale and Credit Agricole to boost their bottom line.
U.S. equities bounced back strongly Wednesday after early losses sparked by downgrades of French banks Societe Generale and Credit Agricole.
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French banks like Societe Generale, BNP Paribas, and Credit Agricole surged on the global central bank liquidity bailout presented last week.
The next year, Advantage Partners made a tender offer bid and acquired all outstanding shares for JPY 250 billion, of which JPY 170 billion was financing provided by syndicate whose members included Lonestar, Shinsei Bank, and Credit Agricole.
The other teams to get wild cards on Wednesday were Belgium's Quick Step-Davitamon, and France's Credit Agricole and FDJ.com.
Once again expectations will be high among the French public and at Credit Agricole he should have the back-up to compete.
In the UK, Royal Bank of Scotland and Lloyds Banking Group both lost about 2.3%, in France Credit Agricole and Societe Generale fell about 2%, while in Germany Commerzbank slipped 1.7%.
The Australian admitted he had become stale at Credit Agricole and, after moving, he enjoyed a stunning 2004.
French banks Credit Agricole and Societe Generale both closed up 8%, while in Germany, Deutsche Bank rose 7% and Commerzbank, 5%.
Barclays, Credit Agricole CIB and a unit of JPMorgan Chase were the lead managers of the offering.
In separate news, a China state bank has suspended FX swaps with UBS, Societe Generale, Credit Agricole, and BNP Paribas after those banks had reportedly reached their credit limits with the BoC.
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Robin Bhar, senior metals analyst at Credit Agricole Corporate and Investment Bank, said as geopolitical factors wane, the focus is shifting toward the U.S. dollar, the Eurozone debt crisis and inflation concerns.
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He estimated earnings dilution of 4.3% for BNP Paribas, 6.6% for Societe Generale and 11.5% for Credit Agricole.
The group on the euro-denominated issue includes Barclays, Credit Agricole, Mizuho, and Nomura.
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In France, Credit Agricole, Societe Generale and UniCredit rose between 2.9% and 5.8%.
Corporate bank borrowers such as Credit Agricole, BNP Paribas and Societe Generale were given more time, after a lifeline was thrown to them by the European Central Bank when it flushed liquidity into the system on Dec. 21.
Robin Bhar, senior metals analyst at Credit Agricole CIB, said extreme price swings and profit-taking contributed to long liquidation.
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As reported, Deutsche Bank is global coordinator, leading a bookrunning group on the dollar tranche of Bank of America, Barclays, Credit Agricole, Mizuho, Morgan Stanley, and Nomura.
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Societe Generale's shares are down almost 15%, BNP Paribas has fallen 9.5%, Deutsche is 6.6% lower, RBS has fallen 7.3%, Barclays is down 8.7%, Unicredit (of Italy) is 9.4% lower, Credit Agricole has fallen 11.8% and Commerzbank (of Germany) is 8.8% down.
"Overall sentiment continues to be dictated by central bank actions and hopes of more policy accommodation, " said analysts at Credit Agricole CIB in Hong Kong.
The second group included Goldman Sachs, Societe Generale, Barclays, Credit Agricole, BNP Paribas, Credit Suisse, Deutsche Bank and UBS. Moody's said these firms had varying risk factors, from high dependence on capital markets operations to limited liquidity and exposure to Europe.
"The government's stimulus measures implemented last year have managed to stabilise growth and lay the foundations for solid expansion this year, " said Dariusz Kowalczyk of Credit Agricole CIB.
"Sentiment was upbeat yesterday as solid US earnings and new home sales data helped equities shrug off disappointing PMI data earlier in the day, " Gary Yau at Credit Agricole CIB said in a commentary.
"Unfortunately, their positive impact on competitiveness, employment and activity will take time to materialize and will do little to mitigate economic pain in the short term, " said Herve Goulletquer, an analyst at Credit Agricole CIB.
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