Here are the top reads on deals and financial services over the last 24 hours,
Bank CEOs not predicting a major downturn just yet: One called it a “paradox,” another a “disconnect": Even as Canada’s bank CEOs grapple with the fallout from a bout of major volatility in financial markets, they are stressing that the economic fundamentals driving most of their business remain solid. Story (James Bradshaw, for subscribers)
Bank CEOs brush off new capital buffer rules: The chief executives of Canada’s largest banks are shrugging off tougher capital requirements introduced by Canada’s banking regulator, saying the change will have no impact on plans for acquisitions, dividend hikes or share buybacks. Story (James Bradshaw, for subscribers)
RBC, BlackRock team up to create Canada’s largest ETF brand: Royal Bank of Canada and BlackRock Inc. are joining forces to sell exchange-traded funds, forming a rare partnership between Canada’s largest asset manager and the country’s biggest ETF provider. Under the brand RBC iShares, the firms will create and market ETFs, which are best-known as passive investments that track major indexes at lower fees than most mutual funds. The new brand will be the biggest in Canada, based on assets under management. Story (Tim Kiladze and Clare O’Hara, for subscribers)
Sandpiper Group looks to shake up five more Canadian real estate entities this year: Sandpiper Group, the private-equity firm that overhauled the boards of two real estate investment trusts, is getting ready to shake up other Canadian property companies. The Vancouver-based Sandpiper has identified five publicly traded real estate entities that it wants to revamp and has started amassing stakes in some of them. Story (Rachelle Younglai, for subscribers)
Canadian named as Norton Rose Fulbright’s new global chair: Walied Soliman, a Toronto-based lawyer who specializes in advising companies on hostile takeovers, proxy battles and complex restructuring plans, has been appointed the global chair of Norton Rose Fulbright. Story (Alexandra Posadzki, for subscribers)
Montreal’s TrackTik raises $45-million from Georgian Partners, Caisse: One of Canada’s fastest-growing technology startups, Montreal-based TrackTik Software Inc., has attracted $45-million in fresh financing from two of the country’s largest venture-capital investors, Georgian Partners and the Caisse de dépôt et placement du Québec. Story (Sean Silcoff, for subscribers)
Drop in fixed-term mortgage rates is imminent, experts say: Falling bond yields should push fixed-rate mortgage costs lower in the near-term, possibly as early as this week, mortgage industry experts predict. Yields on five-year Government of Canada bonds – which help determine the price of fixed-rate mortgages – have fallen sharply since November, dropping from a recent high of 2.46 per cent on Nov. 8 to 1.86 per cent as of Monday, a decline of more than half a percentage point. Prices particularly started to dip in late December, hitting a recent low of 1.752 per cent by Jan. 3. Story (Janet McFarland, for subscribers)
MORE FINANCIAL SERVICES NEWS
Mortgages: Canadian mortgage growth will be flat or in the low single digits for the “foreseeable future,” according to the Canadian Imperial Bank of Commerce’s chief executive. Story (for subscribers)
Insolvencies: Rising interest rates appear to be taking a toll on Canadians’ finances as the total number of insolvencies filed under the Bankruptcy and Insolvency Act increased by 5.2 per cent in November from the prior year. Story (for subscribers)
MORE DEALS NEWS
Hydro One: Washington State regulators have denied a request from Hydro One Ltd. and Avista Corp. to reconsider the rejection of the Ontario utility’s planned multibillion-dollar takeover of the U.S. company. Story (for subscribers)
Vote: Aimia Inc. shareholders voted Tuesday to approve the $450-million sale of its Aeroplan loyalty program to Air Canada, cementing the takeover but leaving questions about Aimia’s future. Story (for subscribers)
Private equity: WeWork Cos Inc said on Tuesday it received $2 billion in new funding from Japanese conglomerate SoftBank Group Corp in a deal that values the company at $47 billion. Story (for subscribers)
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