Barclays has been fined £40mm for being “Reckless” in its dodgy 2008 capital funding programme. The judgement hides a multitude of sins and failures, especially in terms of probity and governance. It’s another chapter and illustration of how greed and avarice sank the once world-class UK financial industry over the last 40 years.   

UBS’s new $3.5 Bln ATI CoCo Bond was 10 times oversubscribed. It conclusively demonstrates the market not only has no memory, but very little understanding either. This is not a good time to be the very bottom of the bank subordination ladder.

It’s International Talk Like A Pirate Day, which will make it interesting for UBS trying to persuade once-bitten, twice-shy investors to buy new AT1 CoCo Bond after what happened to Credit Suisse investors.. “Arrr… You know it makes sense, young Jim-me-lad… Shiver-me-timbers… “

A 4 week old French AI has achieved a first funding round value of $240mm and that’s as cheap as chips (literally). Meanwhile, AT1/CoCo zombie bonds return from the grave of bad financial ideas, confirming Blain’s mantra: The Market Has No Memory!