The cost of credit protection on US banks increased yesterday, following the Obama administration's warning that it would let the US auto industry slide into bankruptcy if necessary.
As equity markets tumbled this morning amid fears the US government would not extend further aid to the auto industry, the cost of credit protection on European banks rose.
The cost of credit protection on UK banks rose marginally this morning. As the deadline of March 31 for UK banks to sign up to the government's asset protection programme approaches, banks already participating in the scheme saw their CDSs widen the most.
The cost of credit protection on US banks continued to rise yesterday, following Treasury secretary Timothy Geithner announcing a plan to relieve US banks of toxic assets on March 23. Some analysts believe Geithner's plan still lacks detail, particularly...
The cost of credit protection on UK banks rose this morning after two days of narrowing in five-year senior credit default swap (CDS) spreads.
The cost of credit protection on both US and European financials continued to fall today, in the wake of US Treasury secretary Timothy Geithner announcing a toxic-asset purchase plan aimed at boosting the US financial system yesterday.
The cost of credit protection on European financials fell this morning, ahead of US Treasury secretary Timothy Geithner's announcement of further support for the US financial system.
Shares in Lloyds Banking Group have fallen after it confirmed that it would put £250 billion of toxic assets into the UK government's asset protection scheme.
Fading investor confidence in the stability of financial institutions has caused the cost of credit protection on banks across the globe to increase over the past 24 hours.
The cost of credit protection on Dutch and Belgian bank Fortis narrowed this morning, after Fortis chairman Jozef de Mey and BNP Paribas chief executive Baudoin Prot told media the takeover deal between the two banks is still alive.
Credit derivatives referencing UK banks continued to widen this morning, following a week in which Lloyds TSB announced it will absorb a £10 billion loss due to its merger with HBOS.
There has been little evidence of increased short selling activity on UK financial stocks since the Financial Services Authority (FSA) lifted its ban on the practice on January 16.
Barclays Capital has added eight managing directors to its executive committee, after completing the integration of Lehman Brothers' US investment banking and capital market businesses.
The cost of credit protection on UK banks increased in early trading this morning, while US financial institutions experienced mixed market sentiment.
Barclays, UBS and Goldman Sachs have announced moves to halt bonus payouts for top executives in 2008, as huge subprime losses and writedowns have placed compensation policies under increased scrutiny.
UK and European financial institutions faced declining market sentiment in early trading today, while the cost of credit protection on US banks continued to rise.
The UK government announced this morning it will pour a total of £37 billion into Royal Bank of Scotland (RBS), HBOS and Lloyds TSB, as part of a recapitalisation plan revealed last week.
The cost of credit protection on UK banks fell further in early trading today following the unveiling of a £50 billion government rescue plan on Wednesday, but US markets remained unstable.
Credit default swaps (CDSs) on a number of major dealers widened yesterday in spite of the US Senate vote on a revised $700 billion financial rescue plan.
The cost of protection on some of the world’s largest financial institutions fell yesterday as the US Senate agreed to vote on a revised version of the $700 billion financial rescue plan.
The cost of protection on some of the world’s largest dealers surged on Friday as uncertainty grew over the US government’s $700 billion plan to purchase devalued assets from financial institutions.
Credit default swap (CDS) spreads on financial institutions had tightened further by close of play on September 19, as market confidence continued to rise after large injections of cash from central banks
Credit default swap (CDS) spreads on financial institutions tightened yesterday as market confidence improved following a range of measures from central banks.