Central banks
Fed divulges process behind bank stress tests
The US Federal Reserve has released details of the methodology behind its Supervisory Capital Assessment Programme (SCAP), the recently concluded stress tests conducted by regulators to ascertain whether additional capital replenishment is needed at the…
Isda AGM: US regulator identifies six weaknesses in OTC market
Theo Lubke, senior vice-president at the Federal Reserve Bank of New York, identified six main problem areas in the over-the-counter derivatives market during a panel discussion on public policy at the International Swaps and Derivatives Association's…
Isda AGM: trillions in derivatives torn up since June
Multilateral tear-up efforts continue to bear fruit, with notional outstanding reduced by several trillion dollars, according to a report released by the International Swaps and Derivatives Association at its annual general meeting in Beijing.
Investec rolls out eighth tranche of products
Investec has rolled out the latest versions of its product range, continuing a successful run among UK investors. The launch includes a new capital guaranteed offering structured around a deposit which pays income linked to the performance of the FTSE…
CashCade offers choice between cash and index returns
Cashcade Financial, a joint venture between Meteor Capital Holdings and actuarial consultancy Intersolve, has launched its CashCade Deposit Plan which is designed to allow investors the choice of linking the interest payment between either the FTSE 100…
US Wrap: Post-holiday rush sees reverse convertible flurry
ABN Amro issued nearly all the 13 notes issued in the US yesterday, of which 11 were reverse convertibles linked to a variety of the usual suspects, such as US Steel, JP Morgan, Freeport, Caterpillar and Wells Fargo, and the slightly less common…
US Wrap: Principal protection makes timid reappearance
One principal protected structure made it into the US market yesterday after hints earlier this week that guaranteed notes might be making a tentative reappearance. Credit Suisse's range-bound note was the second this week to offer 100% principal…
Volatility puts credit investors on the defensive
Investors are gravitating towards safe haven sectors such as utilities and telecoms as credit fundamentals on non-cyclicals continue to deteriorate
On the crest of a wave
Corporate bond volumes have been soaring as companies scramble to meet their funding requirements in the wake of the loan market's demise. Simon Boughey looks at whether this wave of issuance is a temporary phenomenon or whether it heralds a permanent…
Turbulent times for airport issuers
Europe's airports are tightening their belts as macroeconomic pressures erode balance sheets and credit quality. Alexandre de Lestrange from Standard & Poor's reviews the factors influencing the agency's rating decisions on the 12 airport issuers
Ukraine heads list of riskiest sovereign issuers
Central Asian and South American countries dominate the league table of sovereign issuers with the highest risk debt, while northern European nations - plus the US - are among the safest
Max Bublitz: The great race ... to the bottom
Predicting how long the downturn will last is a fool's game. Past cycles are no useful indicator because we are undergoing a more tectonic shift in the global economic landscape
Robert Stheeman
The head of the UK's Debt Management Office, the body responsible for administering the wave of recent government issuance, tells Sarfraz Thind that the recent failed auction doesn't spell a death of demand for gilts
G-20 working groups release final reports
Daily news headlines
Fed in $287bn currency swap with central banks
Four central banks, including the European Central Bank (ECB) and the Bank of England (BoE), have agreed further reciprocal foreign currency swap arrangements with the Federal Reserve to provide more US dollar funds to firms in participating nations as…
Phoenix rises into green markets
Interdealer broker expands in to renewables and emissions markets to harness sector growth, and plans to act as a counterparty for RECs
G-20 creates Financial Stability Board from FSF; frees up $1.1 trillion for IMF
Daily news headlines
G20 fires starting gun on global systemic risk regime
A declaration by the Group of 20 leading economies (G20) fleshed out plans for a global regime of systemic risk regulation, “covering regulated banks, shadow banks and private pools of capital to limit the build-up of systemic risk”.
US Wrap: Goldman Sachs appears as both issuer and underlying
Goldman Sachs issued three products into the US market yesterday using its own paper, while simultaneously appearing as the stock underlying for a reverse convertible launched by JP Morgan. Goldman unveiled three accelerated growth products, bringing the…
SEC official hopes G-20 will establish “broad parameters” for regulation
Ethiopis Tafara, director of the Office of International Affairs at the US Securities and Exchange Commission (SEC), expects the Group of 20 to establish a broad framework for regulation of financial markets over the next two days.
Green shoots
Conference Report: Spain
Mastering the flood
Special Report - China: Risk management