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Fujitsu spreads widen 30bp due to multiple woes
Credit default swap spreads on Japanese computer maker Fujitsu’s five-year debt protection widened 30 basis points this week, following media speculation that the company might become a “rehabilitation candidate” for the government’s Industrial…
Japan’s four major banks post losses of $31bn for 2002
Japan’s four largest banks have posted a combined ¥3.61 trillion ($30.9 billion) in losses for the 2002 financial year, following larger-than-expected losses in their cross-equity holdings amid slump in the country’s equity markets and their ongoing…
Lehman sells 'Ruby Finance' synthetic CDO in Japan
Lehman Brothers has sold an arbitrage synthetic collateralised debt obligation (CDO) referenced on a static portfolio of 140 credit default swaps worth a notional amount of $1.68 billion in Japan.
Roundtable > Operational risk quantification: a discipline at a crossroads
Operational Risk magazine held its first European roundtable during Risk magazine's annual European congress, in Paris, on April 9.
Fitch pushes for more competitive bidding after CDO credit events
Fitch Ratings is recommending that future synthetic collateralised debt obligations (CDOs) are structured with more competitive bidding processes for determination of recovery rates following credit events.
Singapore’s UOBAM manages third synthetic CDO
Singapore’s UOB Asset Management (UOBAM) has once again moved into the synthetic collateralised debt obligation (CDO) market, managing its third transaction deal in eight months. This time, Goldman Sachs is the co-arranger of the transaction with UOB,…
New CDO issuance picked up in April, says Goldman
The collateralised debt obligation (CDO) market witnessed a turnaround in new issuance in April, according to research from Goldman Sachs in New York. But the year-to-date new issue of CDOs in the US and European markets is still down by more 20% and 50%…
Japanese credit default swaps trading centres around convertibles
Most of the trading in Japan’s credit default swaps market centred around names with outstanding convertible bonds in quiet trading this week.
Emerging markets credit derivatives index debuts
JP Morgan Chase has begun formally showing prices on its Emerging Markets Derivative Index (EMDI) – a tradable portfolio of five-year credit default swaps (CDS).
Insecurity and innovation
Introduction
Sony hit by poor earnings reports and downgrade threat
Credit default swap spreads on Japan’s largest consumer and electronics group, Sony, widened further this week, following weaker than expected earnings results and the potential threat of a downgrade by Moody’s Investor Services, say traders.
