Credit markets
'Big bang' protocol provides wake-up call for CDS market over credit event settlement
A new scheme for adjudicating on credit event auctions, consisting of a centralised committee, will replace the old system of ad hoc decision-making
Rick Watson
Securitisation has been damned as the carrier that took the subprime contagion to institutions across the world, but the head of the European Securitisation Forum insists that the real economy needs this funding source more than ever. Matthew Attwood…
Roche
An in-depth look at the primary market's most innovative transactions. This month: the $16bn deal from Swiss pharma firm Roche, and Westpac's yen issue
UK weathers the storm
Markets
Central lessons
Central Coast Wealth Management
Structuring with caution
Zurich
CDS risks
Claims that credit derivatives were a major cause of the financial crisis have prompted regulators to threaten to clamp down on the market. In the latest in the current series of Class Notes, Charles Smithson examines some of the risks of credit default…
Eastern European sovereign CDS spreads narrow
The cost of credit protection on the sovereign debt of eastern Europe states fell in early trading today, while rising on US insurers.
CDS: US and European banks continue to tighten
Credit default swap 5-year mid-levels for structured products issuers (Thursday February 26)
CDS: Banks tighten after midweek blow out
Credit default swap 5-year mid-levels for structured products issuers (Tuesday February 24 & Wednesday 25)
CDS spreads narrow on US and European financials
The cost of credit protection on US and European banks fell in early trading today, while remaining high on Latin American and eastern European sovereign debt.
Low recovery rates set for Ferretti LCDS
At an auction held today, data vendor Markit and broker Creditex determined a final settlement value of 10.875% for loan-only credit default swaps (LCDS) referencing Italian luxury yacht manufacturer Ferretti, meaning protection sellers would need to pay…
De Larosiere calls for ECB to lead European macro supervision
The European Central Bank would lead a new body intended to provide early warning of future financial crises, under proposals presented to the European Commission today.
New single-name CDS sparks hedging worries
Plans to reshape the US single-name credit default swap (CDS) market are causing concerns among some credit portfolio managers, due to a limit on their ability to get capital relief for hedges under Basel II.
Ambac pares losses in Q4
Ambac saw a fourth-quarter net loss of $2.3 billion, a slight improvement on its performance in the third quarter of 2008, when it lost $2.4 billion and a notable improvement from its showing in the fourth quarter of 2007, when it shed $3.3 billion.
CDSs tighten on US and European banks
The cost of credit protection on US and European banks fell in early trading this morning.
US sovereign CDSs hit 100
The cost of credit protection on US national debt reached an all-time high in intraday trading amid expectations of further government bail-outs.