Credit markets
Euro Libor falls on ECB rate cut
Three month euro Libor dropped 20bp over the week to 2.45% today from 2.65% on Monday, January 12, following Thursday's 0.5% cut in interest rates by the European Central Bank, while sterling and dollar Libor remained stable.
CDSs tighten on financials and widen on sovereigns
In early European trading spreads on US and European financials tightened, while Middle Eastern and European sovereigns widened.
CDS: European banks stable; Citi levels overwhelmed by break-up plan
Credit Default Swap 5-year senior mid-levels for structured products issuers (Wednesday January 14 2009)
CDSs widen on Australia and tighten on financials
Spreads on Australian financials and Asian telecommunication companies widened in European trading this morning, while banks were trading tighter in the US and Europe.
RBS combines CDO/CLO business with MBS/ABS division in Asia
The Royal Bank of Scotland (RBS) has combined its Asian collateralised debt obligation and collateralised loan obligation business with the mortgage-backed/asset-backed securities (MBS/ABS) product business under Byron Holmes, Tokyo-based head of Asia…
CDS: Santander leads widening
Credit Default Swap 5-year senior mid levels for structured products issuers (Tuesday January 13 2009)
Citi CDS blows wide on restructuring plans
Citigroup's credit default swap five-year senior mid level was at 370.1 minutes ago, marking a near 50% weakening from yesterday's New York close, when the paper was quoted by CMA DataVision at 262.9.
Ecuador recovery set at 31.375% in first sovereign CDS auction
The recovery rate for government bonds issued by the Republic of Ecuador was set at 31.375% today, in an auction to cash-settle sovereign credit default swap (CDS) contracts linked to the country's debt.
CDSs on eurozone sovereigns widen
The cost of credit protection on eurozone sovereigns widened in European trading this morning, while in the US, spreads on Citi ballooned.
TriOptima CDS tear-ups cut risk by $30.2 trillion
Stockholm-headquartered technology company TriOptima has reported that its portfolio compression service, triReduce, eliminated $30.2 trillion in notional principal from the credit default swap (CDS) market in 2008.
CDS: US banks lead the widening
Credit Default Swap 5-year senior mid levels for structured products issuers (Monday January 12 2009)
Liffe prepares for CDS clearing launch in US
London-based derivatives exchange Liffe, which launched its joint central clearing solution with LCH.Clearnet for credit default swaps (CDSs) in Europe on December 22, will roll out the service to US customers in the next few weeks.
Libor forecast to lose status as key benchmark
Libor's days as a key benchmark for a variety of derivatives and as a measure of interbank lending rates may be numbered, a leading interest rates strategist has suggested.
CDSs on European banks widen
The cost of credit protection on European financials and southeast Asian sovereigns widened in early trading today.
CDS: Market calm at last week's close
Credit Default Swap 5-year senior mid levels for structured products issuers (Friday January 9 2009)
CDSs tighten on insurers
The cost of credit protection on insurance firms continued to fall in early trading today, while spreads widened on eastern European sovereigns.
Fed offers $150 billion to banks via TAF
The Federal Reserve announced it would offer $150 billion in 28-day discount-rate loans via its term auction facility (TAF) today; the auction will settle on January 15.
CDS: US banks lead levels wider
Credit Default Swap 5-year senior mid levels for structured products issuers (Thursday January 8 2009)
Sterling Libor falls after rate cut
The cost of interbank borrowing declined throughout the week, with sterling Libor reacting immediately to the Bank of England's decision to cut interest rates to a historic low of 1.5%.
CDSs tighten on insurance and pharmaceutical firms
The cost of credit protection on insurance and pharmaceutical firms fell in early trading today, while spreads on financials and Scandinavian sovereigns widened.
CDS: BofA, Goldman, JP Morgan, KBC, Morgan Stanley, Wells Fargo miss out as levels tighten
Credit Default Swap 5-year senior mid levels for structured products issuers (Wednesday January 7 2009)
Bank CDSs drop to pre-Lehman levels
The cost of credit protection on a number of US and European financial institutions has returned to levels recorded prior to the collapse of Lehman Brothers on September 15.
CDS: BNP settles at 61
Credit Default Swap 5-year senior mid levels for structured product issuers (Tuesday January 6 2009)
CDSs tighten on automakers, sovereigns
The cost of credit protection on automakers fell in early trading today, despite dramatic drops in December sales figures.