Credit markets
Write-downs mount in run-up to Christmas
Bear Stearns is the latest in a string of banks forced to reveal higher write-downs than expected.
CPDO ratings hang in the balance
Investors in constant proportion debt obligations (CPDOs) were given an unwanted early Christmas present by rating agencies, as Standard & Poor’s (S&P) and Moody’s Investors Service put the ratings of CPDO notes on review for a possible downgrade.
Monolines in a world of pain
The shockwaves emanating from the monoline industry show no signs of easing up before Christmas. It had seemed that the pressure was abating, as the beleaguered financial guarantors had started to secure some much-needed capital to bolster their ratings,…
Dry market forces ABX roll delay
Market information provider Markit has postponed the next roll of its ABX.HE index, due on January 19, for three months.
More subprime writedowns at Morgan Stanley
Morgan Stanley has taken a total of $9.4 billion in mortgage-related writedowns in the fourth quarter, causing it to lose $3.6 billion, it announced today.
Goldman $3.2bn profit masks $600m subprime writedown
Goldman Sachs has posted impressive returns for the last quarter of 2007, but has confirmed losses of around $600 million in its mortgage business.
ECB takes further steps to improve liquidity
The European Central Bank (ECB) has boosted levels of liquidity over the Christmas period by lending €348.6 billion in a main refinancing operation that matures on January 4.
Central banks offer $20bn auctions to revive liquidity
The Federal Reserve, the European Central Bank (ECB) and the central banks of the UK, Canada and Switzerland have agreed upon a series of auctions to provide billions for credit-starved financial institutions.
SIV pain resurfaces through ratings
Moody’s Investors Service has taken negative action on 20 structured investment vehicles (SIVs). The action came as the first part of a sector review started at the beginning of last month by the rating agency.
Markit to buy Swapswire
London-based data services provider Markit has agreed to acquire the London electronic trade confirmation firm Swapswire.
Fannie Mae most active CDS in US for November
The banking and financial services sectors dominated trading volumes of credit default swaps (CDS) in the US over November, according to New York-based interdealer broker GFI.
The race to replicate
Hedge fund replication
A question of funding
Liquidity risk
Getting off lightly
Securitisation