Structured products
Isda AGM: China on course to further develop derivatives
The Chinese authorities are supportive of the development of a bilateral derivatives market in the country, despite losses suffered by corporations, asset managers and individuals from derivatives-linked products during the past year.
CDS: US bank spreads widen
Credit default swap 5-year mid-levels for structured products issuers (Monday April 20)
Keydata offers choice of counterparty
UK distributor Keydata has launched issue 16 of its Dynamic Growth Plan Plus, which is designed to provide exposure to the FTSE 100 index. The plan has two options, each backed by a different counterparty.
US Treasury failing on Tarp oversight, report finds
The US Treasury's $700 billion Troubled Asset Relief Program (Tarp) is vulnerable to fraud, abuse and profiteering, due to a lack of proper supervision, according to a highly critical report from the programme's inspector-general published today.
US Wrap: Barclays makes energetic leap into reverse convertibles
Barclays launched 27 reverse convertibles into the US market at the close of last week, making it one of the busiest days in the market so far in 2009. The notes range in duration from three months to a year and cover several sectors, including retail…
BofA Merrill Lynch, Goldman and MS launch European ETP initiative
Source, an open architecture exchange traded product (ETP) platform created by Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley, has launched 13 ETFs and 22 ETCs (Source T-ETCs) for European investors. The platform has been created with…
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…
CIMB launches China recovery structured fund
CIMB-Principal Asset Management Berhad has launched its China Recovery Structured Fund, which aims to provide exposure to China equity and take advantage of the possibility of an economic recovery in China over the next five years.
TriOptima targets swaps tear-up for mainland China and Taiwan
Swedish post-trade services group TriOptima plans to launch renminbi and new Taiwan dollar interest rate swaps (IRS) termination services in the second half of this year. The company currently offers its services across 19 currencies, including seven…
SG CIB tries to fix variance swap flaws
In the wake of hefty losses for sellers of variance swaps as volatility spiked last year, Société Générale Corporate and Investment Banking (SG CIB) is touting products that might make selling variance more palatable for investors.
ETFs resilient despite downturn, according to BGI
Exchange-traded funds (ETFs) continue to hold up well in the face of the recent economic downturn, according to research on the industry covering the first quarter of 2009 by San Francisco-based Barclays Global Investors (BGI).
US Wrap: Wells Fargo finds favour following fine financials
Projections released last week by Wells Fargo that it will record a US$3 billion net income in the first quarter of 2009 were so well received by the stock market that the bank has again been used as an underlying, this time for a reverse convertible…
CDS: Spreads narrow on US banks, BofA trading at 240bp
Credit default swap 5-year mid-levels for structured products issuers (Thursday April 16)
Keydata offers kick-out for the first time
Keydata, the UK structured products distributor, has launched its first autocallable structured product. The five-year plan is linked to the FTSE 100 index and has 50% soft capital protection.
Short-selling ban increased volatility more than credit crisis
The bans on short selling imposed in the US and Europe in 2008 had more effect on market volatility in off-limit stocks and equity markets than the financial crisis itself, a new study has concluded.
Defaults to rise as IMF predicts slow recovery
Default rates and credit costs are expected to rise this year, a survey of credit portfolio managers found, as the International Monetary Fund predicted a severe recession and sluggish recovery.
Meteor adds to Prima series
UK distributor Meteor Asset Management has launched the 15 th version of its Prima Kick-out Growth Plan, which is designed to provide exposure to the FTSE 100 index. The trade is issued by AAA-rated Rabobank.
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…
JP Morgan investment banking reports record profits
Today, JP Morgan reported that it earned $2.14 billion in the first quarter of 2009, a decline from the corresponding period last year when it saw a net income of $2.4 billion.
US Wrap: Easter money is on US equity alongside rare commodity note
There were 15 new issues in the US market over the Easter period, with all but one offering exposure to US equity. New launches since last Thursday included a mix of reverse convertibles and accelerated growth or kick out structures linked to the S&P 500…
CDS: European financials widen
Credit default swap 5-year mid-levels for structured products issuers (Monday April 13)
CDS: US and European banks widen
Credit default swap 5-year mid-levels for structured products issuers (Wednesday April 15)
CDS: Spreads tighten on financials, BNP at 89bp
Credit default swap 5-year mid-levels for structured products issuers (Tuesday April 14)