Structured products
CDS: Spreads on US financials widen
Credit default swap 5-year mid-levels for structured products issuers (Thursday March 26)
US Wrap: Multiple issuers pile into S&P 500 exposure
Thirteen products have been offered by eight different issuers in the US structured products market over the past two days. Out of this offering, 10 have been linked to the S&P 500 index, including a range-bound structure from Morgan Stanley. The 100%…
CDS: European banks widen
Credit default swap 5-year mid-levels for structured products issuers (Wednesday March 25)
CDSs referencing US banks widen
The cost of credit protection on US banks continued to rise yesterday, following Treasury secretary Timothy Geithner announcing a plan to relieve US banks of toxic assets on March 23. Some analysts believe Geithner's plan still lacks detail, particularly…
Banks suffer from stricter ratings criteria
Banks may be the latest victims of a continuing drive by rating agencies to impose harsher tests on highly-rated structured finance products, analysts said.
Geithner: US will "force all standardised OTC derivatives into central clearing"
The US Treasury will seek to fully regulate over-the-counter derivatives, secure the registration of large hedge funds with federal authorities and push ahead with plans to create a new systemic super regulator, Treasury secretary Timothy Geithner has…
MSCI launches factor indexes
Index provider MSCI Barra has launched the MSCI Europe Momentum Tilt Index and the Europe Value Tilt Index, which are designed to be weighted towards stocks that are exposed to fundamental factors. The indexes are designed to be licensed as the basis of…
Moody's: FGIC unable to meet payments
Moody's has warned that monoline insurer FGIC might not be able to meet its payments on the subprime-linked assets it has insured.
CDS: Spreads on banks stable, Stanchart moves below 300bp
Credit default swap 5-year mid-levels for structured products issuers (Tuesday March 24)
Banks win slack from FASB on fair value
The Financial Accounting Standards Board (FASB) has proposed amendments to fair-value accounting, which would allow financial institutions employing internal models to valuate assets and liabilities in illiquid markets.
EPA finding could trigger GHG regulation
The US Government is reviewing a proposed finding submitted last week by the Environmental Protection Agency (EPA) concerning the dangers posed to public health by greenhouse gas emissions.
Geithner to announce illiquid asset repurchase programme
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CDS: Banks narrow after US treasury reveals public-private programme
Credit default swap 5-year mid-levels for structured products issuers (Monday March 23)
US Wrap: Royal Bank of Canada unleashes 20 new reverse convertibles
Royal Bank of Canada rushed into the issuance market last Friday with the release of 20 reverse convertibles, based on the fortunes of a whole range US stocks, from General Electric to Google and including the bold move of relating products to financials…
Market frustrated by lack of detail on US toxic-asset purchase plan
Economists and analysts have criticised the US Treasury's updated toxic-asset purchase plan for again failing to provide the granular detail or specified launch date necessary to reassure capital markets the proposals will indeed help curb the global…
Lyxor limits counterparty risk of ETN
Société Générale's Lyxor Asset Management unit is marketing a new exchange-traded note (ETN) that follows the price of gold, which it says will significantly reduce the problem of counterparty risk.
'Technical' factors drive banks back to profit
Major US and European banks are predicting profits for the first quarter of 2009 - but analysts caution that the apparent upturn has more to do with technical factors than a real recovery in performance.
Iosco releases recommendations for hedge fund supervision
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US Wrap: JP Morgan turns to Europe for growth
JP Morgan has launched an accelerated growth product based on European exposure, as reverse convertible issuance eases off again. The structure, which links to the DJ Eurostoxx 50, is the first of its kind from any issuer this year, as the index…
CDS: Citi and BofA lead widening on US banks
Credit default swap 5-year mid-levels for structured products issuers (Friday March 20)
IndyMac losses put more strain on FDIC funds
Yesterday's sale of failed California mortgage lender IndyMac has left the US Federal Deposit Insurance Corporation (FDIC) with a $10.7 billion bill - weakening its reserves further even as the list of failed banks requiring support continues to lengthen.
CDS: Spreads on US banks widen
Credit default swap 5-year mid-levels for structured products issuers (Wednesday March 18)
CDS: Spreads narrow on financials led by Credit Suisse
Credit default swap 5-year mid-levels for structured products issuers (Thursday March 19)
Iosco joins call for offshore crackdown
The International Organisation of Securities Commissions (Iosco) has joined calls for new capital rules to enforce transparency on offshore financial centres.