Structured products
Eight CEOs face congressional bonus questions
The need for discretionary pay was one of numerous thorny issues put to chief executives of eight major banks during a hearing of the US House Financial Services Committee in Washington, DC.
Credit Suisse hit by Sfr8.2bn loss for 2008
Credit Suisse recorded a fourth-quarter net loss of Sfr6 billion ($5.2 billion), taking its total net loss for 2008 to Sfr8.2 billion.
CDS: Citi, Morgan Stanley widen
Credit default swap 5-year mid-levels for structured products issuers (Tuesday February 10)
CDS: US banks tighten, European banks remain stable
Credit default swap 5-year mid-levels for structured products issuers (Monday February 9)
US Wrap: Flights, financials and fairytales underlie new issues
Reverse convertibles again dominated the opening of the week in the US, making for six of the nine new issues. Wachovia opted for Boeing shares as an underlying, making the most of the re-emerging popularity of airline stocks, and Walt Disney for the two…
Auctions held for CDSs referencing Nortel Networks
An auction run by data vendor Markit and broker Creditex today determined final settlement values for credit derivatives trades referencing Toronto-based telecommunications company Nortel Networks Corp.
Q4 loss of Sfr8.1 billion for UBS
Swiss banking giant UBS reported a fourth quarter net loss of Sfr8.1 billion ($7 billion), bringing its full-year net losses to Sfr19.7 billion. The bank also revealed $16.4 billion of illiquid credit assets had been transferred to the Swiss National…
CIC opts for MSCI Barra multi-asset analytics
China Investment Corp (CIC) has signed up to use risk and performance analytics provided by New York-based MSCI Barra, called Barra Analytics, for an undisclosed sum.
Questions remain over $1trn toxic asset purchase plan
New financial stability initiatives will see US banks required to implement stress tests to strengthen their balance sheets and the establishment of a pseudo "bad bank" fund that could buy up to $1 trillion of illiquid assets off of struggling financial…
CDS: Bank of Americas falls back into line
Credit default swap 5-year mid-levels for structured products issuers (Friday February 6)
US Wrap: Moving away from the S&P benchmark index
Diversification from products based on the S&P 500 marked last Friday, when six products were launched in the US Market, only two of which were based on the benchmark index. JP Morgan's Enhanced Return Strategy product was linked to the iShares MSCI Eafe…
Dow Jones Stoxx 600 index to underlie Deutsche ETF
Deutsche Bank AG has licensed the Dow Jones Stoxx 600 index to underlie its latest exchange-traded fund (ETF). The index comprises a broad range of large, mid and small-cap companies across 18 European countries, consisting of Austria, Belgium, Denmark,…
Auction sets values on British Vita LCDS
Settlement values for loan-only credit default swap (LCDS) trades referencing UK chemical firm British Vita first and second-lien loans were established today at an auction jointly administered by data provider Markit and broker Creditex.
US Wrap: S&P 500 products dominate
Deutsche Bank and JP Morgan were issuers for the five, S&P 500-linked products that made it to market yesterday. All five products are autocallable structures with capital at risk and around a two-year maturity.
CDS: Bank of America gaps out to 210.8bp
Credit default swap 5-year mid-levels for structured products issuers (Thursday February 5)
A barren landscape
The credit crunch has changed the investment landscape for major energy infrastructure projects, as companies review capex plans and finance drains away. Roderick Bruce examines the implications
Renewed scrutiny for WTI benchmark
The effectiveness of the WTI price benchmark in reflecting the value of global crude oil has once again been brought into question, finds Pauline McCallion
"$78 billion Tarp windfall" for banks
The US Treasury paid banks $78 billion too much for bank stock and warrants under the Troubled Asset Relief Programme (Tarp), according to the programme's head of oversight.
CDS: US banks tighten while European banks remain stable
Credit default swap 5-year mid-levels for structured products issuers (Wednesday February 4)
US Wrap: Reverse convertible issuance predicts market rally
A busy day in the US market yesterday saw 23 new launches, with the majority banking on a recovery in equity markets. JP Morgan issued six reverse convertibles linked to the stock performance of a variety of industrials, including US Steel Corp and…
Canadian ABCP restructuring finally complete
After 17 months of delays, the saga surrounding the restructuring of C$32 billion ($26.1 billion) of distressed Canadian non-bank asset-backed commercial paper (ABCP) has finally drawn to a close.
SNB issues US dollar debt to fund UBS's bad bank
The Swiss National Bank (SNB) will auction its own debt certificates in US dollars to finance its loan to the SNB Stabfund.
Cat bonds issuance expected to pick up
Issuance of catastrophe bonds (cat bonds) is expected to rebound in the early part of this year after a quiet fourth quarter in 2008, according to New York-based reinsurance specialist Guy Carpenter.