Structured products
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.
Deutsche Bank expects €4.8 billion Q4 loss
Deutsche Bank announced on Wednesday it anticipates a €4.8 billion loss in the fourth quarter of 2008, which would mean a full-year loss of €3.9 billion.
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)
JP Morgan to release 32 Vanguard ETFs in Mexican market
JP Morgan's Depositary Receipts Group has teamed up with Vanguard, a US-based provider of exchange-traded funds (ETFs), to offer its US-registered ETFs on the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV). The Vanguard ETFs are listed on the…
Clean and transparent
The process of approving CDM projects, though generally much quicker than it used to be, is still not as transparent as people would like, finds Katie Holliday
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.
Direxion launches latest leveraged ETFs
Direxion, a US-based provider of alternative investment strategies, has unveiled two three-times leveraged exchange-traded funds (ETFs) in its range. The Direxion Mid Cap Bull 3x Shares and Direxion Mid Cap Bear 3x Shares ETFs provide 300% of the daily…
Investec delivers two Kick-Out Plans in sixth range of structured products
Investec Structured Products has unveiled its sixth collection of structured products, offering two new Kick-Out plans alongside its Accumulation, Investment and Income products. The Kick-Out products have been created as a result of demand from advisors…
CDS: Market calm at last week's close
Credit Default Swap 5-year senior mid levels for structured products issuers (Friday January 9 2009)
JP Morgan wins Risk's derivatives house of the year award
JP Morgan has won Risk magazine's derivatives house of the year award for the second successive year. In a 12-month period that saw the collapse of Bear Stearns and Lehman Brothers, unprecedented volatility in the market and capital injections into…
Daiwa continues to build structured products business
Japanese investment bank Daiwa SMBC has hired Martial Rouyère as head of retail structured products. London-based Rouyère's appointment follows the hiring of Murielle Maman as global head of product structuring and wrapping in November last year, and is…
CDS: US banks lead levels wider
Credit Default Swap 5-year senior mid levels for structured products issuers (Thursday January 8 2009)
Uruguayan pension fund goes supranational for second time
Uruguayan pension fund, Republica Afap, has invested in a EUR/USD-linked participation note with the intent to hedge its portfolio against the depreciation of the euro against the dollar. The structured product, issued in October 2008, is the second such…
Nasdaq OMX launches government relief index
Index provider Nasdaq OMX has launched the Government Relief Index, which is designed to track the performance of US-listed securities that are participating in US government sponsored relief programmes such as the Troubled Asset Relief Program (Tarp) or…
Regulatory ‘changes needed’ for distribution of structured products says Hong Kong SFC
The Hong Kong Securities and Futures Commission (SFC), in its report on issues raised by Lehman Brothers Minibonds to the Financial Secretary, has recommended a number of changes to regulation governing the selling and marketing of structured products in…
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)
Caution prevails; invest in government bonds, says Merrill Lynch GWM
"We are very cautious on 2009," says Gary Dugan, chief investment officer of Merrill Lynch Global Wealth Management in Europe, Middle-East and Africa and author of Year Ahead 2009 . "Equities are attractively valued but investors need to take a limited…
Fed expands MMIFF
The Federal Reserve has expanded its Money Market Investor Funding Facility (MMIFF) to include a wider range of money-market investors.
JP Morgan launches single observation reverse convertible
JP Morgan has launched a single observation reverse convertible, which only takes into account the level of the stock near the product's close. The structure avoids the usual path dependency of reverse convertible products which use observation dates…
CDS: BNP settles at 61
Credit Default Swap 5-year senior mid levels for structured product issuers (Tuesday January 6 2009)
European talks stall on CDS clearing
The European Commission's initiative to move the majority of over-the-counter credit default swaps (CDS) onto central clearing facilities has stalled after failing to get written commitments from certain parties.
Warsaw Stock Exchange marks successful year for structured products
The end of 2008 saw a marked increase in the volume of structured products traded on the Warsaw Stock Exchange (WSE) in Poland on the previous year, smashing a series of trading records. Products totalling US$59 million were traded on WSE between January…