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Auction held on CDSs referencing Station Casinos
An auction run by data vendor Markit and broker Creditex yesterday determined final settlement values for credit derivatives trades referencing Las Vegas-based casino operator Station Casinos.
CDO managers hamstrung by market constraints, says Fitch
The ability of firms managing synthetic collateralised debt obligations (CDOs) has been “dramatically reduced” because of deal constraints, spread widening and market illiquidity, according to London and New York-based credit ratings agency, Fitch…
Time for Talf
Since its emergence in the 1970s, securitisation has provided a vital source of funding for the US economy. But with a large part of the market effectively closed since the second half of 2008, the government is pinning its hopes on the Term Asset-Backed…
US Wrap: Morgan Stanley offers up airline exposure
Morgan Stanley launched two reverse convertibles in the US market yesterday, one linked to the shares of The Boeing Company. Airline stock has become an increasingly prevalent investment theme in 2009, after investment expert Jim Rogers called the bottom…
Skipton launches principal protected play
Skipton Building Society has launched its Double Guaranteed Asset Bond, which is designed to provide exposure to the FTSE 100 index.
CDS: US banks narrow while European financials widen
Credit default swap 5-year mid-levels for structured products issuers (Tuesday March 31)
Casam offers money market exposure with new ETF
Credit Agricole Structured Asset Management (Casam) has launched a new exchange-traded fund (ETF) linked to Eonia - the Euro Over Night Index Average, the rate of overnight unsecured lending between banks. The fund is listed on NYSE Euronext and achieves…
Keydata unveils new income trade
UK distributor Keydata has launched issue 26 of its Extra Income Plan, which is designed to provide exposure to the FTSE 100 index. The trade will pay a monthly income of 0.67% (8.04% per annum).
House unveils draft cap and trade bill
Democrats in the House of Representatives issued draft legislation today proposing an 83% carbon cap by 2050 and a national renewable energy requirement of 25% by 2025.
US Wrap: Five from five closes the US week
Issuance was scattered across five providers in the US on Friday, as structured products market flow remains piecemeal. Three of the products were accelerated growth structures, alongside two structures from opposite ends of the risk spectrum: a…
Equity income boosted with new fund from Insight
Insight Investment, the UK-based fund manager, has launched a new equity fund with a derivative overlay to boost returns. The Equity Income Booster Fund targets an annual yield of 8%, using a call option overlay to help achieve its return and reduce…
CDS: Spreads widen with BofA trading over 400bp, Citi over 600bp
Credit default swap 5-year mid-levels for structured products issuers (Monday March 30)
Lyxor launches gold ETN
Lyxor Asset Management, a wholly owned subsidiary of Société Générale (SG) has launched its first exchange-traded note (ETN), the Lyxor ETN Long Gold, which is listed on the London Stock Exchange (LSE). The note is designed to track, in real time, the…
CDS: US banks continue to widen
Credit default swap 5-year mid-levels for structured products issuers (Friday March 27)
Finra to issue investor alert on reverse convertibles
The US Financial Industry Regulatory Authority (Finra) is set to issue an investor alert on reverse convertibles, said one if its representatives at a New York conference this week. The body has concerns over both disclosure and suitability issues, said…
$9.2 billion derivatives losses for US banks in Q4
US commercial banks reported $9.2 billion in derivatives trading losses during the fourth quarter of 2008, bringing total trading losses in 2008 to $836 million, according to a quarterly report by the Office of the Comptroller of the Currency (OCC). This…