Structured products
Romanian wind farm to be largest in Europe
European utility giant CEZ Group has bought two adjacent wind farms in Romania from Eastern European renewables developer Continental Wind Partners (CWP).
FSB raises concerns about South African hedge funds
In its efforts to licence the country's hedge fund managers, the South African Financial Services Board (FSB) has found problems with mandate compliance, levels of professional indemnity cover and the use of external business partners.
Slowing economy hits inflation markets
Poor economic prospects and falling commodity prices have changed the face of inflation markets around the world, easing the shortages that constricted them earlier this year.
Meagre $5bn profit for US commercial banks, says FDIC
Federally insured US banks posted total profits of just $5 billion for the second quarter of 2008, an 87% drop on the $31.8 billion earned over the same period in 2007 and the second-worst earnings results since 1991.
FGIC in MBIA reinsurance deal
Financial Guaranty Insurance Company (FGIC), the New York-based monoline insurer, has signed a reinsurance deal with MBIA, the Armonk, New York-based monoline. The deal, which sees MBIA reinsure $184 billion of municipal bonds, was overseen by the New…
Banks' latest ARS settlement falls short
Merrill Lynch has agreed a $7 billion settlement with its auction rate securities (ARS) customers, but the deal leaves the larger purchasers uncovered, as did a similar settlement at Goldman Sachs.
Canadian ABCP restructuring faces last hurdle
Efforts to restructure C$32 billion ($30.6 billion) of Canadian asset-backed commercial paper (ABCP) moved closer to a resolution on August 18, when the Ontario Court of Appeal unanimously dismissed the claims of a group of corporate investors that…
Lone Star to buy KfW’s stake in troubled IKB
A conclusion was reached last week for one of Germany’s recent banking crises as Texas-based private equity firm Lone Star agreed to purchase KfW Bankengruppe’s (KfW) stake in struggling IKB.
Foreign banks face $475 billion subprime losses
Although banks such as UBS have reported massive subprime-related writedowns in the early stages of the mortgage crisis, European banks are not over-represented in the subprime market, according to research published by the US Federal Reserve.
CEIOPS seeks views on supervisory review
Daily news headlines
New ETNs offer exposure to professor’s method
Deutsche Bank has listed three new exchanged-traded notes (ETNs) on the Arca platform of the New York Stock Exchange (NYSE). The Elements notes will be linked to the performance of the Benjamin Graham Intelligent Value Indexes.
Lehman launched version six of Enhanced Returns Plan
Lehman Brothers has launched the sixth version of its enhanced returns plan. The product comes with both three and five-year options and is linked to the performance of the FTSE 100 index. Potential return rates are the highest so far in the series, with…
Deutsche launches proxy inflation index
Deutsche Bank has created a proxy inflation index that seeks to mirror inflationary trends in Asia excluding Japan by using a combination of inflation in Europe, the US and Japan, and commodity exposures in food and metals.
CFTC closes $291 million commodity fraud case
The US Commodity Futures Trading Commission has ordered commodity trader Paul Eustace to pay up to $291 million in fines and restitution to customers of his Philadelphia Alternative Asset Management (PaamCo) commodity pool.
Bank monoline exposures creep up in second quarter
Second-quarter results yielded further markdowns at major dealers due to the increasing counterparty risk posed by monoline insurers.
BNP Paribas AM launches ETFs/Dow Jones offers South Korea
BNP Paribas Asset Management (AM) has launched four ETFs on the Dow Jones Stoxx Asia/Pacific 600 ex-Japan, South Korea Titans 30, Case Egypt Titans 20 and Turkey Titans 20 indexes. The ETFs will begin trading on Euronext Paris today.
RBS strengthens FX and rates exotics in Asia-Pacific
RBS has strengthened both its trading and structuring teams in Asia-Pacific with two senior appointments. Rubin Rajendram joins as head of euro and US dollar rates exotics trading and Richard Summerbell as head of currency structuring for Asia ex-Japan…
Dow Jones offers new Indian index
Dow Jones Indexes has launched the Dow Jones India Titans 30 index, which is designed to provide exposure to the 30 largest and most liquid stocks listed on the Bombay Stock exchange and the National Stock Exchange of India. The index will be licensed as…