News
Kaupthing debt set at 6.625% and 2.375%
Senior debt on failed Icelandic bank Kaupthing has been settled at 6.625% and subordinated debt at 2.375% in a credit event auction on November 7.
CDS spreads move out on financial institutions
The cost of credit protection on UK banks widened in early trading today, following falls in equity markets across the globe yesterday.
UK’s FSA sets sights on retail banking
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EU aviation emission targets seen too low; reviewed 2013
The Justice and Home Affairs Council of the European Union has announced that aviation will be included in the Emissions Trading Scheme (ETS) from 1 January 2012, following a meeting in Luxembourg on October 24.
ICE Clear Europe goes live
London-based energy exchange ICE Futures Europe yesterday successfully switched its clearing operations from LCH.Clearnet to is own ICE Clear Europe clearing house.
DTCC launches weekly CDS update
The Depository Trust and Clearing Corporation (DTCC), the largest derivatives clearing house in the US, released its first weekly snapshot of the credit derivatives market yesterday.
Ted spread and Libor drop again
Confidence in the interbank lending markets improved today, with the Ted spread and Libor continuing to fall.
JP Morgan closes prop positioning unit
JP Morgan is closing its proprietary positioning unit, entailing significant job losses among its 80-strong staff.
Ambac and MBIA record heavy Q3 losses
Battered by mortgage-related positions and credit losses, bond-insurance companies Ambac and MBIA both took a hit in the third quarter.
Glitnir debt settled at 3% and 0.125%
Another failed Icelandic bank, Glitnir, has seen its senior debt settled at 3% and subordinated debt at 0.125% in a credit event auction today.
CDS losses hit Swiss Re
Swiss Re, the world’s second largest reinsurer, has reported a third quarter net loss of SFr 304 million ($262 million) after being hit by heavy mark-to-market writedowns on its structured credit exposures.
UK CDS spreads widen
The cost of credit protection on UK financial institutions increased in early trading this morning, though market sentiment towards US banks improved on the eve of the presidential elections.
Ceiops releases governance paper
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44% drop in EU ETS shortfall predicted
The global recession will bring a 44% drop in EU ETS shortfall, according to a forecast on November 3 by IDEAcarbon, a carbon market and research firm
Essent gains Spanish trading license
Essent Trading announced today that it has been granted a license to trade natural gas on the Spanish market by the Spanish Ministry of Industry, Tourism and Commerce.
Energy traders clash with regulators
In the wake of the credit crunch, energy trading executives have clashed with regulators over the potential imposition of what they see as onerous trade data reporting obligations.
VeraSun Bankruptcy Highlights Tough Ethanol Market Say Experts
VeraSun Energy’s latest financing package may have given it the necessary relief to continue operations, but its bankruptcy filing indicates times are extremely tough for the ethanol industry, with more casualties expected, experts say.
FCStone to post bad debt provision
FCStone Group, an integrated commodity risk management company, has announced it expects to incur a pre-tax bad debt provision of up to $25m due to losses by three domestic accounts, including an energy trading account.
US and European CDS spreads tighten
The cost of credit protection on eurozone financial institutions dropped this morning, with markets continuing to stabilise after recent government interventions.
Landsbanki bonds settled at 1.25% and 0.125%
In an auction to cash-settle credit default swaps (CDSs) tied to Icelandic bank Landsbanki, recovery rates on its senior and subordinated debt were set at 1.25% and 0.125% today, respectively.
UBS risk chief steps down
Joseph Scoby, who has led UBS' risk department during one of the most disastrous years in the bank's history, has stepped down, to be replaced by his deputy, Philip Lofts.
Interbank markets remain stable
Confidence in the interbank market climbed today, reflected in the decline of the Ted spread and Libor rates.
RBS announces further credit market hit
Royal Bank of Scotland (RBS), one of three British banks to receive capital injections under a £50 billion government bailout package, on Monday announced writedowns of £206 million of credit assets in the third quarter, following £5.9 billion of…
UK government sets up investment manager
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