Barclays

Banks' own credit risk hampers financial results

Own credit risk - the concept of including the credit risk of an institution in the measurement of the liabilities it issues - had a significant impact on banks' profits in the first half of 2009, as credit default swap (CDS) spreads referencing banks'…

Five years and six options

Barclays Bank has issued a five-year product that allows investors to choose the level of protection required and achieve a higher participation rate if they opt for a lower level. Each of six versions of the product has an option on the FTSE 100

Market snapshot

Tim Mortimer of Future Value Consultants looks at the pricing issues for structured products in different markets and provides his trade of the month

US Wrap: Gas and gold in reverse convertibles

Barclays Bank has issued a reverse convertible note offering exposure to the US Natural Gas Fund, which tracks the movements of natural gas prices. The note lasts one year and pays an annualised coupon of 20%. It will convert into stock if the fund slips…

Holding counterparty risk at arm’s length

Exchange-traded funds have been as exposed to talk of counterparty risk as the next structured product, although the risk is lower. Under the European Union's Undertakings for Collective Investment in Transferable Securities III regulations, ETFs are…

CDSs on UK financials widen

The cost of credit protection on major UK banks rose this morning. The move came on the back of Standard & Poor's putting UK sovereign debt on negative ratings watch last week.

CDSs on European and US banks continue to widen

The cost of credit protection on financial institutions increased today across Europe and the US. The move came after the Bank of England's quarterly inflation report showed UK GDP growth was slower than expected in the first quarter of 2009 yesterday,…

NYSID causes first monoline CDS default

An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May 1.

CDSs on European banks narrow as stock markets rally

The cost of credit protection on European banks began to fall this morning following data from the US showing the rate of decline in the US manufacturing sector is decelerating, coupled with reports of UK house prices rising for the first time since…

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