Securitization - Article Archive

  • S&P Forecasts Weaker Card Performance

    Credit card delinquencies in trusts for the so-called “Big Six” credit card securities issuing banks fell in December to 2.24%, a low that may herald a slight increase in 2013, according to analysts at Standard & Poor’s.

    • 31 Jan 2013
  • Market Activity Slowed By Confab

    The muted primary activity market players have been predicting settled in this week with much of the industry’s attention turned to the American Securitization Forum’s conference in Las Vegas.

    • 31 Jan 2013
  • Half Of Investors Unhappy With SF Data Management

    Half of securitization investors say their operational systems are less than effective at consistently managing the increasing volume of data related to their investments in asset- and mortgage-backed securities, as well as collateralized debt obligations, according to software developer Principia. Principia also reported that 90% of respondents say it

    • 31 Jan 2013
  • U.S. CMBS Delinquencies At 11-Month Low

    The delinquency rate for loans in U.S. commercial mortgage-backed securities dropped 14 basis points to 9.57%, its lowest level since last February, when it stood at 9.38%, according to Trepp.

    • 31 Jan 2013
  • Ocwen Leading In Bid For Ally Mortgage-Servicing Rights

    Ocwen Financial is said to be in the lead to acquire $122 billion of mortgage-servicing rights from Ally Bank in a deal valued at roughly $1 billion.

    • 31 Jan 2013
  • UBS, GS Sued Over RMBS By Israeli Bank

    Israel’s Bank Hapoalim has filed a lawsuit against UBS and Goldman Sachs, charging the banks with making false representations about the quality of the loans in some $220 million in residential mortgage-backed securities.

    • 31 Jan 2013
  • Disclosure Of Loan Mod Terms Improving

    There has been a marked improvement of special servicers’ disclosure of loan modification terms, according to Fitch Ratings.

    • 31 Jan 2013
  • Ex-Countrywide Bigwig Added To B Of A Subprime Suit

    The federal government has amended its complaint against Bank of America and its Countrywide unit alleging subprime mortgage fraud, adding Rebecca Mairone, Countrywide’s former coo, to the lawsuit.

    • 31 Jan 2013
  • No Blue Granite Ratings Impact From Account, Counterparty Tweaks

    Four deals under Standard Bank of South Africa’s Blue Granite Investments residential mortgage-backed securities program will not see their ratings affected by recent changes to the account bank and swap counterparty ratings triggers, Moody’s Investors Service analysts said.

    • 31 Jan 2013
  • U.K. Non-Conf RMBS Drives Tight In Secondaries

    Surging bids on U.K. non-conforming residential mortgage-backed securities are raising eyebrows in the secondary markets, according to London-based bankers on the frontline.

    • 31 Jan 2013
  • Irish Banking Group Launches Borrower Initiative

    The Irish Banking Federation has launched an initiative to help distressed borrowers remain in their homes.

    • 31 Jan 2013
  • More Than 90% Of IR Swaps Mis-Sold, Says FSA

    The U.K. Financial Services Authority says more than 90% of the interest rate swaps sold by big banks to small businesses did not comply with at least one or more regulatory requirements.

    • 31 Jan 2013
  • Basel Hits Banks On Calculating Risk-Weighted Assets

    The Basel Committee on Banking Supervision has issued a report that criticizes the wide variation on how banks calculate risk-weighted assets for market risk.

    • 31 Jan 2013
  • Outlook For Finnish Banking Remains Negative

    The outlook for Finland’s banking sector remains negative in a continued weak operating environment, downward pressure on asset quality in the corporate sector, rising household debt and the banks’ continued reliance on wholesale funding, according to Moody’s Investors Service.

    • 31 Jan 2013
  • EMEA 60-90 Days RMBS Delinquencies Stable

    Loans in residential mortgage-backed securities in Europe, the Middle East and Africa that have been delinquent 60 to 90 days, remained stable in the 12-month period ended in October at below 1%, according to Moody’s Investors Service.

    • 31 Jan 2013
  • U.K. RMBS Expected To Continue Improving

    Performance of U.K. residential mortgage-backed securities is expected to improve in 2013, according to Moody’s Investors Service.

    • 31 Jan 2013
  • Spain Moves To Help Troubled Borrowers

    Spain’s Economic Ministry has unveiled steps to help troubled borrowers, including giving courts the authority to reduce debts of homeowners who have been evicted and to lower interest payments on defaulted loans.

    • 31 Jan 2013
  • Paragon to avert Moody’s downgrade in all but two deals

    Most of Paragon Group’s RMBS and ABS transactions are likely to escape downgrade by Moody’s after the UK borrower changed documentation this week. Paragon Mortgages 14 and Paragon Personal and Auto Finance 3 were not amended, however, leaving them vulnerable to a downgrade.

    • 31 Jan 2013
  • SG’s Red & Black deal nears as European investors prep for equipment ABS return

    Société Générale is set to sell Red & Black TME Germany next week, after winning an enthusiastic response on its roadshow. The securitisation offers rare exposure to equipment loans, the first public issue of its kind in Europe since the crisis.

    • 31 Jan 2013
  • CFPB Decision May Not Affect Qualified-Mortgage Rule

    The federal appeals court ruling’s invalidating the recess appointment of Richard Cordray as the head of the Consumer Financial Protection Bureau, may not automatically void the agency’s qualified-mortgage rule and a myriad of other measures, according to attorneys.

    • 30 Jan 2013
  • Fed To Continue MBS Purchases

    Committee has voted to continue its program of monthly purchases of $40 billion of mortgage-backed securities and $45 billion in long-term Treasuries, noting that “growth in economic activity paused” in recent months.

    • 30 Jan 2013
  • Mortgage Firm Names Structured-Finance Exec

    Indianapolis-based Stonegate Mortgage has appointed Eric Scholtz as executive v.p. of structured finance.

    • 30 Jan 2013
  • RMBS Investor Preps $120 Mln IPO

    Zais Financial, a real estate investment trust that invests in residential mortgage-backed securities, is preparing an initial public offering with the aim of raising $120 million through the sale of 5.65 million shares.

    • 30 Jan 2013
  • Study Focuses On CDO Credit Ratings

    A trio of finance professors at the University of Texas at Austin has published a study that claims Standard & Poor’s and Moody’s Investors Services inflated their ratings of collateralized debt obligations before the financial crisis in order to keep business.

    • 30 Jan 2013
  • DB Securities Seeks ABCP Settlement In Canada

    Deutsche Bank Securities and Canada’s Investment Industry Regulatory Organization have reached a tentative settlement over allegations that the German bank failed to ensure “proper regulatory compliance oversight of third-party” asset-backed commercial paper in 2007.

    • 30 Jan 2013
  • Freddie Mac Mulitfamily Activity Surges To Record

    Freddie Mac reports a record $28.8 billion in volume of multifamily loan purchases and bond guarantees in 2012, a 42% increase from the preceding year.

    • 30 Jan 2013
  • DB Unit Sued Over Mortgage Pool

    HSBC as trustee for a pool of mortgages has filed a lawsuit against DB Structured Products, a unit of Deutsche Bank, for allegedly failing to “cure, substitute or repurchase” loans that HSBC claims the firm misrepresented regarding their origin and characteristics.

    • 30 Jan 2013
  • ASF2013 Wraps Up In Vegas

    The American Securitization Forum’s 2013 conference wrapped up in Las Vegas today, with 5,664 registrants heading back to their desks.

    • 30 Jan 2013
  • Solar Players Address Standardization Issues

    One of the key issues that needs to be resolved before renewables securitizations -- and solar securitization in particular -- can get off the ground is standardization of performance evaluation and analytics, according to panelists at the Renewable Energy Financing panel on the last day of ASF2013 in Las Vegas.

    • 30 Jan 2013
  • ISLA Names First COO

    The International Securities Lending Association has appointed Andrew Dyson as its first coo, effective in March.

    • 30 Jan 2013
  • Mortgage Lending By Mutual Rises 30% In 2012

    Gross lending by U.K. building societies and mutual lenders rose 30% in 2012 to £30.7 billion ($48.48 billion), according to the Building Societies Association.

    • 30 Jan 2013
  • Barclays Cuts 360 Jobs From I-Banking

    Barclays has cut 360 jobs in its investment banking operation in London.

    • 30 Jan 2013
  • Tougher Standards Proposed For Bank Auditors

    The Financial Reporting Council has issued tougher proposals for bank auditors that would require them to be more thorough in determining a bank’s ability to continue operating without government aid.

    • 30 Jan 2013
  • U.K. Lending Scheme Helping Improve Lending

    Mortgage approvals rose in December more than projected, suggesting that the government’s Funding Lending Scheme is having a positive impact on lending, according to the Bank of England.

    • 30 Jan 2013
  • Euro Bank Lending Standards Stable In Q4

    The net tightening of credit standards by eurozone banks for loans to business was largely stable in the fourth quarter, according to the European Central Bank’s latest Bank Lending Survey.

    • 30 Jan 2013
  • E.U. Hints At Softer Ring-Fencing Approach

    Michel Barnier, the European Union’s commissioner of internal markets, has hinted that the E.U. may take a softer approach toward forcing banks to ring-fence their retail operations from their investment banking businesses, saying current recommendations could undermine Europe’s economic growth.

    • 30 Jan 2013
  • U.K. Prime RMBS Remain Stable

    Performance of prime U.K. residential mortgage-backed securities remained stable in the three months ending in November, according to Moody’s Investors Service.

    • 30 Jan 2013
  • European Secondary ABS Mart Muted

    Secondary trading in European securitization markets has been flat this week, traders told SI Wednesday.

    • 30 Jan 2013
  • Market Mulls Cairn CLO

    Market chatter suggests Cairn Capital’s EUR300.1 million ($406.6 million) Cairn CLO III—the first European leveraged loan collateralized loan obligation in over 18 months—has received a cautious but positive welcome as the deal hit the road this week.

    • 30 Jan 2013
  • Market Seen As Primed For More NPL Deals

    Asset-backed securities players in an ASF2013 session on Tuesday observed that the market for non-performing loan securitizations could take off this year, as the tone has been set by the success of similar deals that have offered investors attractive yield compared to other ABS sectors.

    • 30 Jan 2013
  • Stegman Lays Out Treasury Goals, Calls For More Unified Industry Voice

    U.S. Department of the Treasury Counselor to the Secretary of the Treasury for Housing Finance Policy Michael Stegman laid out three primary goals the Treasury has for the U.S. housing market at ASF2013 Tuesday.

    • 30 Jan 2013
  • Rating Agency Reform Moving Forward, With Some Challenges

    Regulatory reform of credit rating agencies is making progress, with new rules being put in place to manage potential conflicts of interest and mitigate any possibility of ratings shopping. But there is still a long road ahead before comprehensive changes take shape.

    • 30 Jan 2013
  • Deco 14 Bulgaria loan given two more years to pay off

    Capita Asset Services has extended the maturity date on the Bulgaria Loan in Deco 14 – Pan Europe 5 to 2015 after deciding a consensual sale or refinancing of the loan was still possible.

    • 30 Jan 2013
  • UK ABS deals ahead despite January absence

    For the first time since 2009, UK issuers have not sold any securitisations in January. Although the slump fits expectations of lower supply from those issuers, bankers still expect some in the UK to bring deals.

    • 30 Jan 2013
  • Global Picture Cloudy With Some Bright Spots

    The global outlook for securitization is a bit of a mixed bag, as Europe continues to lag behind other markets and pending regulations still frame the larger picture, panelists said at the ASF 2013 conference in Las Vegas Tuesday.

    • 29 Jan 2013
  • GSE Issuance of Underwater MBS Slows

    Issuance by Fannie Mae and Freddie Mac of mortgage-backed securities linked to underwater loans slowed in the fourth quarter, according to Inside MBS & ABS Analysis.

    • 29 Jan 2013
  • Auto ABS Losses Rise In December

    Losses in prime and subprime automobile loans in U.S. asset-backed securities rose in December as a result of “seasonal patterns,” according to Fitch Ratings.

    • 29 Jan 2013
  • U.S. Banks Skirt Liquidity Rules With Debt Product

    U.S. banks are circumventing liquidity rules adopted by the Basel Committee on Banking Supervision with a new type of debt product known as callable commercial paper.

    • 29 Jan 2013
  • Arbor Realty Closes Second CLO

    Uniondale, N.Y.-based Arbor Realty Trust has closed its second collateralized loan obligation, a $260 million issue by two newly formed units of the real estate investment trust.

    • 29 Jan 2013
  • Fed Reveals Bank Stress-Test Scenarios

    The Federal Reserve has revealed the that latest round of stress tests conducted by the nation’s six largest banks included a scenario that compared their trading positions to a “global market shock,” a doubling of German sovereign debt spreads and a 56% plunge in the price of benchmark oil.

    • 29 Jan 2013
  • BNY Mellon Loses Bid To Toss MBS Case

    BNY Mellon has lost a motion to dismiss a lawsuit filed against it by the Salvation Army, which has charged the bank for investing the charity’s funds in high-risk assets, including mortgage-backed securities, in violation of its securities-lending agreement.

    • 29 Jan 2013
  • Canadian Banks Downgraded

    Moody’s Investors Service has downgraded the long-term ratings by one notch of six Canadian banks, including the Bank of Montreal and Toronto-Dominion Bank.

    • 29 Jan 2013
  • Paredes Addresses Industry Fears

    Republican SEC Commissioner Troy Paredes sought to provide a measure of relief from fears of a potential slowdown in regulatory progress during Tuesday’s keynote address at ASF2013 in Las Vegas

    • 29 Jan 2013
  • ABN Amro Plans Dutch RMBS Note Redemptions

    ABN Amro plans to redeem four classes of notes from its Fishbowl and Goldfish Dutch residential mortgage-backed deals next month.

    • 29 Jan 2013
  • Covered Bonds May Benefit From ECB Payback

    European banks will likely drive up the issuance of covered bonds this year as they use the instruments to help repay loans they received from the European Central Bank during the financial crisis.

    • 29 Jan 2013
  • Banks May Face Billions In Mis-Selling Claims

    U.K. banks may face billions of pounds in claims from investment firms that are looking for compensation through the Financial Services Authority’s redress scheme for victims of mis-sold interest-rate swaps.

    • 29 Jan 2013
  • Peripheral Banks Less Likely To Repay ECB Loans Early

    Banks in the peripheral eurozone are less likely than their healthier peers in northern Europe to participate in the early repayment of loans to the European Central Bank due this week, according to Fitch Ratings.

    • 29 Jan 2013
  • E.U. Eyes Leverage Ratio Deadline Delay

    The European Union is considering a one-year delay to Jan. 1, 2016, for mandatory disclosure of the Basel Committee on Banking Supervision’s leverage ratio, after the E.U. missed the January deadline for beginning the phase-in of the measure.

    • 29 Jan 2013
  • U.K. RE Firm Debuts Commercial Lending

    U.K. real estate firm Laxfield Capital has launched a new commercial lending program, which will invest up to £1 billion ($1.58 billion) in mortgages over the next two years.

    • 29 Jan 2013
  • Irish Bank Outlook Remains Negative

    The outlook for Ireland’s banking system remains negative, just as it has been since 2008, as banks have yet to fully stabilize, according to Moody’s Investors Service.

    • 29 Jan 2013
  • RBS Said To Be Close To LIBOR Settlement

    The Royal Bank of Scotland is said to be close to a settlement with U.K. and U.S. regulators for its involvement in manipulating the London Interbank Offered Rate.

    • 29 Jan 2013
  • Smaller Deals Forecast As U.K. RMBS In ‘Wait-And-See’ Mode

    With the U.K.’s primary residential mortgage securitization market still dormant almost a month into 2013, market players in London are forecasting much smaller-sized offerings once the U.K. lenders do return to market.

    • 29 Jan 2013
  • REO-To-Rental: Closer Than You Think?

    Market players looking under the hood of the REO-to-rental market say discussions have progressed further than expected in the last 12 months.

    • 29 Jan 2013
  • Mortgage Players Wrestle With QM Uncertainty

    Panelists looking to pin down the impact of the new Qualified Mortgage Rule found themselves faced with two basic questions.

    • 29 Jan 2013
  • Citi Aims To Shorten Investor Notification Process

    Citi is launching an electronic notification service for structured finance investors that executives at the bank say bypasses the current process of notifying investors of changes to deal documentation via the Depository Trust Company.

    • 29 Jan 2013
  • Let’s Talk About Reg AB

    Plenty of work remains to be done on the regulatory front, and panelists at Monday’s ASF 2013 general session “Global Securitization Policy Reforms,” outlined some key areas of pending rules that still threaten to fundamentally alter the landscape for securitization.

    • 29 Jan 2013
  • Securitisation industry fights against FSB shadow banking proposals

    US and European ABS industry bodies have urged the Financial Stability Board to remove most securitisations, including ABCP conduits, from forthcoming shadow banking regulation.

    • 29 Jan 2013
  • Housing Finance Reform Seen Unlikely In 2013

    The chances for U.S. housing finance reform in the coming year are slim, panelists at ASF 2013 said Monday afternoon.

    • 28 Jan 2013
  • Forecast: Mostly Clear With A Chance For RMBS Growth

    The rally across a number of asset classes bodes well for a robust 2013, panelists at Monday’s 2013 Securitization Market Outlook at ASF2013, said.

    • 28 Jan 2013
  • GSE Offer On-Time Underwater Borrowers To Cancel Debt

    Fannie Mae and Freddie Mac have introduced a program that allows borrowers who have paid their mortgages on time but whose properties have lost value to cancel their debt by giving up their homes through a deed-in-lieu transaction.

    • 28 Jan 2013
  • Ex-Jefferies MD Charged With MBS Fraud

    The U.S. Securities and Exchange Commission has charged Jesse Litvak, a former managing director on Jefferies mortgage-backed securities desk, with defrauding investors.

    • 28 Jan 2013
  • Markit Launches New CMBS Index

    Markit has launched its Markit CMBS Series 6 index, which consists of six sub-indices, each referencing 25 bonds from a portfolio of 25 commercial mortgage-backed securities issued in 2012.

    • 28 Jan 2013
  • Utility Tariff ABS Little Affected By Sandy

    Fitch Ratings says damages to electrical facilities by Hurricane Sandy will likely have little impact on the ratings of utility tariff asset-backed securities in its rated portfolio.

    • 28 Jan 2013
  • Nationstar Prices $300 Mln Securitization

    Texas-based Nationstar Mortgage Holdings has priced its offer of $300 million in asset-backed term notes at a weighted average fixed interest rate of 1.46% and a weighted average term of three years.

    • 28 Jan 2013
  • PIMCO’s MBS Chief To Retire

    Scott Simon is retiring as head of mortgage- and asset-backed securities investing at PIMCO at the end of May.

    • 28 Jan 2013
  • OCC’s Curry Paints Improving Picture

    A well-functioning securitization market is critical to economic recovery and two things are happening to help that along, Thomas Curry, comptroller of the currency, said Monday morning in his keynote address at ASF2013.

    • 28 Jan 2013
  • German Firm Names MBS V.P.

    German investment manager Situs has named Andreas Stüttgen as v.p. for asset management and servicing of mortgage-backed non-performing loans portfolios and commercial mortgage-backed securities loans.

    • 28 Jan 2013
  • UBS Chair Calls For Industry-Wide LIBOR Settlement

    Axel Weber, chairman of UBS, is said to have proposed an industry-wide settlement of banks allegedly involved in manipulation of the London Interbank Offered Rate.

    • 28 Jan 2013
  • London Firms Approached To Buy RBS Branches

    Threadneedle Investments, Canaccord Genuity and Schroders are said to be among the London investment managers that have been approached to acquire a stake in the 316 branches the Royal Bank of Scotland is trying to sell.

    • 28 Jan 2013
  • Barclays Eyes Another CoCos Issue To Raise Capital

    Barclays is said to be looking to follow up its £1.9 billion ($2.98 billion) issue of contingent convertible capital (CoCos) last year with a new offer that is aiming to raise between £2 billion ($3.14 billion) and £3 billion ($4.71 billion) to boost its capital.

    • 28 Jan 2013
  • BaFin Probes Four Banks Over EURIBOR

    German regulator BaFin has launched a special investigation, its most severe type, against Deutsche Bank and three other lenders over possible manipulation of the Euro Interbank Offered Rate.

    • 28 Jan 2013
  • More Banks To Repay ECB Loans Early

    The European Central Bank says more banks than expected were paying back some of the three-year loans they received from the ECB during the financial crisis.

    • 28 Jan 2013
  • HM Treasury Split On Banks’ Mis-Selling Findings

    Officials at HM Treasury are divided on how to deal with the U.K.’s Financial Services Authority’s findings on bank’s mis-selling of interest-rate swaps, with one camp pressing for full compensation to victims, while others fearing such a scheme could “cost too much and blow a hole in banks’ balance sheets.”

    • 28 Jan 2013
  • FSA Scheme May Not Help Mis-Selling Victims

    The Financial Services Authority’s scheme to compensate victims who were mis-sold interest-rate swaps by banks will not likely accomplish its goal, as “the banks themselves have been at the core of this process,” according to the U.K. Federation of Small Businesses.

    • 28 Jan 2013
  • Q&A With ASF's Tom Deutsch

    Tom Deutsch, executive director of the American Securitization Forum, spoke with Securitization Intelligence Managing Editor Graham Bippart about why 2013 will be known as the “year of implementation”—or alternatively, the “year of outside counsel”—how the industry will deal with so many rules coming out almost simultaneously, and the prospects for progress on a U.S. covered bond market.

    • 28 Jan 2013
  • DECO 7 CMBS Loan Set For Extension, Restructuring

    The Tiago loan, securitized in Deutsche Bank’s DECO 7 Pan-Europe 2 commercial mortgage-backed deal, has been granted a month’s extension following its Jan. 20 maturity date to help finalize a new year-long extension and restructuring on the loan.

    • 28 Jan 2013
  • Novel SocGen Auto Trade Hits Road

    Société Générale began roadshowing its novel securitization of loans originated to corporates for trucks and other construction vehicles on Monday, with market professionals forecasting another strong bid on the deal, known Red & Black TME Germany 1, amidst solid ABS demand across the board.

    • 28 Jan 2013
  • ASF 2013 Kicks Off With More New – And Happier -- Faces

    More than 5,100 industry players had registered for the American Securitization Forum’s annual conference at the Aria Resort & Casino by Sunday evening, as the conference kicked off with a more optimistic mood than in recent years.

    • 28 Jan 2013
  • Seen And Heard At ASF 2013

    The halls of the Aria Resort & Casino started to fill up Sunday as the industry descended on Las Vegas for ASF 2013. There was plenty to see and hear as the registration and set up scene unfolded and sessions got under way.

    • 28 Jan 2013
  • Comps tricky for SocGen German truck ABS

    The unusual mix of risks in Red & Black TME Germany 1 UG ABS is set to test analysts on pricing as Société Générale roadshows the securitisation this week. There are few comparables for the trade, which is backed by loans to German businesses to buy trucks and other commercial vehicles.

    • 28 Jan 2013
  • Roadshows in ABS as market awaits return of CLOs

    Two European ABS transactions are roadshowing this week, and traders are waiting for expected large CMBS and CLO BWICs later this week.

    • 28 Jan 2013
  • Investor Base Widens In Vegas

    Buysiders threw $15.5 billion into new-issue asset-backed securities in the weeks ahead of ASF 2013, compared to $11 billion for the entire month last year.

    • 27 Jan 2013
  • Search For Higher Yield Boost CMBS, CLOs

    Investors searching for higher yield turned their attention this week to commercial mortgage-backed securities and collateralized loan obligations over asset-backed securities, the spreads of which for some ABS linked to automobile receivables, for example, were described as meager in comparison.

    • 25 Jan 2013
  • Credit Card Delinquencies Drop To Record Low

    The U.S. credit-card delinquency rate fell nine basis points in December to a record low 2.28%, according to Moody’s Investors Service Credit Card Indices.

    • 25 Jan 2013
  • Republican CFTC Commissioner Resigns

    Jill Sommers, one of the two Republican commissioners at the U.S. Commodity Futures Trading Commission, is resigning after the end of the current quarter.

    • 25 Jan 2013
  • New Freddie Mac Activity Down 46% In December

    Freddie Mac reports that a 46% decline in purchase and issuances in December from the preceding month. Freddie Mac also said the delinquency rate for loans on apartment buildings fell to their lowest level in 38 months.

    • 25 Jan 2013
  • Fitch Maintains Structured-Finance Stress Criteria

    Fitch Ratings says it has decided not to change the core principles of the criteria for stressing interest-rate risk in structured finance and covered bond criteria.

    • 25 Jan 2013
  • Obama Names SEC, CFPB Picks

    President Barack Obama has nominated Mary Jo White as chairman of the U.S. Securities and Exchange Commission and renominated Richard Cordray as director of the U.S. Consumer Financial Protection Bureau.

    • 25 Jan 2013
  • SocGen Merges Egret CLO Manager With Lyxor

    Société Générale has merged its debt management subsidiary Egret Management LLP into its Lyxor Asset Management unit.

    • 25 Jan 2013
  • European Banks Need More Capital, Says Moody’s

    Banks in Ireland, Italy and Spain need significantly more capital to cover potentially bad loans and clean up their balance sheets, according to Moody’s Investors Service.

    • 25 Jan 2013