Fed’s CP Facility Rolls Over Third Of Maturing Paper

The Federal Reserve’s Commercial Paper Funding Facility this week has rolled over one-third of its 90-day paper maturing between Jan. 27 and Feb 3.

30 Jan 2009

Mega Note Offering Reportedly In The Works

A series of banks are said to be teaming up to launch a structured note—perhaps as big as USD1 billion—in a bid to boost the image of the structured products market as it comes under increasing scrutiny from regulators.

30 Jan 2009

Option ARMS Add To Mortgage Grief

Rising delinquencies in the $750 billion option adjustable-rate mortgage market stand to add more grief to the already devastated home loan sector.

30 Jan 2009

Fannie Mae Enters Mortgage Modification Pact

Fannie Mae reportedly has inked an agreement with the Neighborhood Assistance Corp. of America to work on modifying home mortgages in an effort to prevent foreclosures.

30 Jan 2009

N.Y. AG Eyes $4 Bln In Merrill Bonuses

New York’s attorney general reportedly may try to force Merrill Lynch staffers who shared in $4 billion in early bonuses to return the money.

30 Jan 2009

Freddie Follows Fannie In Landlord Biz

Freddie Mac has taken its cue from Fannie Mae and is likewise entering the landlord business.

30 Jan 2009

Congressional Panel Proposes Sweeping Reforms

A five-member bipartisan congressional panel has proposed reforms regarding credit rating agencies.

30 Jan 2009

Morgan Stanley, Goldman Mull More Layoffs

Morgan Stanley and Goldman Sachs reportedly are considering another round of layoffs.

30 Jan 2009

Exam Prepped For Retail Sales Pros

In a bid to stave off regulation and show it can police itself, the structured products industry is planning to develop a proficiency exam for sales associates. It would be similar to the Series 7 exam used by the Financial Industry Regulatory Authority to oversee stockbrokers.

30 Jan 2009

Mortgage Mart Sounds Alarm On Cramdowns

Mortgage market participants are sounding the alarm on cramdown legislation as the bill inches through Congress.

30 Jan 2009

JPMorgan Timing On Madoff Investment Queried

Some European investors of JPMorgan Chase are said to be furious that the firm managed to escape losses linked to hedge funds run by Bernard Madoff, but did not alert them to a decision to pull out of those investments, leaving investors still high and dry.

30 Jan 2009

MS, GS Mull More Layoffs

Morgan Stanley and Goldman Sachs reportedly are considering another round of layoffs.

30 Jan 2009

Congress Proposes Derivative Reforms

A five-member bipartisan congressional panel has proposed reforms that will affect derivative investors.

30 Jan 2009

FX Losses Hit Mexican Co.

Mexican conglomerate Alfa posted a fourth-quarter loss of USD696 million, thanks in part to a combined USD700 million loss from currency and foreign exchange derivative losses.

30 Jan 2009

Derivatives A Focus In Davos

Authorities worldwide are focusing their attention on potential risks in derivative markets, according to Jean-Claude Trichet, president of the European Central Bank.

30 Jan 2009

Dexia To Slash 900 Jobs, Exit Prop Trading

Dexia Credit Local has announced it will slash an estimated 900 jobs to lower costs after take a EUR2.3billion (USD3 billion) loss in the fourth quarter.

30 Jan 2009

Fitch Downgrades Synth CDOs

Fitch Ratings has downgraded USD932 million in U.S. synthetic structured financial collateralized debt obligations.

30 Jan 2009

Spare Us CDS Regs, Aite Urges

Congress needs to go light on imposing regulations on speculators in order to promote liquid and efficient markets, according to Paul Zubulake, senior analyst at Aite Group.

30 Jan 2009

Roche CDS Surge On Genentech Offer

Credit default swaps on Swiss pharmaceutical company Roche Holding soared to a record as investors expressed concern over the company’s hostile bid for Genentech.

30 Jan 2009

BNP To Shoulder Toxic Assets From Fortis

BNP Paribas has agreed to take on more of Fortis Holding’s toxic assets and less of its insurance unit in an effort to save the controversial deal.

30 Jan 2009

Irish Debt Deemed Riskiest

Credit default swaps on Ireland make the country’s debt the riskiest in the euro region.

30 Jan 2009

Mizuho Ramps MBS Trading Platform

Mizuho Securities is starting up a platform in New York for trading mortgage-backed securities in the secondary market with a team of former UBS professionals.

30 Jan 2009

ICG Sees Distressed Assets Watch List Grow

Intermediate Capital Group, the London-based third-party fund manager and mezzanine and leveraged loan investor, has seen its watch list of distressed assets grow to 13% of its £3.1 billion portfolio.

30 Jan 2009

B of E Needs Treasury OK To Print Money

The Bank of England will require approval from Treasury to print more pounds in the event the central bank feels it will need to allocate more for its just-announced facility to buy troubled assets.

30 Jan 2009

UBS Investment Bank Bonuses Trimmed 80%

UBS has confirmed that it is reducing bonuses for its investment bank staff by more than 80% and that its top executives would receive theirs only in deferred shares.

30 Jan 2009

BNP To Get More Fortis Toxic Assets

BNP Paribas has agreed to take on more of Fortis’ toxic assets and less of its insurance unit in an effort to save the controversial deal.

30 Jan 2009

Spain Buys €6 Bln In MBS

The Spanish government has purchased €6 billion ($7.71 billion) of mortgage-backed assets in its latest auction to help struggling banks boost their liquidity.

30 Jan 2009

Dexia To Slash 900 Jobs

Dexia has announced that it will slash an estimated 900 jobs to lower costs after take a €2.3billion ($3 billion) loss in the fourth quarter.

30 Jan 2009

Net Mortgage Lending In U.K. Soars

Net mortgage lending in the U.K. rose dramatically in December, though gross mortgage lending continued its downward trend.

30 Jan 2009

Centurion Plots Longevity Swap

London-based Centurion Fund Managers is planning to execute its fourth longevity swap in March.

30 Jan 2009

One Year Ago In Derivatives Week

Credit Suisse hired Yannick Mallegol, European head of flow sales for equity derivatives at Société Générale.

30 Jan 2009

"This is not solely a reaction to the congressional process--it's also the industry recognizing there is an issue and looking to address it."

--James Hill, managing director at Morgan Stanley, responding to the charge that talks about new CDS contracts are being accelerated because of the threat of federal legislation against naked swaps.

30 Jan 2009

MBIA Preps Investor-Bound CLO (update)

MBIA in Europe is said to be arranging its first collateralized loan obligation, which may be also a first in the monoline industry.

30 Jan 2009

Exchange Moves To Attract OTC FX Biz

Deutsche Böerse’s International Securities Exchange hopes to pitch trades on a USD-based fx options basket by year-end as it continues to target users looking to move from the over-the-counter currency market onto an exchange, thereby eliminating counterparty risk.

30 Jan 2009

Barclays, Macquarie Hunt Partners For Retail Growth

Barclays Capital and Macquarie Bank are among a handful of banks seeking to partner up with U.S. institutions on development platforms that will juice their marketing efforts for retail structured products.

30 Jan 2009

Wood Pellet-Linked Swaps Conceived

A new set of indices being developed by FOEX Indexes, part of the Finnish Options Exchange, will track the price of wood pellets in Europe and North America and allow utilities to hedge the cost of the raw material for clean energy projects via swaps.

30 Jan 2009

Development Strife To Hit Securitization Mart In Middle East

The real estate securitization market in the Middle East is expected to suffer deeply over the next year as the region’s once booming development sector grinds to a halt.

30 Jan 2009

Pakistan Index-Linked Derivatives Targeted

A pair of banks is in talks to structure derivatives linked to indices on Pakistan’s largest bourse. The development comes after the Karachi Stock Exchange and German consulting firm Structured Solutions signed a deal this week to draw banks as licensees to use KSE’s indices as underlyings.

30 Jan 2009

Index Variance Swap Levels

30 Jan 2009

Credit Derivatives Data

30 Jan 2009

Dividend Swap Prices

30 Jan 2009

Merrill/BofA cut jobs in London loans teams

30 Jan 2009

UK RMBS mostly resilient to 30% drop in HPI, but some master trust juniors weak

30 Jan 2009

Bank of England reveals plan behind asset purchase facility

30 Jan 2009

TD shrinks bond business, cuts three London jobs

30 Jan 2009

Telenor secures $1.16bn club loan for Indian acquisition

30 Jan 2009

Bookrunners of all international Yen bonds — 2009 (January 29, 2009)

30 Jan 2009

Euroblog 1089

30 Jan 2009

Nokia

30 Jan 2009

Covered rules for SocGen’s new Red & Black securitisation vehicle

30 Jan 2009

Electronic trading platforms being fine-tuned

The market related issues working group of the European Covered Bond Council yesterday (Thursday) heard presentations from three potential providers of electronic trading platforms for the market.

30 Jan 2009

AT&T, Conoco and Goldman ignite fireworks

30 Jan 2009

Thames Water Utilities Cayman Finance

30 Jan 2009

Cory launches £466m waste-to-energy project financing

30 Jan 2009

Yield Curves JANUARY 28, 2009

30 Jan 2009

Investor focus returns to rule of law in Russia

30 Jan 2009

Helical Bar raises £28m property war chest as Slade sees ‘once in a career’ opportunity

30 Jan 2009

ING expects Eu3.3bn loss

30 Jan 2009

Bookrunners of all international euro frns — 2009 (January 29, 2009)

30 Jan 2009

Market Frets Tax Law As Buybacks, Amendments Mount

Companies looking to buy back their debt at a discount or complete an amendment are facing significant taxes on the gains between the purchase price of the loan and par.

30 Jan 2009

Acquisitive SSL’s shares gain as investors applaud £87m equity raise with slim discount

SSL International, the owner of the of Durex condoms and Scholl shoe brands, this week raised £87.3m after it sold 19.19m shares at 455p each, a discount of just 2.4% to the previous day’s closing price. The shares went ex-dividend on Wednesday, which means the actual discount only amounts to 1.7%.

30 Jan 2009

Missed Interest Payments Become Newest CLO Concern

Missed interest payments by companies are becoming another thorn in the side for collateralized loan obligation managers.

30 Jan 2009

Bookrunners of all European covered Bonds — 2009 (January 29, 2009)

30 Jan 2009

Bookrunners of all global syndicated loans — 2009 (January 29, 2009)

30 Jan 2009

Scottish and Southern Energy

30 Jan 2009

BoA grabs top debt slots from Merrill

Two of the three senior debt syndicate jobs in the new debt capital markets team at the combined Bank of America Merrill Lynch entity will go to BofA bankers.

30 Jan 2009

Retail investors boost short end sterling for energy firms

30 Jan 2009

Two UK firms lead distressed rights issues

30 Jan 2009

Small BWIC Offered

Bids wanted in competition for a $100 million portfolio closed last Tuesday.

30 Jan 2009

All investment banking revenue — Asia Pacific 2008

30 Jan 2009

Caisse d’Amortissement de la Dette Sociale — Cades

30 Jan 2009

BNY Mellon Opposes Lyondell DIP

The Bank of New York Mellon was expected to file a formal objection to LyondellBasell's planned $8 billion debtor-in-possession loan, saying the new facility does not offer adequate protection for bondholders.

30 Jan 2009

Credit Market Watchboxes 1088

30 Jan 2009

Covered bonds outlook bleak, Moody’s warns

30 Jan 2009

Xstrata moves first in miners’ capital race

30 Jan 2009

Ukrainian covered bonds pulled

Bank Khreschatyk has cancelled its Hr70m (Eu7.1m) covered bonds.

30 Jan 2009

Nederland’s Financierings-Maatschappij Voor Ontwikkelingslanden — FMO

30 Jan 2009

S&P calls for comments on proposed GRE ratings shift

30 Jan 2009

Investors embrace Commerz unguaranteed venture

Commerzbank will today (Friday) price the first unguaranteed senior unsecured bond from a German issuer since the collapse of Lehman Brothers.

30 Jan 2009

Bookrunners of all intL Euro denominated bonds for financial institutions — 2009 (January 29, 2009)

30 Jan 2009

Market news: Asia media round-up

South Korea brings its stock exchange under state control, while New Zealand slashes its key interest rate and a string of Japanese firms revise forecasts down. San Miguel Brewery prepares to launch the nation’s largest domestic corporate bond, while Wen Jiabao defends China’s exchange rate policy.

30 Jan 2009

Dollars are in as volatile basis swap returns

30 Jan 2009

Bookrunners of all syndicated loans marketed in EMEA — 2009 (January 29, 2009)

30 Jan 2009

Leak Table 1089

30 Jan 2009

Leveraged Finance - news in brief, January 30, 2009

30 Jan 2009

Lenders Swap Chemtura Revolver For AR Facility

Certain lenders on Chemtura's $500 million revolver have downsized their positions pro-ratably in exchange for giving the company a new $150 million accounts receivable securitization facility.

30 Jan 2009

Bookrunners of all Dollar frns — 2009 (January 29, 2009)

30 Jan 2009

Public Debt Markets Could Predict REITs' Direction--Part One of Two

Commercial real estate, like most other asset sectors, has experienced a severe re-pricing over the past two years.

30 Jan 2009

Koninklijke KPN

30 Jan 2009

Toyota Motor Credit Corp

30 Jan 2009

Bookrunners of all European high yield bonds — 2009 (January 29, 2009)

30 Jan 2009

Havens’s star keeps on rising as Citi split looms

Vikram Pandit, Citigroup’s embattled chief executive, rewarded his closest ally, John Havens with a new job this week, that of head of the global institutional bank at Citicorp.

30 Jan 2009

Ineos Downgrade Hits CLOs

Ineos has been downgraded from B to CCC+ by Standard & Poor's, putting more pressure on collateralized loan obligations that own the credit.

30 Jan 2009

Credit linked note issuance poised for take off

30 Jan 2009

Barclays share price soars as bank asserts it is ‘profitable’

30 Jan 2009

MTNs League Tables and Commentary 1089

30 Jan 2009

Market Players Eye Chemical Sector

After months of high-profile bad press for the chemical sector, including LyondellBasell Industries' bankruptcy filing and the drawn-out breakup of the Huntsman International-Hexion Specialty Chemicals merger, market players suggest many names may be undervalued.

30 Jan 2009

New investors wanted as bruised EM bond market picks itself up

The international financial crisis has reshaped the investor base, pricing levels and market functioning of the emerging corporate bond market, experts said this week as they grappled with the systemic changes to the asset class.

30 Jan 2009

Loose Change

After rumors circulated that two banks were considering reintroducing assignment fees, Assignment Fee Czar (because seriously, the loan market needs a czar) Barry Zamore hit the keyboard.

30 Jan 2009

Rights issue row rocks Xstrata as mining refinancings loom

Xstrata, under pressure from the syndicated loan market as it dices with covenants, roiled the equity capital markets this week as it launched a £4.1bn rights issue.

30 Jan 2009