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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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Structured product issuers in Asia need to develop communication lines with program directors based in Europe to insure their deals are compliant with the new European Prospective Directive, according to lawyers. -
Timothy Geithner as head of the Federal Reserve Bank of New York urged the Bank of England in 2008 to make changes in the way the London interbank offered rate is set, with six recommendations, including “procedures designed to prevent accidental or deliberate misreporting," according to documents obtained by Reuters.
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The cost to banks involved in the scandal to manipulate the London interbank offered rate in terms of regulatory penalties and compensation to customers and counterparties could top GBP14 billion (USD22 billion) if the 11 institutions named in the investigation in addition to Barclays are forced to pay, according to Morgan Stanley analysts.
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Bank of America is poised to slash an estimated 300 jobs in its investment banking and capital market groups as a cost-cutting measure under its Project New BAC.
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Credit default swap spreads on JPMorgan narrowed to its lowest level in two months today before widening slightly. The investment bank said it closed the derivative group that caused its USD4.4 billion in losses.
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European fund managers may avoid using derivatives as hedging tools because they have been kept in the dark regarding new regulations for the over-the-counter market, according to market insiders.
