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CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
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Five-year credit-default swap spreads on Bank of America gapped out to a new high of 217.5 basis points amid fears that the bank would be nationalized. [The worries proved unfounded. In December, the bank paid back the USD45 billion it had received from the Troubled Asset Relief Program. At press time, five-year CDS on the bank were at 131.1bp, tighter than that of Goldman Sachs at 133.1bp, according to CMA DataVision.]
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--U.S. Senator Maria Cantwell (D-Wash.) vowing to bring more transparency to the over-the-counter derivatives market on Capitol Hill last week.
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The credit crunch has focused a lot of attention on bank capital ratios. With recent large write-downs in asset values, the implementation of Basel II's risk based capital requirements and the possible introduction of further changes following the Basel Committee's December consultation paper, banks face the prospect of holding increasing levels of regulatory capital as the assets they own deteriorate in both credit and rating quality.
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Some U.K. financial institutions are considering paying cash bonuses into offshore trusts set up for employees to get around the newly imposed 50% tax on bonuses over GBP25,000 (USD39,465).
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The International Swaps and Derivatives Association has set up a global advisory board to work alongside its Documentation Committee on new products and legal issues, with both buyside and sellside representation.