Pre-migration untagged articles

-- William Heffron, partner and managing director of Regiment Capital Advisors, on foundations and endowments hoping for a par payout on loans.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week. Data provided by Markit Group.

The $6 billion Wyoming Retirement System issued an RFP last week for core and core plus fixed-income managers.

Credit Suisse’s results were twice as good as most analysts’ expectations when this week it reported a net income of Sfr2bn for the first quarter and a tier one ratio of 14.1%. Core net revenues were Sfr9,557m in the first quarter of 2009 compared with Sfr2,926m in the previous year period. The return on equity was 22.6%.

Monoline insurer FGIC’s auditors have said that there is substantial doubt over whether the company can continue as a going concern, triggering an event of default by FGIC Corp, FGIC’s holding company, under the terms of its revolving credit. FGIC is negotiating a waiver but would not have enough to repay the $46m outstanding under the agreement if it were to become due on an accelerated basis, said S&P.

Government guaranteed puttable floating rate notes are growing in popularity despite the fact it remains unclear which countries are able to issue the notes.

Four covered bond issuers tapped outstanding deals this week on the back of encouraging flows, even if none was willing or able to launch a new benchmark.

47 Degrees North Capital Management, the alternative investment management company, has entered into a strategic partnership with the private investment house Iveagh.

Investors are hungry for corporate issues at the moment but the supply of these notes is falling well short of demand as few companies are well placed to capitalise on this demand on an opportunistic basis.

Bank of America-Merrill Lynch reported a first quarter profit of $4.2bn this week but warned that it provisioned $13.4bn for loan losses as the recession started to hit consumer loans, credit cards and commercial real estate.

The amount of commercial paper bought by the Bank of England’s Asset Purchase facility bounced to its highest level in a month last week, according to figures released by the Bank. But dealers were baffled by the source of the issuance.

Basis swap changes are likely to make commercial paper issuance more difficult for euro-based borrowers, though dollar-based companies will be able to offer higher spreads in other currencies, according to dealers in the European CP market.