Pre-migration untagged articles

JPMorgan and Citigroup completed syndication of a $6.1 billion exit loan for Delphi, but on the same day, the lead reorganization investor, Appaloosa Management, terminated its agreement with the company, foiling the exit financing.

Durham, N.C.-based Tiden Capital is taking short positions in high-yield mezzanine credit and going long senior investment grade.

The $234 million Roanoke (Va.) Pension Plan has been studying distressed debt strategies and is considering an allocation to the space.

--Kip Penniman, credit analyst at KDP Investment Advisors, on the troubled auto supplier's distressed bonds.

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.

Sales of commercial paper to the Bank of England’s Asset Purchase Facility fell to a new low of £50m for the week to April 2, according to figures released on Friday by the Bank. This comes after the fund reached a low of £76m over the week to March 26. In previous weeks since its inception on 13 February, the facility has bought £345m, £480m, £164m, £561m, and £345m respectively. The fund’s value now stands at £2.016bn. At its inception on February 13, market participants estimated the final value of the facility’s CP aspect would reach between £3bn and £6bn.

The Bank of England agreed to pay Nationwide Building Society £1.6bn to cover the liabilities that it takes over with its acquisition this week of the defunct Dunfermline Building Society.

Sales of commercial paper to the Bank of England’s Asset Purchase Facility have fallen again this week while banks without a government guarantee continue to struggle in the buyers’ market.

The Basel Committee on Banking Supervision this week said it will introduce tougher regulation to reduce the probability of another severe financial crisis happening again, but said that the reforms would be phased in over a period of time.

The liquidity crisis which has engulfed the capital markets since 2007 claimed its first Spanish bank victim last weekend. Caja Castilla La Mancha had to be rescued by the government following a failed merger with neighbouring saving bank Unicaja.

Barclays Group has named CVC Capital Partners as its preferred bidder for the sale of its San Francisco-based exchange traded fund (ETF) provider iShares. The deal is likely to be worth around £3bn, but would not include Barclays’ securities lending business, which is worth around £1bn.