Pre-migration untagged articles
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UniCredit reported a net profit of Eu4bn for 2008 this week, despite a poor performance in its markets and investing banking division where the bank reported an operating loss of Eu1.3bn.
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The puttable floating rate note format has returned to favour with two more large deals expected to price today following over Eu2.5bn of supply in recent weeks. Another pair of smaller trades emerged this week, as Banco BPI and Münchener Hypothekenbank both printed.
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The Bank of England’s Asset Purchase Facility continued to be used enthusiastically this week for the purchasing of commercial paper, figures released on Friday show. In its fifth week, to 19 March, the fund bought £345m of CP, taking its total holding to £1.891bn. In the first four weeks it bought £340m, £480m, £164m and £561m respectively. Participation looks set to continue rising as more companies, as well as banks, achieve eligibility.
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Fears are growing that the Hedge Fund Transparency Act, if passed in its current form, could give rise to an event of default in nearly all US CLOs and potentially about 75% of European CLOs, giving investors the right to liquidate the instruments.
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Click here for the CIN 2009 Best Trading Desk Awards Survey pdf
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--Eric Goodison, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, on going concern qualifications that are expected to show up in numerous financial reports in the coming weeks.
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Weekly Credit Advancers/Decliners (3/5/09 - 3/12/09)
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A downgrade to CLO paper could severely restrict managers’ ability for discretionary trading in their portfolios, which could block up the secondary loans market.
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The UK Financial Services Authority chief executive Hector Sants gave a stark warning to the market this week saying that "people should be very frightened of the FSA".
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Fitch on Wednesday proposed changes to its assessment of liquidity risks within covered bond programmes that would tighten the link between a covered bond rating and that of the issuer.
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Odey Asset Management is one of the few hedge funds that is weathering the storm. Last year it was up 42.5% in dollar terms. Crispin Odey, its founder, has been advising the UK’s Treasury Select Committee and spotting some bargains amid the turmoil. He told EuroWeek’s Molly Guinness about them.