Pre-migration untagged articles
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The evidence that credit rating agencies made inadequate use of Gaussian copula models to assess the risk sensitivity of structured assets grows.
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Fitch on Wednesday cut the rating of Banco Guipuzcoano’s cédulas hipotecarias from Aaa to Aa1. This is the first time Fitch has downgraded a Spanish covered bond.
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Last-minute taps were the order of the week in Swiss francs as investors prepared to shut their books until the new year.
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Government guaranteed bank paper continued dominating the private placement market this week, with Australian issuers the latest to draw interest.
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The UK government has launched a consultation paper on levelling the playing field for Islamic finance instruments.
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The passage of the bill that would have authorised a $14bn emergency bridge loan to the big three US auto makers stalled in the Senate last night, though its approval by the US House of Representatives earlier had anyway done little to allay alarm in the credit default swaps market.
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Some CLO managers are shutting off cashflow to the equity classes early, before breaching any triggers on the deals, in order to build up overcollateralisation tests in the face of a worsening credit environment.
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Crédit Mutuel Arkéa, the second largest regional group of France’s Crédit Mutuel Group, signed a Eu10bn covered bond programme last Friday (December 5).
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Commercial paper maturities lengthened this week in the European commercial paper market as investors became anxious to lock in yield before rates fall further.
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Three industry bodies have issued guidelines for asset managers that invest in structured products designed to reduce investors’ reliance on credit ratings agencies.
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Chrysler Automotive decided to set the record straight last week as the company, along with Ford Motor Co. and General Motors, sought government aid.