Pre-migration untagged articles

CS forms Credit Suisse Saudi Arabia

Moody’s has downgraded MBIA to Baa1 from A2, following Ambac’s downgrade last week. Moody’s made the downgrade because of its increased expected and stress case losses for US RMBS, and losses potentially going beyond that as the economy becomes more challenging. It is concerned about the leverage on the Moody’s portfolio of resecuritisations.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days.

Caisse de Refinancement de l’Habitat tapped its 4% April 2018 issue by Eu150m last Friday (November 7) in a rare glimpse of real money-driven supply in the covered bond market.

Dresdner Bank reported a net loss of Eu2.4bn for the first nine months of the year this week, down from a profit of Eu858m a year ago.

The European Commission announced this week that it would be formally regulating credit rating agencies as part of its package of proposals to deal with the financial crisis.

Région Ile-de-France yesterday priced a Sfr150m May 2015 deal at 23bp over mid-swaps, the first triple-A deal in the foreign market since Swiss franc spreads have blown out to euro-like levels.

The Financial Services Authority’s addition of seven programmes to its Regulated Covered Bonds Register this week has been welcomed, but is expected to have limited impact in the short term given the more immediate market concerns.

Spanish banks benefitted from the return of French investors to the European commercial paper market this week.

Participants in the asset backed commercial paper market emphasised the need for increased transparency and investor education at Moody’s ABCP conference in London yesterday, while remaining as optimistic as possible.

The credit market was thrown into turmoil by Henry Paulson’s sudden changes to the $700bn Troubled Assets Relief Programme, announced late on Wednesday.

Worse than 1929