Pre-migration untagged articles

JP Morgan has rescued a failing bank for the second time this year, this time acquiring the deposits, assets and certain liabilities of Washington Mutual’s banking operations for $1.9bn. US regulators seized the bank on 25 September, after $16.7bn in deposits was withdrawn by nervous investors.

Dealers reported an increase in enquiries for Irish banks after the Irish government on Tuesday provided a blanket guarantee for six banks’ debt for two years, but primary issuance from these names in the MTN market seems unlikely to increase greatly soon.

The Institute of International Finance (IIF) has this week called for a globally coordinated approach to the banking crisis. In a policy letter to the finance ministers and central bank governors meeting in Washington DC next week, Charles Dallara, managing director at the IIF said: "Systemic, internationally coordinated responses by the authorities are essential at this stage to stabilise financial markets, requiring large if temporary use of government funds."

The international bond markets were put to shame by Switzerland this week as issuance outpaced any other market. Sfr1.875bn of new transactions were brought to market as investors desperately sought a home to park their cash.

The international bond markets were put to shame by Switzerland this week as issuance outpaced any other market. Sfr1.875bn of new transactions were brought to market as investors desperately sought a home to park their cash.

Sigma Finance, the largest and last remaining structured investment vehicle, has announced that it will cease trading and may appoint a receiver, marking the end of the SIV business model and of the shadow banking sector.

The Loan Market Association has introduced clauses about debt buybacks in its recommended loan documentation, after the controversy sparked by lenders trying to sell debt back to the sponsors and borrowers to alleviate their balance sheets.

A consortium of banks agreed on Monday to provide Eu35bn of new credit facilities to Hypo Real Estate Holding, the parent of Hypo Real Estate Bank and Depfa Bank, with the bulk guaranteed by the German government.

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.

Dealers remained confident this week that although the MTN market has lain comatose for brief spells in these turbulent times, it will evolve rather than face extinction.

Firms which provide electronic trade processing systems and products designed to reduce counterparty risk could not have wished for a better marketing tool than the credit crisis.

The five most actively traded names in the US credit default market in the month of September were Morgan Stanley, Lehman Brothers, Washington Mutual, Merrill Lynch and Countrywide, according to data released this week by leading CDS broker GFI.