Pre-migration untagged articles
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The US Securities and Exchange Commission this week announced its long awaited roadmap on the switch by US issuers to International Financial Reporting Standards (IFRS).
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Swedbank priced a Eu1bn two year mortgage backed issue at 22bp over mid-swaps last Friday, concluding an exercise that had several hurdles to overcome along the way, but others found the market’s obstacles unsurmountable.
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The European MTN market suffered this week as a resurgence in public bond issuance left it sprawling in the dust.
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Lloyds is pants
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French banks felt the full force of the financial crisis in the second quarter this year as earnings results published by Crédit Agricole and Natixis yesterday (Thursday) revealed that Crédit Agricole’s earnings had dropped 94% and Natixis has made a net loss of Eu1.02bn.
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A decision on the sale of Germany’s Dresdner Bank is likely to be taken over the weekend, as the bank’s owner Allianz and potential buyer Commerzbank have both scheduled extraordinary board meetings for Sunday.
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Pfandbriefzentrale der schweizerischen Kantonalbanken priced a dual tranche Sfr550m ($500m) bond on Wednesday.
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There was a late summer rush of issuance this week as borrowers tried to place debt ahead of the usual frenetic September but also to take advantage of breathtaking arbitrage opportunities.
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Monoline bond insurer FGIC relinquished the bulk of its municipal bond portfolio in an effort to shore up its capital this week as it entered a reinsurance agreement with somewhat stronger rival MBIA. It also agreed to commute credit default swaps held by Calyon over a disputed CDO, Havenrock II.