Pre-migration untagged articles

Société Générale announced on Tuesday its second quarter net income was down 63% at Eu644m, but the figure was better than expected, and provoked a boost in the bank’s share price and optimism from the market. Analysts had predicted a figure of around Eu550m.

Freddie Mac and American International Group produced horrific second quarter results this week that demonstrated that the worst of the credit crisis is not yet over and that massive housing market losses still cast a long shadow over the world’s financial markets.

Creditors of Sigma Finance, the largest and last remaining structured investment vehicle, may form a credit committee amid concerns over the company’s ability to pay its debt.

Diplomacy is not statesmanship

Dealers in the Euro-commercial paper market reported an increase in activity across the board this week, though none were quite sure why.

BNP Paribas has been admitted as a primary dealer in Irish government bonds. It will make markets in the bonds and participate in auctions organised by the National Treasury Management Agency. The appointment is timely: Ireland’s funding target for the next 18 months is between Eu11bn and Eu15bn.

BNP Paribas on Wednesday announced second quarter net income of Eu1.505bn, down 34% from the same quarter in 2007 but in line with analysts’ expectations.

Several unusual borrowers appeared with yen deals in the EuroMTN market this week, including Walt Disney, Mitsubishi UFJ Lease & Finance, Kexim and the Netherlands Development Finance Co (FMO).

JP Morgan may be moving its European headquarters to east London’s Docklands in early 2013.

The targets specified by the Operations Management Group of the Fed 17 dealers last week are attainable, according to Mark Beeston, president of T-Zero, the credit default swap affirmation service, but will not be easy to hit.

The two most actively traded single names in the US credit default in July were Fannie Mae and Freddie Mac, according to data released this week by leading credit broker GFI.

HSBC’s results for the first half of 2008, released on Monday, fell within consensus expectations, but only just. Pre-tax profit fell 28% from the same period in 2007 to $10.25bn.