Pre-migration untagged articles
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European credit default indices finished strongly yesterday (Thursday), but the market is still jittery, uncertain and increasingly preoccupied by the spectre of inflation.
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Clydesdale Bank is set to join the cast of UK covered bond issuers, having incorporated Clydesdale Covered Bonds Limited Liability Partnership on Tuesday.
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Credit Mutuel-CIC (CM-CIC) continued the flurry of French issuance ahead of Société Générale’s debut expected today (Friday), with a new Eu1.5bn two year structured covered bond that was priced on Wednesday afternoon. The deal demonstrated that it is not just the country’s obligations foncières that are in demand, although one banker outside the deal queried the pricing.
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Countrywide, the biggest independent US home lender, is one of the few financial names to prosper lately. What was bad news for David Sambol, its president and chief financial officer, was good news for the CDS price.
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Dozens of CDOs and other structured products face liquidation, triggers are being breached in a range of asset classes and investor classes are squaring off over their rights. Tessa Wilkie finds that the documentation and processes that underpin the market are creaking under the strain.
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SHAREHOLDERS in Bear Stearns yesterday (Thursday) approved the firm’s sale to JP Morgan Chase.
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The market for callable dollar MTNs burst back into life on Wednesday and yesterday (Thursday) after long-dated yields rose and gave investors the impetus to pull the trigger on a backlog of trades built up over the last week or more. While European investors are gradually turning towards inflation-linked products, Asian demand for structured dollars continues to provide the bulk of MTN flows.
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MONEY market tensions returned to the commercial paper market this week as worries about Libor fixings and bank liquidity pressures ahead of financial half year end caused confusion and pricing volatility.
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CDS exchange initiative set for launch this year
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Feedback from market participants on the six service providers vying to provide the covered bond market with a new electronic trading platform suggests that only three are in with a realistic chance of coming out on top.
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AT LEAST two CDO trustees are appealing to the courts to settle bondholder disputes over the liquidation of collateral following an event of default.