Pre-migration untagged articles

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.

Spectacularly volatile basis swaps added excitement to the Euro-commercial paper market in a traditionally quiet quarter-end week.

Santander sounded out the possibility of the first cédulas issue since November this week as some of the equity markets’ joy over JP Morgan’s revised bid for Bear Stearns spilled over into the covered bond market —but a deal failed to materialise and the primary market remained empty.

Citigroup has moved one of its syndicate bankers to the secondary trading side, EuroWeek has found. Jason Mann, who was working on ABS and financial institutions syndicate in London, moved last week.

Citigroup debt capital markets banker Pippa Mason has left the bank this week, EuroWeek has learnt. Mason had been at the bank for around 10 years and was running Citigroup’s UK debt origination business.

THE CME Group has acquired Credit Markets Analysis, the CDS data provider, for an undisclosed sum.

Credit Suisse has revealed details of its revaluation of CDO positions for the final quarter of 2007 and the first quarter of 2008, leading to adjustments in profits. The bank revealed a loss of Sfr2.86bn, split between Sfr1.18bn for the fourth quarter of 2007 and Sfr1.68bn in the first quarter of 2008.

US subprime mortgage turmoil and slowing economic growth "would likely adversely affect our ability to achieve our pre-tax profitability objective" according to Deutsche Bank in a statement this week.

Fitch Ratings this week downgraded XL Capital Assurance (XLCA) from single-A to double-B and Financial Guaranty Insurance Corp (FGIC) from double-A to triple-B. The ratings outlooks remain negative; Standard & Poor’s placing FGIC’s single-A rating on review for downgrade last Friday.

THE UK’s Financial Services Authority published the results of a damning internal review this week which identified a string of management failures over the supervision of Northern Rock.

Deloitte, the receiver of the insolvent Cheyne Finance SIV, said this week that senior investors would get some money back before the vehicle is sold.

The head of Citigroup’s European equity syndicate desk, Darrell Uden, will leave his position to pursue a new role on the bank’s equity trading floor, starting on June 2. Richard Taylor is also moving from head of pan euro equities sales to head of European equity research.