Pre-migration untagged articles
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Credit markets now trust that brokers will not be allowed to fail. While it is too early — much too early — to speak of the credit markets having turned a corner out of the dark alley that has held them for eight months, this week there was a distinct and unambiguous recovery in the credit default swap market.
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-- Eric Tutterow, managing director and head of the leveraged finance group at Fitch Ratings, reflecting on inventory of loans banks have on balance sheet.
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Several banks had a good view of the St. Patrick's Day parade from their midtown Manhattan buildings last week, but many weren't in the mood to celebrate what with news of Bear Stearns roiling the markets.
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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.
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Merrill Lynch is suing XL Capital Assurance (XLCA) because the company is trying to terminate credit default swaps (CDS) it sold to Merrill on tranches of seven CDOs. The CDS cover approximately $3.1bn of credit risk.
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Morgan Stanley posted first quarter results that topped market expectations, thanks to a good performance in equity and fixed income sales and trading.
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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.
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The Italian covered bond market seems to be moving beyond the procrastination of previous years, but attempts to nail down a timeframe for the Banca Popolare di Milano deal have led to confusion.
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The potential benefits of new US covered bond legislation have divided the market.
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IN THE dollar interest rate swap market, spreads have dipped sharply from the highs.
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A semblance of order was restored to financial markets by yesterday (Wednesday) after the wild atmosphere of fear about banks’ credit risk brought the markets close to anarchy.
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Goldman Sachs and Lehman Brothers reported profits for the first quarter of 2008 as being down by roughly a half on Tuesday.