Pre-migration untagged articles
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Canadian Imperial Bank of Commerce is planning a covered bond programme that will be backed solely by mortgages insured by Canada Mortgage & Housing Corporation, making it the country’s first public sector-backed issuance. The move is a sign of how banks are adapting their issuance to the new market environment.
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ANOTHER constant proportion debt obligation, Clear plc’s Series 55 REDI note, has hit its cash-out trigger. Moody’s downgraded the ¥30bn transaction to C from Aaa on Wednesday. It estimates that investors will lose more than 90%.
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THE EURO interest rate linked sector began to stir after its winter-long hibernation this week to keep some issuers and dealers busy, but elsewhere markets froze over again as credit, interest rate and currency volatility dampened spirits.
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THE NAMES of the companies have changed from last month, but banking and financial services are still the most heavily traded sectors in the US CDS market, according to figures released this week by GFI. Auto manufacturing, once the most active sector, is now the third busiest.
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Sheila Bair, chairman of the US Federal Deposit Insurance Corp, said on Monday that she hoped to have a draft policy statement on covered bonds out in a month’s time, one that could be implemented as early as this autumn and lay the foundations for the product’s development in the US.
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CARLYLE Capital, a fund investing mainly in high grade mortgage securities and credit products, announced on Wednesday that it had failed to meet margin calls from four counterparties.
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HSBC has made an offer to mezzanine EMTN and income note investors in its $6bn Asscher Finance SIV, proposing to exchange the notes for capital in a new vehicle, Malachite Funding. Meanwhile, Mazarin Funding, set-up to fund assets from HSBC’s Cullinan Finance SIV, may struggle to find new third-party investors, a market participant told EuroWeek.
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THE INTERNATIONAL Finance Facility for Immunisation Company priced its South African rand issue this week with a final size of R1.7bn ($218m), which makes it the largest ever such issue in the Japanese retail market.