Pre-migration untagged articles
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Good news came for monoline bond insurers MBIA and Ambac Assurance this week, but the situation became even gloomier for other insurers.
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Asian investors once again kept the structured note market moving but even a succession of large, mostly dollar, callable deals failed to lift dealers’ and issuers’ spirits. European structured demand remained dormant while, despite growing new issue flows in dollars, redemptions and calls are running at an even faster pace.
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Standard and Poor’s has said it might downgrade the AAA/A-1+ senior ratings of two SIVs: K2 Corp, sponsored by Dresdner Kleinwort, and Asscher Finance, a $6bn HSBC vehicle. Although both sponsors have announced that they will restructure their vehicles, neither plan has been finalised.
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SPAREBANK 1 Boligkreditt launched its second covered bond this week, a Eu1bn long three year priced at 8bp over mid-swaps yesterday (Thursday) afternoon, adding some breadth to a market that has recently been the sole preserve of German public sector issuers. Nordea Hypotek has also joined the pipeline.
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Germany’s Landesbank Hessen-Thüringen announced yesterday (Thursday) that it had decided against merging with WestLB, the troubled Landesbank.
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More asset backed commercial paper conduit managers may decide to leave the market entirely, market participants warned this week, as although some conduits were able to find demand, the outlook for the sector remains bleak.
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The credit rating agencies affirmed the ratings of Ambac and MBIA this week, the monoline bond insurers that have been among the principal agents of credit terror over the last few weeks, and waves of relief washed over the entire credit derivatives market.
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Bank of Scotland this week added an uncommitted repo line to its $25bn Grampian Funding credit arbitrage conduit, following at least three other vehicles.