Pre-migration untagged articles

"Protection" and "buying" are about the only two words the credit default market understands at the moment. After another week of bad news, scary data, rumours and fear, the iTraxx Crossover Index traded beyond its all time high.

Danske Bank is holding off from launching its debut euro benchmark in light of the difficult market conditions and has instead raised Eu1.1bn equivalent in the domestic Danish krone market at tighter funding levels than are available in euros.

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.

Primus Guaranty, owner of the first credit derivative product company (CDPC), announced fourth quarter net losses of $403.9m.

Compagnie de Financement Foncier priced its first benchmark of the year last Friday, a Eu1.5bn three year obligations foncières priced at 3bp over mid-swaps.

THE IMPORTANCE of Asian investors to the structured MTN market was underscored this week as trading activity seized up ahead of Chinese New Year celebrations in Asia.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation, told the Reuters Regulation Summit in Washington on Tuesday that US regulators were working on ways to help the covered bond market’s development in the States, particularly given the way in which the failings of the originate and distribute model had exacerbated the subprime crisis.

SOME CORPORATE CP issuers were able to tighten their levels this week, benefiting as investors filled their lines on bank names, but dealers still fear that there is not enough cash to go around.

Deutsche Bank announced net income for 2007 of Eu6.5bn, up 7% on the previous year, but fourth quarter net income was down 47% on the same period of 2006, at Eu1bn.

The euro swaps curve gapped sharply steeper after the ECB decided to leave rates unchanged yesterday (Thursday) but bank president Jean-Claude Trichet appeared to signal that he is inclined towards an ease in the future.

The UK’S Financial Services Authority (FSA) this week unveiled its 2008/09 business plan, which outlined a number of areas where supervision was to be heightened.