Pre-migration untagged articles
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THE EUROPEAN Covered Bond Council’s Eight-to-Eight market-makers’ and issuers’ committee on Monday lunchtime restarted interdealer market-making obligations after the temporary suspension, but with minimum ticket sizes cut from Eu15m to Eu5m, and bid/offer spreads set at three times normal.
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MONOLINE insurers Ambac, Assured Guaranty, MBIA and SCA insisted on Tuesday that they had strong capital positions and were willing to take action to preserve them, in a conference hosted by Bank of America.
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MOODY’S downgraded yet more CDOs this week, encompassing US, European and Japanese deals.
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Mirror, mirror on the wall, who is the safest of them all? At one time, in the rarefied world of fixed income, the answer used to be covered bonds.
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THE VIRGIN Group consortium that is bidding for Northern Rock was named as the bank’s preferred bidder, this week. However, the announcement met opposition from shareholder and rival bidders.
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BN BOLIGKREDITT is to launch its debut euro covered bond, backed by Norwegian residential mortgages, in the new year. The Norwegian issuer is keen to build a long term presence in the covered bond market to diversify its funding base, but plans to adopt a measured approach.
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NOT FOR the first time, Citigroup was this week rescued by a Middle Eastern knight when the Abu Dhabi Investment Authority bought $7.5bn of mandatory convertible equity units — the equivalent of 4.9% of the bank.
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Alliance & Leicester yesterday (Thursday) released a reassuring trading update that showed it had covered its funding needs well into next year, with much of this thought to be covered by a £4bn two year facility provided by Credit Suisse and secured on prime residential mortgages.