Pre-migration untagged articles

HM treasury announced yesterday (Thursday) that it is delaying the implementation of the new UK covered bond regime until March 6, 2008, following objections to its earlier proposals for the Recognised Covered Bond regime.

Sachsen Funding I, a $2.2bn SIV-Lite sponsored by Sachsen LB Europe, asked its investors for a second time to agree to a restructuring this week, after a previous attempt at convincing investors failed.

After seeing off the bid from CVC et al earlier this year, the Sainsbury family claimed another scalp this week when Delta Two withdrew its 603p a share buyout approach to the UK supermarket chain.

The capital markets began to understand for the first time this week how much of investment banks’ losses from the US subprime mortgage crisis are stemming from one kind of security — the super-senior tranches of CDOs of ABS.

The pain in the structured investment vehicle sector got worse this week as Moody’s warned that the vehicles will be unable to survive with their current structures as it downgraded or put on watch a slew of capital note ratings as well as the senior ratings of some of the issuers.

Because we have already written about Stan O’Neal in some detail in these columns, there is no need to hold a steward’s enquiry into the forced exit of the Merrill Lynch chairman and chief executive.

The bad headlines surrounding Washington Mutual over the past week gave the covered bond market a nasty reminder of just how ill-equipped its market-making conventions are to volatile conditions when ballooning spreads on its paper caused panic among traders.

WestLB on Wednesday priced only the second jumbo Pfandbrief issue since the market’s repricing, a Eu1bn three year jumbo at 5bp through mid-swaps that underlined the German sector’s return to business as usual.

Interest payments boosted Movie Gallery bonds up 4 1/2 points to 65. Its term loan traded up 3/4 of a point to 94 1/2.

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.