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UK pension funds look to hedge against falling inflation
UK pension funds are looking at inflation structured products in order to hedge the risk embedded in pension liabilities they pay at retirement, amid a falling inflation environment. Pension fund liabilities are adjusted for Limited Price Indexation (LPI…
Natixis job cuts fail to impress
Announcing 40% job cuts in its complex capital markets business failed to improve the reputation of the French bank Natixis, which has seen its shares and financial strength rating fall today.
Closer regulatory links needed, says US structured products industry
An overwhelming majority of members of the US structured products industry are calling for closer links with regulators in the wake of the financial crisis, a survey by the US Structured Products Association (SPA) has shown. The survey, which was…
Madoff fraud puts focus on due diligence
As a swathe of investors reported sizable exposures to New York-based broker and hedge fund manager Bernard Madoff, several market players that had conducted due diligence on his firm told Risk that it had raised danger signals as far back as the late…
E.ON sells 2200MW of generation, enters Belgium
German utility E.ON has announced that it will sell over 2200 MW of generation capacity from German power stations to Electrabel and EnBW. The move comes after E.ON reached agreement with the European Commission to promote competition in Germany's power…
Growth in US oil consumption to slow significantly
The latest Annual Energy Outlook (AEO) from the Energy Information Administration (EIA) has forecast virtually no growth in 2009 US oil consumption for the first time in more than 20 years.
US muni debt now priced as riskier than corporates
Protection on US municipal debt is currently more costly than that on US investment-grade corporate bonds. Spreads on Markit's five-year MCDX index, which references credit default swaps (CDS) on municipal bonds, were at 275 basis points as of December…
Citi rings the changes in structured products reorg
Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as Emea head of structuring. Bernardi has developed and led the Emea Equity Derivatives Structuring Team since 2006 and will be…
S&P predicts defaults to snowball in 2009 and 2010
A fifth of European speculative-grade companies could default by 2010, a report released on Wednesday by Standard and Poor's (S&P) stated.
Isda prepares to settle Ecuador CDS
The International Swaps and Derivatives Association (Isda) is drawing up a settlement protocol for credit default swaps (CDS) based on the sovereign debt of Ecuador, which refused to make a $30.6 million scheduled interest payment last week.
Final US goodwill rule issued
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UK responds to EU financial law proposals
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Fed's near-zero target startles markets
Yesterday's news that the US Federal Reserve would cut its target fund rate to between zero and 0.25% rallied US stocks and sent Treasury bill yields to new lows.
Mark to market needs refining, not scrapping - SEC
Christopher Cox, chairman of the US Securities and Exchange Commission (SEC), backed fair-value accounting in a speech to the American Institute of Certified Public Accountants last week, but said some aspects, particularly rules on impairment, needed…
New York Fed buys AIG assets at half price
The Federal Reserve Bank of New York has paid $19.8 billion to troubled insurer AIG for residential mortgage backed securities (RMBS) with a face value of $39.3 billion.
€10 billion recapitalisation programme for Irish banks
Irish financial institutions are to benefit from a €10 billion stimulus plan put forward by the Irish government and private investors to recapitalise banks.
$2.1 billion loss ends 2008 on sour note for Goldman Sachs
Goldman Sachs has posted a $2.12 billion net loss for the fourth quarter - its first since going public in 1990 - citing "extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class".
Lyxor AM launches two new ETFs in Amsterdam
Lyxor Asset Management has listed two new exchange-traded funds (ETFs) on Euronext Amsterdam. The funds have been built on versions of the reference index for the exchange: the Amsterdam Exchange Index (AEX), which tracks 23 of the stocks that trade on…
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