Credit markets

CDS spreads widen on US financials

The cost of credit protection on major US banks rose further in early European trading today as the market exercised caution over the recent flurry of positive first-quarter earnings.

HKMA ring-fenced assets before Lehman collapse

The Hong Kong Monetary Authority (HKMA) had identified 19 foreign banks whose financial health could have had a negative impact on the Hong Kong banking system before the collapse of Lehman Brothers in September last year.

Demand prompts second Morgan Stanley gilt-backed plan

Morgan Stanley has unveiled the second version of its gilt-backed growth plan, after the first tranche smashed the bank's UK retail sales records in structured products. The FTSE Defensive Gilt-Backed Growth Plan, which was launched in February 2009,…

Ice clears $71 billion of CDSs

Atlanta-based derivatives exchange IntercontinentalExchange (Ice) has cleared $71 billion notional in credit default swaps (CDS) in the four weeks since the launch of its central clearing platform. The exchange cleared 613 transactions and reported open…

The great bond buyback

The Bank of England has kicked off its repurchase scheme for sterling high grade bonds, but opinion is divided over whether the subsequent tightening of spreads is down to the government initiative or extraneous factors. Laurence Neville reports

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