Securitisation
SIVs in need of a service
Structured Investment Vehicles
Caution at Cairn
Cairn Capital's chief executive, Paul Campbell, talks to Alexander Campbell
Back to basics
Collateralised debt obligation (CDO) arrangers were ambushed in August by the most dramatic shifts in credit markets since 2005, while many investors have shied away from complex products. Where does this leave the future of the CDO market? Mark Pengelly…
Moody's lowers UBS rating due to subprime fears
Rating agency Moody's has cut UBS's bank financial strength rating (BSFR) from A- to B+, saying the bank still has more subprime losses to reveal.
E*Trade’s CEO departs as Citadel injects $2.5bn into the firm
E*Trade’s chief executive, Mitchell Caplan, is the latest high-profile casualty of the US subprime crisis. Jarrett Lilien, the financial services firm’s president, has been named acting chief executive.
CDO shakeout puts spotlight on managers
Unsettled structured credit markets are causing investors to become more scrupulous in their collateralised debt obligation (CDO) manager choices, according to market participants.
Swiss Re admits $1.07 billion loss on two portfolio CDSs
Zurich-based reinsurer Swiss Re has admitted a loss of SFr1.2 billion ($1.07 billion) caused by a fall in the market value of two credit default swaps (CDSs) referenced to a trading portfolio containing US subprime mortgages.
Lower losses than feared at Barclays
Barclays reported a total of £1.5 billion in write-downs associated with US subprime mortgages between June and October this year, reassuring investors who had feared far higher losses.
Crowded trade increases turmoil again, say CROs
Daily news headlines
Morgan Stanley and Merrill Lynch reveal billions more subprime damage
The subprime crisis continues to deepen as Morgan Stanley and Merrill Lynch, two of the worst-affected US banks, reveal further damage - and an SEC investigation into Merrill Lynch.
Risk USA: Crowded trade increases turmoil again, say CROs
Chief risk officers from four major financial institutions argued that the distress in the financial markets has been partly caused by the concentration of money chasing too few trading ideas, when speaking on a panel at this year’s annual Risk USA…
Turning misfortune into a fortune - easy if you know how
distressed debt
At a turning point
Catastrophe Bonds
Upended by downgrades
Collateralised commodity obligations
Doing the right thing
HBOS has been at the forefront of structuring mortgage finance deals in the European markets. During recent turmoil, the bank has twice issued covered bonds in a bid to reopen that sector. It seems that head of securitisation and covered bonds at Bank of…
Banks devise 'super conduit' in bid to save Sivs market
Can rescue fund M-Lec bring much-needed liquidity, or is it a temporary measure destined to fail?