News
Corporate defaults at new record levels last year, says S&P
Global corporate defaults last year were at new record levels, with 234 companies defaulting on $178 billion of debt, according to credit rating agency Standard & Poor's (S&P).
BNP Paribas to launch managed synthetic CDO in Japan
French bank BNP Paribas is on the verge of closing a ¥140 billion ($1.19 billion) managed synthetic collateralised debt obligation (CDO) with Japanese asset management firm Daiichi Life-IBJ Asset Management (DIAM). Expected to close in mid-February, the…
ABN Amro hires head of European bank origination
ABN Amro has hired Tim Skeet, a senior debt capital markets banker, as head of European bank origination.
GFI creates standalone chief financial officer role
Inter-dealer broker GFI has hired James Peers, a former Bank One executive, as its chief financial officer.
Euro swap rates hit historic lows
The two-year euro swap rate hit its lowest-ever level today, 2.56%, as investors continued to adopt a risk-aversion stance in the markets
Refco hires new London FX head
Futures commission merchant Refco has named Farooq Muzammal as its new head of foreign exchange in London.
Japan credit default swaps continue technical tightening
Credit default swap spreads in Japan were tighter across the board this week, with some protection sellers posting aggressive offers on the market, dealers said today.
Japan to complete Indonesia forex swap
The Japanese Ministry of Finance (MoF) and the central Bank of Indonesia will sign a delayed foreign exchange swap deal in mid-February, the MoF said this week.
HVB protection surges on downgrade
The cost of senior credit protection for the five-year debt of Germany's HypoVereinsbank (HVB) has surged nearly 30 basis points this week following a two-notch downgrade of its unsecured deposit and debt rating by Moody’s late on Wednesday.
CDO managers target leveraged loans, says S&P
European collateralised debt obligation (CDO) managers are likely to target leveraged loans this year, said the European structured finance ratings unit of Standard & Poor's (S&P) today.
Moody’s to give more weight to operational risk when rating banks
Moody's Investors Service will focus more on operational risks when rating banks, the rating agency said today.
G-30 Proposes Global Clearing and Settlement Reforms
London — Today the Group of 30 proposed a series of 20 major reforms for the clearing and settlement infrastructure of the global capital markets.
New chairman for Committee on Global Financial System
Roger Ferguson, vice-chairman of the Board of Governors of the Federal Reserve System, was named chairman of the Basel-based Committee on the Global Financial System (CGFS), the Bank for International Settlements said today.
UK stockbroker to buy Tullett for up to £250 million
Publicly quoted UK stockbroker Collins Stewart has made a £250 million bid for UK inter-dealer broker Tullett. The largely share acquisition has received approval from most of Tullett’s shareholders and is scheduled for completion within two months.
G30 proposes major clearance reforms and emphasises risk issues
The Group of Thirty (G30), an association of private and central bankers, today issued an ambitious blueprint for a reform of the global securities clearing and settlement system. The initiative comprises 20 recommendations, designed to reduce investor…
Taiwan to launch first ETF
The Taiwan Stock Exchange (TSE) has granted a licence to asset management company State Street Global Advisors and Taiwanese securities firm Polaris International Securities Investment Trust to launch the country's first exchange-traded fund (ETF). The…
New Tullett chief Smith plans expansion in rates swaps and energy
Terry Smith, chief executive of Collins Stewart, the UK stockbroker taking over inter-dealer broker Tullett for £250 million, said expansion in interest rate swaps and energy derivatives would be a key area of growth for the combined entity.
New chairman for Committee on Global Financial System
Roger Ferguson, vice-chairman of the Board of Governors of the Federal Reserve System, was named chairman of the Basel-based Committee on the Global Financial System (CGFS), the Bank for International Settlements said today.
Moody’s to give more weight to operational risk when rating banks
Moody’s Investors Service will focus more on operational risks when rating banks, the rating agency said today.
India could allow foreign currency-rupee options by April
The Reserve Bank of India (RBI) could allow banks to offer foreign currency-rupee options to corporate clients by April, according to a bank official.
Morgan Stanley and Axa sued over CBO management
Jersey-registered collateralised bond obligation (CBO) investor Beaford is suing US investment bank Morgan Stanley and French insurer Axa, along with a number of its subsidiaries, for failing to properly manage three CBOs between 1996 and 2002. Morgan…
Japanese synthetic CDO market to see continued growth
Japan’s synthetic collateralised debt obligation (CDO) market is likely to continue to boom in 2003, according to a report published this week by credit rating agency Moody’s Investors Service.
Default swap curves flatten for France Telecom and Fiat
Default swap curves for volatile European corporate issuers, including France Telecom and Fiat, have flattened out, according to Chris Francis, a credit derivatives analyst at Merrill Lynch in London.
Moody’s KMV eyes move into alternative investments
Moody’s KMV is looking to expand into new asset classes, with private equity and other alternative investments, along with equities, topping the priority list, according to the credit risk management company’s its new chief executive Doug Woodham.