Commerzbank
Ambac hires Dresdner derivatives dealer
Michael Cush has joined Ambac Financial Services, a financial services subsidiary of Ambac Financial Group, in its interest rate and cross-currency swap team in New York. The hire is in response to increased derivatives activities, an official at Ambac…
C&W protection costs widen 200bp following restructuring talk
The cost of credit protection on debt of UK telecommunications company Cable and Wireless (C&W) has widened by more than 200 basis points since its revealed late Wednesday that it would cut 3,500 jobs, undergo a major restructuring and reassess its off…
Basis trade opportunities decline as default market continues to tighten
The European default swap market continued to tighten substantially across certain sectors this week, correcting the recent dislocation between cash bonds and credit default swaps (CDS).
Credit ratings come into FX focus
Credit ratings are becoming increasingly significant to foreign exchange market players, with downgrades increasing in the current economic downturn, market participants told RiskNews ' sister publication FX Week .
Deutsche Bank credit protection trades wider following Q3 losses
The cost of senior debt protection for Deutsche Bank has crept 5 basis points wider to 58bp-mid after the bank posted a third-quarter net loss of €299 million. In otherwise thin markets, credit derivatives traders in London said active buyers of…
LSE launches covered warrants trading
The London Stock Exchange (LSE) launched its covered warrants market this morning, giving UK private investors direct access to equity hedging tools.
HypoVereinsbank protection costs widen after poor Q3 results
Poor third-quarter results released by HypoVereinsbank on Wednesday prompted the cost of credit protection for the German banking group’s senior, five-year debt to widen 30 basis points to 140/165bp by trading mid-session today. HypoVereinsbank’s net…
Equities rally brings in cost of US and European debt protection
A strong rebound in world equity markets during the early part of this week has caused the cost of credit protection on US and European institutions to markedly narrow. The contraction in credit spreads this week nearly matched the widening seen last…
International banks step-up German fixed-income derivatives coverage
Deregulation of the German insurance market is attracting the world's top investment banks to expand fixed-income derivatives operations in Frankfurt.
Protection spreads on European bank debt begin to narrow
The cost of credit protection for European banks started to contract this morning following a week of unprecedented spread widening across the sector.
Commerzbank credit protection costs double in a week
The cost of credit protection for Commerzbank has nearly doubled over the last week. The widening follows rumours of large credit derivatives trading losses at the German bank and a cut in its long-term credit rating from A to A- yesterday from Standard …
Credit spreads for European financial debt protection widen
The cost of credit protection for European banks has widened significantly this week as negative fundamentals dominated market sentiment. Five-year credit default swaps for major European banks widened between 1 to 10 basis points for senior protection…
Commerzbank appoints structurer to US derivatives group
Commerzbank Securities, the investment banking arm of Germany's Commerzbank, has made Henry Flowers a senior structurer at its US structuring desk, part of Commerzbank's derivatives group in New York.
Weak equity markets continue to fuel widening in European credit spreads
Equity weakness continued to dominate the direction of European credit default swaps, pushing the cost of protection wider for volatile insurers and telecoms.
Dresdner corporate and markets head Fischer resigns
Leonhard Fischer, head of corporates and markets at Dresdner Bank, has resigned, according to senior Dresdner officials.
One-month delay for UK warrants market
The UK covered warrants market will not launch until October 28, more than a month later than the initially proposed date of today, according to the London Stock Exchange (LSE).
German insurer and bank credit spreads hit by downgrade fears
The cost of protection for German reinsurance company Munich Re and German banks Deutsche, Commerzbank and Dresdner widened today following negative rating and outlook changes by Moody's Investor Services.
ORX loss database operational by the end of the year
FRANKFURT, GERMANY - The Operational Riskdata eXchange Association (ORX), a not-for-profit venture to pool op risk loss data resources, expects its operational risk database to be operating by the end of 2002, Fred Peemoeller, chief risk officer,…
European credit protection widens in low liquidity
Liquidity in the European credit derivatives market remained weak following the US Labor Day holiday this week, with traders saying spreads "drifted outwards" following yesterday’s poor equity markets performance.
DrKW reorganises credit derivatives business
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany's Dresdner Bank, restructured its London credit derivatives business today.
Citi snares Achnitz from Goldman to head German FX
Citigroup has made two hires to its foreign exchange business in Frankfurt, in a move that global forex head Richard Moore said underlines its commitment to the German market.
DrKW recruits London-based credit derivatives flow trader
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany’s Dresdner Bank, has hired Paul Lewitt as director and head of credit derivatives flow trading based in London. The London hire follows a ramp-up of DrKW’s credit derivatives…
US credit protection narrows following Wall Street equity rally
The price of credit default swaps for major US names tightened this week following two days of equity purchasing on Wall Street.
DrKW hires senior credit structurer in Japan
Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Germany's Dresdner Bank, has hired Carlos Cala as director and senior structurer within its global credit derivatives team. Based in Tokyo, he will report to Rick Weinstein, London…