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“Until there is clarity on this programme, issuers will remain wary of issuing and investors will remain wary of investing. ”
Published November 2008 euromoney.com
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Euromoney November 2008
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Euromoney November 2008
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The inclusion of the Pfandbrief in the German government’s banking guarantee marks a turning point – not just in the financial downturn but in the product’s entire history. Jethro Wookey reports.
Euromoney November 2008
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In October the credit crunch finally devastated global equity markets as investor panic threatened to bring down all but the very strongest banks. Alex Chambers was pounding the sidewalks of New York just as the crisis entered its most tumultuous period and perhaps its denouement.
Published October 2008 euromoney.com
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Euromoney November 2008
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Euromoney November 2008
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In October the credit crunch finally devastated global equity markets as investor panic threatened to bring down all but the very strongest banks. Alex Chambers was pounding the sidewalks of New York just as the crisis entered its most tumultuous period and perhaps its denouement.
Euromoney November 2008
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Includes Bonds, Equities, Loans, M&A, MTN, Project Finance
Published October 2008 euromoney.com
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The long-anticipated ISDA auction settlement of Lehman CDS trades took place October 10 amid heightened nervousness in the market about what the impact of the final settlement price will be. The key issue in the Lehman auction is the net open interest (buyers versus sellers) for the contracts – which initi
Published October 2008 euromoney.com
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Euromoney October 2008
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Despite approval of Paulson's bailout plan, it's not too late to devise a better approach than the one the Treasury has put on the table. Peter Lee looks at alternative strategies that might prove sharper.
Published October 2008 euromoney.com
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As Hank Paulson seeks to resubmit his action plan to save the US financial system, Euromoney considers whether he was ever the right man for the job, asks the questions that he desperately needs to answer, and analyses the mistakes he has made which mean, whether his bill is eventually passed or not, he has
Published October 2008 euromoney.com
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The government bailout of mortgage agencies Fannie Mae and Freddie Mac has made the case for covered bonds in the US less compelling. After the collapse of the government sponsored entities (GSE), the need for alternative funding methods should have been clear. Instead, with the debt of both entities tighten
Published September 2008 Liquid Real Estate Issue 07
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The UK non-conforming mortgage market – colloquially known as sub-prime – was the only fully fledged non-prime mortgage market in Europe. It was one of the first sectors to suffer contagion from the US sub-prime crisis. Indeed, spreads on non-conforming RMBS began to widen in March 2007 – well before t
Published September 2008 Liquid Real Estate Issue 07
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Property derivative volumes have rebounded, surpassing pre-credit crunch levels. This surge is driven mainly by hedge funds and institutional investors. However, the group of end-users that could benefit the most from these instruments has largely stayed out of the market. Have direct property owners missed
Published September 2008 Liquid Real Estate Issue 07
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The future of US mortgage agencies Fannie Mae and Freddie Mac is in the hands of politicians. Hours after the $200 billion bailout was announced in early September, Senate Democrats were calling for hearings to analyse the causes of the government-sponsored entities’ (GSE) demise. How the agencies look aft
Published September 2008 Liquid Real Estate Issue 07
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Royal Bank of Scotland’s Vesteda Residential Funding II commercial mortgage-backed securitization has shown that there is appetite for high-quality paper from well-known issuers. The €150 million five-year deal, executed in July, is the only externally placed CMBS in Europe this year, according to RBS. T
Published September 2008 Liquid Real Estate Issue 07
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Concerns have been mounting in recent months that the liquidity schemes offered by the European Central Bank and the Bank of England are being misused by borrowers and are thwarting the recovery of market-based funding, including the MBS market. Announcements from both central banks in September addressed th
Published September 2008 Liquid Real Estate Issue 07
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Published September 2008 Liquid Real Estate Issue 07
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“This is the least costly path,” US Treasury secretary Hank Paulson told Sunday morning talk-show viewers when he was out selling his $700 billion bail-out package at the end of September. At the time, details of his plans for the US Treasury to buy impaired residential and commercial mortgage assets fro
Published September 2008 Liquid Real Estate Issue 07
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Euromoney September 2008
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Concerns about an economic slowdown now weigh on capital markets.
Euromoney September 2008
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Euromoney September 2008
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US leaders might ponder the lessons of Venezuela and Iran.
Euromoney September 2008
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Euromoney September 2008
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The blow-up of corporate trades in China might lead to regulatory restraints on transparent, run-of-the-mill derivatives use.
Euromoney September 2008
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Bankers are in the final stages of preparing Iran’s first ever securitization, according the head of a Tehran investment bank.
Euromoney September 2008
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Despite a new round of fundraising for distressed ABS, a market floor is not necessarily in sight.
Euromoney September 2008
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The reintroduction of mandatory market-making in Pfandbriefe has not gone smoothly.
Euromoney September 2008