Hints and tips:
...That includes buying up to $600bn of mortgage bonds of government-sponsored housing enterprises such as Fannie Mae and Freddie Mac, and lending up to $200bn to holders of AAA-rated securities backed by auto...
...“The actions of local governments represent risks that need to be priced, rather than sources of support....
...attempts to drive penetration of its new auto-compare product....
...AstraZeneca has said the pause is a routine action which has to happen whenever there is a potentially unexplained illness in a trial....
...The Fed may be the first mover and will likely come big, but the rest of the G10 [central banks] will act as well....
...We expect the stock to re-rate on: (i) Improving organic growth momentum underpinned by a better macro outlook and strong new business momentum (see our accompanying note Agency Account Action: New business...
...Threats to tobacco stocks reached a peak in December, said Citi, which cited US regulatory actions against nicotine and menthol flavours, worsening sales volumes and widening credit spreads....
...This illustrates the early mover disadvantage, and may discourage early compliance with new regulations....
...Mr Stracke will have cause to be nervous as he strolls on to the factory floor, where Opel – the group’s German-based European arm – makes its Zafira compact people mover....
...The story is similar for Japan, they add — the rebound from tight auto supplies resulting from the disasters in March has not yet run its course in terms of US auto sales....
...Luxury-auto manufacturers are equipping vehicles with networked sensors that can automatically take evasive action when accidents are about to happen....
...Uncertainty over the actions of central banks has led to considerable market volatility in recent weeks....
...Ireland was wider after Moody’s downgraded its rating to Aa1 from Aaa. The action, prompted by Ireland’s deteriorating fiscal position and steep economic contraction, was no great surprise....
...After the radical action triggered a rally, stocks and spreads fell back. Previous rallies prompted by state action have also proved ephemeral....
...These actions allowed the CDO market to truly develop into a bubble over 2006/07. Had the banks not have artificially created AAA buyers, many of the riskiest CDOs would never have been created....
...Spreads on AAA municipal bonds have come down 150 basis points since October....
...The Fed said it was launching another programme – the term asset-backed securities loan facility, or Talf – to lend up to $200bn to holders of AAA-rated securities backed by student loans, auto loans, credit...
...Although Felix Salmon at Market Movers points out the occasional fallibility of using volatility as a proxy for risk, it’s pretty clear from other measures that “risk” is, indeed, falling....
...Step three would be big losses on unsecured consumer debt: credit cards, auto loans, student loans and so forth....
...Why would you pay to have your bond guaranteed at Aa3 when – put simply – Warren Buffett can do it AAA? Everything else should – theoretically – be moot....
...Voting for this action: Messrs. Bernanke and Dudley, Ms. Duke, Messrs. Evans, Kohn, Lacker, Lockhart, Tarullo, and Warsh, and Ms. Yellen. Voting against this action: None....
...With the Federal Reserve we are exploring the development of a potential liquidity facility for highly-rated AAA asset-backed securities....
...Since the CDO market has shown resilience before (auto bond downgrades, Amaranth, etc), is this different?...
...the pricing of other structured products; investment banks have all been working frantically to mimic and improve on the first deals done; and every investor in the field has been seeking a piece of the action...
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