Hints and tips:
...Barclays’ team of DMMs will become GTS employees as part of the deal. “We continue to believe in the DMM model and in the benefits that it can bring to issuers....
...The judge warned lawyers to avoid complex financial vocabulary in the case, which concerns the synthetic CDO Abacus 2007-AC1....
...Putnam served as the collateral manager for the CDOs named Pyxis ABS CDO 2006-1 and Pyxis ABC CDO 2007-1, which were named after the constellation Mariner’s Compass....
...Subprime auto sales now account for 34 per cent of all auto ABS issuance, surpassing levels last seen in 2007....
...Mr Saunders has served as chief executive since 2007 and has led the company through its initial public offering in March 2008 and through the financial crisis, which hurt many of the businesses and banks...
...His record of doing such mega deals is questionable, as the $15.6bn takeover of US biotechnology company Medimmune in 2007 has failed to produce many new drugs and is considered a flop....
...Kohlberg Kravis Roberts has struck its second oil and gas-related deal within a week with a $1.12bn acquisition of Capital Safety, the UK-based maker of safety harnesses....
...IK aims for a similar sized fund as its last one, a €1.7bn pool of capital raised in October 2007....
...Now Mr Hands plans to collect as much as €1bn in a separate pool of money from a sovereign wealth fund....
...Fitch implemented a moratorium on rating CDOs in November 2007 and in 2008 it held discussions with investors, dealers and regulators about evolving Fitch’s approach to analysing risk in the sector....
...District Court for the Southern District of New York, the CDO known as Squared CDO 2007-1 was structured primarily with credit default swaps referencing other CDO securities whose value was tied to the U.S...
...But from 1997 short sales rose to over 50bn in 2007....
...Called “Squared” and completed in May 2007, the deal was a collateralized debt obligation, or CDO, made up of pieces of other CDOs....
...Ramin Toloui, co-head of emerging markets at Pimco, which launched the fundamentally weighted Global Advantage family of bond indices in 2007, currently benchmarked by $4bn of Pimco’s $1,200bn of assets...
...One investor describes Baldwin as “the most sinister trade of all”. But if one CDO exemplifies the conflicts inherent in the investment banks’ role, it was Vertical 2007-1....
...Hair of the dog In May 2007, Cerberus bought an 80.1% equity interest in Chrysler Holding LLC, while existing owner DaimlerChrysler AG held on to the remaining minority interest....
...He has spent much of the past 18 months explaining securitisation to government officials and company executives to help them distinguish between the more exotic and distressed corners, such as CDOs of ABS...
...Ericsson bought the mobile network business of Nortel, the bankrupt Canadian equipment maker, for $1.1bn last month....
...Jana’s last significant foray into European corporate activism was in 2007, when the company, together with hedge fund giant DE Shaw, took a 1.6 per cent stake in Philips, the electronics company....
...Estimates from the International Monetary Fund say that of US consumer debt totalling $1,914bn (£1,166bn, €1,346bn), 14 per cent will turn bad....
...Profit attributable to shareholders was €1.29bn ($1.62bn) for the year, down 41 per cent from €2.2bn in 2007 while earnings before interest, tax, depreciation and amortisation (ebitda) rose by a like-for-like...
...insurance groups that write guarantees for debt issuers when two leading French banks pledged $1.5bn to support the credit ratings of CIFG....
...In 2006 and early 2007, no less than $450bn worth of these “CDO of ABS” securities were produced....
...such as HSBC Holdings Plc, Bank of America Corp, General Electric Co and Citigroup Inc....
International Edition