CIT has amended its restructuring plan: The amended terms of the restructuring plan include, among others: A comprehensive cash sweep mechanism to accelerate the repayment of the new notes; The shortening of maturities by six …
Search Results for: performance
October 16, 2009
The New York Times considers the sale of Philbro to be a public policy success: Bankers will surely say “we told you so.” Citigroup’s sale of its profitable energy trading unit Phibro is exactly the …
October 15, 2009
A day enlivened by the settlement of IAG.PR.E. Otherwise, we were back to same-old, same-old, with PerpetualDiscounts losing 26bp and FixedResets gaining 4bp, total return. Volume was good, with PerpetualDiscounts being the majority of the …
October 14, 2009
US Municipal defaults are not at record levels, but still high: Municipal bond defaults soared past $4 billion for the year through the end of September, driven partly by the bursting of the real estate …
Dudley of FRBNY Supports Contingent Capital
The British government indicated interest in a debt security that would convert to capital in times of stress, as discussed in the post HM Treasury Responds to Turner Report. Such an instrument is of interest …
October 13, 2009
Econbrowser has a guest-post touting the Wisconsin Foreclosure and Unemployment Relief Plan: The WI-FUR plan (here for details) specifies that all unemployed receiving UI benefits also receive a housing voucher that can be used to …
October 9, 2009
The transfer of wealth from the banking to the shadow-banking sector got a boost today when Citigroup sold Philbro to Occidental: Oil producer Occidental Petrol Corp., based in Los Angeles, will pay “net asset value” …
October 8, 2009
This is way, way, way WAY off topic, but I grew up with Vivien Leigh telling the Beatrix Potter stories (on 45s – if anybody remembers what those were) and have been looking for re-releases …
October 7, 2009
The OSFI Annual Report 2008-09 has been published. Standard corporate puffery, but this part was amusing: Because the Canadian financial system withstood the first wave — global financial market turmoil — better than many systems, …
October 6, 2009
Australia has hiked the overnight right: Reserve Bank Governor Glenn Stevens increased the overnight cash rate target to 3.25 percent from 3 percent in Sydney today. Only one of 20 economists surveyed by Bloomberg News …