The Lobby of Heaven (tuyen tap Book 5)

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Next, discover special Vietnamese traditional art of water puppetry as well as Vietnamese folklore through a compelling puppet show at Thang Long Theatre. Meal: No Meal. Overnight stay at the hotel in Hanoi. Enjoy a yummy breakfast at the hotel. Post breakfast, proceed for the city tour. Continue to the Temple of Literature, known as the first university of Vietnam built in by the Ly Dynasty to honor Confucius, sages and outstanding Vietnamese scholars.

Take an hour cycle tour of the Old Quarter of Hanoi with its ancient streets representing traditional trades from the past. Meal: Breakfast. In the morning post breakfast, pickup at AM from your hotel for transfer to Ha Long Bay, which is about kms or 3. The transfer is approximately 3 hours. You will see some rural areas of the Red River Delta with plenty of chances to take photos of Vietnamese farmers working in paddy fields and you may stop on the way to admire the local scenery.

Arrive in Ha Long City at AM and check in aboard the booked junk right after the welcome drink is served. Start cruising while having lunch on board and enjoy the mighty bay view. Ha Long Bay which means Descending Dragon Bay in Vietnamese as legend has it that it was where a holy dragon landed down from the sky. After lunch, take a short trek to a nearby summit for a panoramic view of the bay dotted with golden sails, go swimming on a quiet beach or sunbath on the sundeck.

Later in the afternoon, you will visit an interesting fishing village with an opportunity to interact with local people who have been living in the bay for almost three generations. An optional kayaking trip is available weather permitting. Back onboard enjoy a lavish dinner and enjoy the bay view at sunset. Spend a night on board. Overnight stay on cruise in Halong. In the morning, refresh your body and mind with a Tai Chi exercise on the sundeck at the break of dawn. Have tea and coffee onboard and continue exploring Ha Long Bay sailing across its islets and visiting some of its major highlights.

Normally, check-out at , have a buffet brunch while cruising back to shore. Disembark at AM to transfer to Hanoi capital. Free at leisure until meet our guide then transfer to the airport for your flight to Da Nang. Flight time is approximately 1 hour and 15 minutes. Meet our guide and driver then transfer to the hotel in Hoi An for check-in. The driving time is approximately 40 minutes.

Meals: Breakfast, brunch Seafood or Vegetarian Food.

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Overnight stay at the hotel in Hoi An. After a sumptuous breakfast,proceed for the city tour in the morning to discover the charm of Hoi An as a renowned World Heritage Site. Once a bustling maritime commercial port of Asia between 15th and 19th centuries, Hoi An is now a peaceful town of exceptionally well-preserved architecture, lifestyles and traditions. Afterwards, move on to Thanh Ha village to see its traditional ceramic production trade still alive and thriving despite the years passage of time. Return to the hotel. Note: Hoi An is famous for tailor-made clothes.

Breakfast at the hotel. Post breakfast, transfer to the airport for flight to Nha Trang. Arrive Nha Trang. Meet our local guide and transfer to the hotel for check-in. From a patch of wilderness back before the 17th century, Nha Trang has gone a long way to become the metropolitan center of Khanh Hoa province and an international tourism hotspot nowadays. End of the tour with a visit to Dam market which is the commercial center for local businesses and shopper. Overnight stay at the hotel in Nha Trang.

Spend the day diving and snorkeling with your guide. Experience the richest coral biodiversity of corals identified in Vietnam with over species and many kinds of big, colorful fishes. Picturesque islands are one of the reasons for Nha Trang Bay to be rated among the most beautiful bays in the world.

Dive and snorkel by the island over coral reefs teeming with colorful sea life and enjoy the underwater excitement. The island and the waters around it belong to the Nha Trang Bay marine protected area for its exceptional biological abundance. Around types of corals have been discovered here along with over 1, other marine species. Enjoy seafood lunch on your own on the island and relax before returning back to your hotel in the late afternoon. In the morning post breakfast, enjoy a private transfer to Da Lat city which is a popular vacation spot for native Vietnamese.

This city is popular due to its crisp mountain air, beautiful surrounding forests and California like weather with private car, driver and English speaking guide. Arrive Da Lat, check-in the hotel and enjoy a sightseeing tour of Da Lat. Overnight stay at the hotel in Dalat. After a sumptuous breakfast at the hotel, transfer to the Cable Car Station by car for one way ride to Tuyen Lam Lake. Take a boat trip cruising the lake to the other site for touring on elephant back and taking relax rest in the pine forest park.

Transfer back to Da Lat and evening is free at leisure. Post breakfast, proceed for Phan Thiet. Arrive Phan Thiet and spend the time in swimming and sunbathing. Overnight stay at the hotel in Phan Thiet. Day is free at leisure and spend the time on your own. Post breakfast at the hotel, transfer to Ho Chi Minh, formerly named as Saigon which is the largest city and economic center of Vietnam always bustled with activities of modern life. It is where businesses converge and shoppers indulge themselves into unlimited choices. This achievement was hailed by market participants, although the issuer was not completely satisfied.

The law amending the Pfandbrief Act has come into effect today Thursday , after it was published in the Bundesgesetzblatt, the official law gazette, yesterday Wednesday. The privately-owned Lombard Odier Darier Hentsch believes the time is right to pick up key clients and add quality private bankers to its teams in Hong Kong and Singapore.

BSkyB, the UK satellite broadcaster, has become the latest borrower to consider a forward start facility. Bankers said, however, that some Japanese lenders might make commitments after their year-end on March The purpose of the plan is to encourage private investors to return to the asset-backed securities market by offering 12 times leverage from the Federal Deposit Insurance Corp. A bank meeting will be held in London on Friday. Barclays Capital is launching its second principal-protected structured note linked to the performance of Pacific Investment Management Co.

Citigroup and Bank of America are said to be aggressive buyers of toxic mortgage assets in the secondary market. Exposure to subprime mortgage, asset-backed securities and collateralized debt obligations have cost FGIC Corp. Trustee of an Eaton Vance Management fund has approved investment in commercial mortgage-backed securities.

Credit default swaps on banks rose again as investors were looking for evidence that the U. Morgan Stanley has recommended that investors use options to bet that Nokia will extend its recent rally. Losses stemming from unauthorized foreign exchange derivatives sank profits at Citic Pacific. A senior Chinese regulator is urging the government to accommodate the growing demand for derivative products.

The Securities and Exchange Board of India has raised trading limits on currency derivatives for clients and non-banking trading members. Secondary market trading of asset-backed securities has come to a virtual standstill as attention has primarily focused on new issuance under the Term Asset-Backed Securities Loan Facility. IDX Capital, an electronic credit derivatives interdealer broker, is looking to hire two managing directors for its investment-grade credit default swap desk and one associate for high yield CDS.

The first group to represent investors in covered bonds globally was launched today by the International Capital Market Association. The loan, which will be sold down to relationship banks, is one of the first underwritten deals mandated in Europe this year. Barrier options on fx have become more popular among currency players in the last three months. Mortgage approvals in the U. The level of mortgage lending the in the U. The Royal Bank of Scotland has named Peter Nielsen to the new position of global head of markets as part of its reorganization.

Bids are due tomorrow on a bids wanted in competition, one of three to hit an otherwise quiet market this week. Korea Housing Finance Corp has sent out a request for proposals for a cross-border residential mortgage backed securitisation in what bankers said could set a new benchmark in the global structured finance market. The Australian bond markets showed new signs of a recovery this week as Tabcorp began marketing a rare corporate deal and RBS added to a UK-guaranteed bond. FX and equity derivatives broker Newedge has relocated a pair of managing directors in Asia-Pacific as part of its expansion in the region.

Will the strong shareholder support trigger more issues into UK markets? Read EuroWeek on Friday. The issuer is in the process of marketing a five year at the holding company level at bp area over mid-swaps, which is around 20bp back of cash secondaries. Pricing is expected on Wednesday and to find out if the issuer finds good demand for its deal, read EuroWeek this week. The expected flurry of deals from Middle Eastern sovereigns materialised this week.

The roadshow will continue in the United States, finishing next Wednesday. Porsche agreed a refinancing deal with its lenders last night only hours before its Eu10bn loan was due to mature, a process that has left many banks irate. EuroWeek understands existing lenders that did not commit to the refinancing have still not been repaid. Regional policymakers have focused on stimulus spending to spur economies rather than striving to rebalance mostly export-driven growth models.

Nordic Investment Bank is also expected with a five year euro at plus 50bp. EuroWeek understands some existing lenders that did not commit to the refinancing had not been repaid this morning Wednesday. Deutsche Telekom is in the market today with the first foreign triple-B issue since July last year. Though bankers say that it looks ambitious at plus bp for five years, the Swiss market has proved receptive to corporate names in recent weeks.

Read EuroWeek on Friday for full reaction. Among other deals this week, the Inter-American Development Bank is issuing a 10 year at plus 20bp as investors rush to take advantage of a sudden steepening of the curve. Other highlights include the first senior unsecured bank issue of the year, a Credit Suisse tap. Skandinaviska Enskilda Banken confirmed the growing recovery of the jumbo covered bond market yesterday Tuesday , pricing the first Scandinavian benchmark in six months. And the issuer suggested that others who do not pay the spreads now necessary to tap the market are deluded.

The European Investment Bank had been expected with either a three or five year transaction but is now thought to be eyeing the two year sector. Six corporate bonds are expected to price today though with performance at the forefront of their minds, borrowers are being careful to limit the sizes of their deals and so market volumes are not nearly as high as the start of the year. Retail-friendly names such as John Lewis, Heineken and Bacardi are out in the market today, while from the mining sector, BHP Billiton is out with a dual tranche deal of three year. To find out how this and all the deals in the market this week performed, read EuroWeek this Friday.

Porsche has come under heavy criticism from loans bankers for its eleventh-hour handling of its Eu10bn refinancing, which it finally secured last night just as its previous loan fell due. Now it is going back out to lenders to raise an additional Eu2. A trio of CIS bank borrowers are in the process of buying back outstanding bonds. Ursa Bank has repurchased Eu Citi and ING were joint dealer managers. The tender offer expires on 30 March. Will more borrowers follow these three? Read EuroWeek on Friday to find out.

Banco Sabadell and Banca Popolare di Milano have announced liability management exercises this week aimed at boosting their core tier one ratios by buying back hybrid tier one debt at deep discounts. They follow other issuers who have adopted this route and the pace is expected to pick up in the coming months. Spanish banks are ignoring dwindling investor appetite for guaranteed issuance and piling deals into the market.

Credit default swaps on corporate bonds plunged after U. T-Zero has launched a re-couponing service that aims to prepare the credit default swap industry for single-name coupon standardization. Mexican corn-flour producer Gruma has agreed to pay USD Banco Central do Brasil has announced that it will ease rules in connection with its foreign currency auctions.

The Securities and Exchange Board of India has proposed a variety of measures to increase investor participation in its derivative market. Latin America continues to dominate liquidity in the sovereign credit default swap market, according to Fitch Solutions. Harry Reid D-Nev. Risk on commercial mortgage-backed securities tightened after Treasury announced details of its plan to help banks shed toxic assets.

Investment research firm Morningstar is developing an evaluation system for structured products, initially targeting investors in Australia. The Australian Office of Financial Management has announced its plans to invest in another three residential mortgage-backed securities issue. Ascom, the Swiss electronic systems company, has secured a long-term loan of Sfrm Eu Hopes for the revival of the loan market — or at least, for the re-emergence of underwriting — appear to rest more than ever on the continued health of the European corporate bond market in Europe.

It was also one of the main points stressed by heads of loan syndicates at a conference in London last week, who argued that more emphasis was needed on takeout strategies. The Eu1. Fearing it will be years before equity markets produce decent returns again, investors are turning to algorithmic trading strategies wrapped in structured products. Hong Kong is pressing ahead with plans to create an Islamic bond market and will outline tax changes to help boost its development this year, Hong Kong chief executive Donald Tsang said on Tuesday.

The Australian government said on Tuesday it would invest in three more residential mortgage backed securitisations, continuing its efforts to prop up the faltering market. Skandinaviska Enskilda Banken is due to price a Eu1bn five year mortgage-backed benchmark later today Tuesday. Market participants have been encouraged to see a jumbo from a new jurisdiction and were today working out just what the implications of the deal are for other potential issuers. A consensus has emerged on the way financial institutions must look to improve their risk management functions to avoid another global crisis.

A new report by the Economist Intelligence Unit puts forward 10 steps they would do well to follow. Denver-based Allonhill, formerly called Allon Financial, has launched a service aimed at changing the way due diligence is provided by speeding up the completion of sales of mortgage pools and providing more in-depth analysis. America is cracking down on the financial services industry. Perhaps we should be worried that US political leaders want to tax bonus-recipients dry, re-regulate markets and keep US bail-out funds for US companies. But similar tax measures nearly half a century ago led directly to the greatest international capital market instrument ever known: the Eurobond.

But the plan, with its pretence that taxpayers are only on the hook for their small equity contributions, is another barrier preventing a real clean-up of damaged institutions which may still decline to sell assets. New Yorkers are angry, and turning on the financiers that made the city what it is. AIG is top of their hate list with one disgruntled Manhattan citizen even suggesting that all employees should be strung up with piano wire.

An interactive online version is now available alongside the familiar print format. The ever dwindling appetite for Spanish government-guaranteed paper was clearly evident yesterday Monday as Cajamar just about got a Eu1bn deal over the line, but another mandate is already out. The decision to switch the lucrative cricket extravaganza from its spiritual home is regrettable for players, spectators and sponsors alike.

It no doubt casts a long shadow over brand India, but the possibility of a terrorist attack at a time when the country cannot adequately defend itself means it has to be the right decision. Porsche has secured only Eu8. Bankers said Porsche needs to repay the deal on time to avoid a technical default, and speculated the refinancing would be completed tonight. A source close to the borrower said, however, that a deal might not be signed until tomorrow.

The loan has now been launched to general syndication, which Merck expects to wrap up in the next few weeks. Fitch Ratings has revised its projected base-case average loss estimates for jumbo-prime mortgage performance. Treasury Secretary Timothy Geithner spelled out the rationale for the long-awaited Public-Private Investment Program PPIP , and said the government would do everything it could to make investors comfortable again.

The chairman of China Investment Corp. Markit has launched a credit default swap portal with information designed to increase transparency and re-coupon trades. There appears to be some level of comfort with the introduction of equity-linked exchange traded derivatives into the Indian market but not so with exotic over-the-counter derivatives.

Asset manager BlackRock reportedly is upgrading its technology and derivative operations in preparation for new protocols for standardizing credit default swap trading. Cortland Capital Market Services, a Chicago-based custody and portfolio administration provider, has expanded its securitization services for commercial real estate investment managers and issuers. Halifax Bank of Scotland has injected cash into its Permanent residential mortgage-backed securities master trust as prepayment rates of the underlying mortgages have fallen below expectations, causing a shortfall in cash.

The amount of mortgagees choosing fixed over variable-rate mortgages in the U. Emerging markets credit default swap players are considering a move to the new standardized CDS format, following in the footsteps of their North American counterparts. Sellsiders in Singapore are objecting to a mandatory cooling off period for retail investors of structured products. Confusion still reigns over whether Porsche has received enough commitments to refinance and repay parts of a Eu10bn revolver due tomorrow Tuesday.

Alarm is rising among members of the original syndicate that they may not be repaid on time. Allocations for the refinancing, which were expected to be settled today, have yet to be disclosed, according to some bankers close to the deal who said they were being kept in the dark about developments.

Moody's is investigating whether certain provisions of the UK Banking Act may negatively affect covered bonds and structured finance transactions. Skandinaviska Enskilda Banken is today Monday tapping the market with a five year benchmark covered bond, the first in six months for an issuer away from France and Germany.

Harbinger Capital Partners is launching a hedge fund that will invest in credit default swaps, among other things. CME Group says it is delaying the launch of its clearing house for credit derivatives until it finds more participants. A small majority of EuroWeek Asia readers believe the worst of the financial crisis has passed, according to a survey held on euroweek. David Oliner, a managing director in the commercial mortgage-backed securities group at Morgan Stanley, will leave the firm in May. MetLife has come out in support of a Securities and Exchange Commission proposal that would force equity-linked annuities to be regulated as securities, just as variable annuities are.

The International Swaps and Derivatives Association has announced that it will publish on its web site a credit default swap auction protocol to facilitate settlement of credit derivatives trades that reference LyondellBasell Industries. Five-year credit default swaps on GE Capital Corp. The Securities and Exchange Board of India is seeking comment on recommendations to reintroduce derivatives to the country. Some structured products desks are seeing increased interest from high-net-worth individuals and family offices for retail structured notes and certificates of deposit.

Units of American International Group and Countrywide Financial have taken each other to court over loan and insurance issues. The bill that would give bankruptcy judges authority to modify mortgages is finding it tougher going in the Senate than it did in the House of Representatives. Kevin Doyle and Brett Fitzgerald, veterans of Countrywide Securities, have formed 12th Street Capital, a broker-dealer specializing in asset-backed and mortgage-backed securities. A proposal to place a cap on mortgage lending in the U.

Lawyers were drafting special request documents for hedge funds doing over-the-counter derivatives with banks. Morgan Stanley is recommending investors place short-dated put spreads on certain energy stocks instead of direct investments in commodities. Stephen Tang, director of derivatives-related corporate finance and risk solutions at Royal Bank of Scotland in London, will move to Hong Kong next month. But the move smacks of hypocrisy as Chinese firms are heavily engaged in foreign acquisitions of their own.

Cantor Fitzgerald is looking to add another four loan professionals to its high-yield and distressed sales and trading team on top of the quartet it has already brought on. DnB Nor is setting up a new institution to issue covered bonds backed by commercial mortgages, while DnB Nor Boligkreditt will continue to focus purely on residential mortgage-backed issuance. Credit default swaps on Canadian paper and pulp maker AbitibiBowater had possibly been triggered as CIN went to press Thursday, after the company said March 13 it was looking to reduce interest payments.

Participation looks set to continue rising as more companies, as well as banks, achieve eligibility. Retail real estate investment trust General Growth Properties, which was unable to drum up enough support from bondholders to reach an extension agreement, pushed its deadline to Friday. Senior tranches of European securitisations have so far escaped systematic downgrades, with cuts to triple-A notes mostly limited to CDOs and Lehman-sponsored deals. No longer. Fitch is updating the residential mortgage default model criteria it uses for analysing Portuguese mortgage covered bonds and residential mortgage-backed securities, and expects to require higher overcollateralisation for covered bonds.

The first wave of multi-billion euro rights issues crossed the finishing line in European equity markets this week with deals by Xstrata, Compagnie de Saint Gobain, British Land and CRH pricing amid strong support from their shareholders. When Irish eyes are smiling Initial terms for an amendment for Eddie Bauer Holdings' term loan include an amendment fee with a payment-in-kind option that is deferred until , a wrinkle bankers said could become more common as cash-strapped companies seek amendments. Skandinaviska Enskilda Banken is today Friday testing the market for a new benchmark covered bond, The Cover understands.

In a declining economy, commercial real estate investors want long-term leases, low tenant rollover, low expense ratios and the ability to pass along increasing operating expense to tenants.

Georgia Gulf Corp. Vicki Bryan, high-yield analyst at Gimme Credit, on Hovnanian Enterprises and the housing industry as a whole. The main ranking in this league table now excludes credit for SFEF issuance. However, we have included in the second column the ranking for each bank including SFEF issuance. A strong domestic retail investor base boosted the performance and pricing of a transaction from Lufthansa in what was a busy week in the corporate bond market.

Delphi Corp. Treasury aid to prop up operations and continue paying employees. BNP Paribas impressed bond market participants this week, pricing a Eu1. The level looked incredibly tight versus secondaries and was hailed as an amazing tour de force by syndicate bankers. Homebuilder Hovnanian Enterprises' bonds took little to no hit from a Fitch Ratings' downgrade Monday. A shallow pool of distressed-debt investors, bank lenders postponing inevitable losses and the difficulty of calling a bottom for company valuations are combining to make debt-for-equity restructurings a traumatic process.

Tessa Wilkie reports on the outlook for a leveraged loan market attempting to sort out the turmoil of collapsing deals. The refinancings of several facilities for Dubai-based borrowers, including one for the Department of Civil Aviation, are progressing through the market and picking up commitments, despite residual worries about Dubai credit risk.

Market players were watching NewPage Corp. MGM Mirage's loans traded lower Wednesday following news the company has obtained a temporary waiver from its lenders to explore debt restructuring options amid a deteriorating liquidity situation. Wachovia Securities created a principal finance group to centralize the bank's principal activities and focus on management of the bank's retained risk. The Financial Accounting Standards Board this week published new guidance for fair valuing assets in inactive markets and the treatment of other than temporary impairments OTTI.

Mel Gunewardena, global head of fixed-income prime brokerage and credit derivative intermediation at Deutsche Bank, has left the firm. Credit analysts at Morgan Stanley have changed their views on triple-A rated collateralized loan obligations.


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The International Swaps and Derivatives Association has announced that it will publish on its Web site the credit default swap auction protocol to facilitate the settlement of credit derivative trades referencing Chemtura Corp. Fitch Ratings has downgraded five classes of Sydney Street Finance, a managed synthetic collateralized debt obligation, and affirmed four others. Malaysian investors experienced less painful losses from structured products than their neighbors in the region, especially Singapore, thanks to tighter government regulation.

The International Monetary Fund has blasted the U. A competing bid has delayed the scheduled closing date of the merger between LCH. Commercial mortgage servicer and real estate manager Hudson Advisors has hired Michael Marschoun as a director in mortgage research. The amount of U. Fannie Mae has introduced new rules that will make it more difficult for condominium developers to sell apartments. Officials of several government regulators have admitted before a Senate Banking subcommittee that they made errors in the oversight of risk management at large financial institutions.

A few weeks ago the International Swaps and Derivatives Association issued a so-called 'Big Bang' protocol governing credit derivative trades. Liquid Capital Markets, a London-based equity options market maker, is opening a New York office to broker options on stocks, indices and exchange-traded funds to institutional money managers and hedge funds. Ginnie Mae will start an initiative to increase transparency for new and existing mortgage-backed securities it guarantees starting in the next few months.

A recent proposal to reinstate the uptick rule is seen as addressing only part of the issue with short selling, since it does not do away with the problem of when the volume of shorts exceeds the number of shares outstanding. HBSC Holdings is planning top expand the staff of its Taiwan unit by some as it looks to grow its mortgage business in the territory. Gross mortgage lending in the U.

German bank BayernLB is understood to be shutting down its securitization team in London and possibly the businesses in New York and Munich as well, according to market players. Rival loans bankers welcomed the news as evidence that banks were willing to lend to Russian borrowers.

Trading on the LevX senior series four will begin on Friday morning when the index will launch with a bp coupon.

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It is expected to price in the mid to low 80s. Market participants are hopeful that the new series, with just 50 names as opposed to the usual 75, will encourage liquidity in the index of loan credit default swaps. The Italian leasing asset-backed securities sector is likely to come under more pressure in as delinquencies and defaults rise in the transactions and underlying economic conditions worsen. Chinese internet portal Sohu. The ratings of several related entities were also cut by one notch. Posco, the Korean steel company, cut price guidance on its dollar bond on Thursday afternoon after US Treasuries rallied strongly and investors flooded it with orders.

The country has consistently neglected evolving its debt markets, which could cause some major problems as it is seeking now to scale up the level of local bond issuance to support its stimulus plan objectives. Asia Aluminum cancelled efforts to buy back its high yield bonds this week and appointed a provisional liquidator, underlining the difficulties facing borrowers in the struggling Asian debt markets. Eurohypo on Tuesday afternoon priced its first jumbo of the year, a Eu1.

The issue marked the successful implementation of a three-pronged funding strategy for the Commerzbank group. A renewed focus on takeout strategies — as developed in the US — and the health of the bond markets were highlighted as the most important elements needed to keep the European syndicated loan market afloat this year by loans bankers at a conference in London today Thursday.

Barclays Capital is betting that the commercial mortgage-backed securities market will outperform other sectors and has upgraded CMBS to overweight. Thornburg Mortgage has reached an agreement with its counterparties to hold off demands for payment under its various financing agreements until March Barney Frank D-Mass. Credit default swaps on Canadian paper and pulp maker AbitibiBowater Inc. ICE U. Trust cleared USD7. A missed collateral call has cost a debt fund formed by the restructuring of the Canadian asset-backed commercial paper market as much as CAD Mexican glassmaker Vitro has reached agreements with the counterparties to its losing derivative bets that will keep any litigation out of court until April Concerns over credit card delinquencies at American Express have helped spike European corporate bond risk.

The director general of the Federation of Indian Export Organizations has called on the Reserve Bank of India to punish banks that mis-sell exotic derivatives in violation of RBI guidelines. India Infoline is planning to sell structured products in Singapore and has applied for a license to operate as a brokerage and investment bank in the territory. A long-awaited report on the global banking crisis published today by Lord Adair Turner, chairman of the Financial Services Authority, has given some derivatives practitioners comfort that the U. Mortgage arrears in the U.

Lord Turner, chairman of the U. Jean-Claude Trichet, president of the European Central Bank, laments the path securitization has taken. Securitization markets need to normalize to help revive global economies, says John Varley, ceo of Barclays. UBS has announced a raft of senior appointments in its Asia Pacific equity derivatives division. Michael Berry, the former head of leveraged finance at Nomura International, has launched a debt advisory firm, Versatus. Four ex-prop officials from JPMorgan are working on the launch of a new multi-strategy credit fund, named Sancus Capital Management after the Roman god of loyalty.

Some FX structurers in Asia are observing increasing demand for structured products with payout streams that mirror bond coupons. Heartened by rallying equities and improved sentiment, a clutch of European SSAs priced benchmarks this week. The Kingdom of Belgium, and the Republic of Finland attracted bulging order books. Read EuroWeek on Friday to find out how these deals fared. Asia ex-Japan and emerging market equities have started to attract investor interest, although globally funds geared to both equities and bonds to still leaned towards redemptions in March.

Nearly all CDOs issued in the US and three-quarters of those in Europe will suffer events of default if the Hedge Fund Transparency Act proposed by Senators Levin and Grassley is passed in its current form, structured finance lawyers warned this week. What are its chances and how can the industry respond?

Read EuroWeek on Friday for a full report on the latest threat to the battered sector. While the depth of demand has been mixed, transactions are getting priced at guidance, or the tight end of it. Signet Jewelers, the retailer which owns high street chains including Ernest Jones and H.

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Falling sales in the UK and US forced the borrower to renegotiate one of its most stringent covenants, in return for which it has reduced the facility and increased its margins. Senior triple-A classes of corporate CDOs could face an average 1. The agency issued a request for comment on an update to its methodology and assumptions for corporate cash flow and synthetic CDO ratings, incorporating new qualitative tests and cliff risk analysis. Read EuroWeek this week for full details. Eurohypo yesterday negotiated a difficult price discovery process to issue a Eu1.

Basis swap prices in most currencies are still distorted, showing the effect of the dysfunction of the last year. For the most part prices are heavily offered, providing, on the one hand, juicy arbitrage opportunities for European borrowers of dollars, and, on the other a strong disincentive to non-Japanese borrowers of yen.

While there was some dissension about the scale of the new issue concession, the bonds still came in like a train after pricing. The deal, signed last week, is set to be launched next month. Construction company SIG became the latest business in the UK to launch a rights issue and more deals are expected to follow with property firm Brixton considering equity raising. How many more UK recaps will there be? Investors have swallowed the first wave of large rights issues when the offer periods for the Xstrata and Saint Gobain deals ended this week.

Deals worth Eu6. Are bankers expecting a smooth ride? The senior unguaranteed bond market has sprung back to life, with not one but two deals issued this week. To find out more about the deals, read EuroWeek this week. If it succeeds the IPO could encourage other regional companies looking to raise cash to direct their attention towards the US.

Nearly Eu8bn of issuance in the first two days of the week has again showed momentum building in the primary corporate bond market. Corporates from many sectors have accessed funding and most have printed tighter than guidance. Syndicate officials say that the pipelines are still busy. Today, Repsol is expected to print Eu1bn of five year paper at mid-swaps plus bp and to find out how this and all the rest of the market performs read EuroWeek on Friday. Commercial real estate collateralized debt obligations delinquencies are increasing at an accelerated pace, which could lead to more downgrades.

Some members of AIG Financial Products reportedly are getting million-dollar bonuses despite the heavy losses the division suffered. Fitch Solutions has extended to buy-siders its liquidity scores and percentile rankings for credit derivative swaps. The Financial Accounting Standards Board has proposed guidance to help companies decide whether a market for an asset is especially illiquid and when a price for a transaction is not distressed.

Markit has announced that it has reduced the number of constituents in Series 11 of its Markit iTraxx Crossover from 50 to Wrong-way financial derivatives bets helped send the Federal Agricultural Mortgage Corp.

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The 12 regional financial institutions that make the Federal Home Loan Banks suffered their first combined loss in at least 20 years in the fourth quarter. The Federal Reserve may have to significantly boost its purchase of mortgage securities and other assets to ease financial conditions, according to Andrew Tilton, a Goldman Sachs economist. The Financial Accounting Standards Board has proposed providing guidance to help a company decide whether a market for an asset is not active and when a price for a transaction is not distressed.

Dole Food Co. Cuts in the base interest rate by the Bank of England have not made it easier for first time U. Home repossessions in the U. The German government has extended until Dec. More structural problems are expected to appear in the European commercial mortgage-backed securities market as unprecedented stresses continue to grip the sector.

Asia Aluminum cancelled efforts to buy back its high yield bonds on Monday and appointed a provisional liquidator, underlining the difficulties facing borrowers in the struggling Asian debt markets. San Miguel Brewery, the biggest beer maker in the Philippines, set a new record in the Philippine peso market on Monday with a Ps News that the Bank of Japan is considering buying bank subordinated debt caused the Markit iTraxx Japan to tighten 15 basis points to bps yesterday.

Industrial Bank of Korea took a step closer to a return to the dollar bond markets on Tuesday after it hired four banks to manage the deal. Eurohypo is expected to price a jumbo five year mortgage Pfandbrief later today Tuesday , after having had to negotiate a tricky price discovery process.

When AIG released details over the weekend of how it used its US government bail-out funds, it might have been expected to receive a welcome reception and be applauded for its new found conversion to transparency. Instead, it met with opprobrium, heaped on it because many of the counterparties to whom it paid the funds turned out to be banks from, horror-of-horrors, Europe. The protectionist backlash to the bail-out appears to be getting stronger. Debt capital markets teams are having a dream start to the year thanks to the buoyant corporate and public sector bond markets.

But amid the fanfare for companies and sovereigns, DCM teams are beginning to bring in impressive amounts of revenues from the government guaranteed FIG sector. A haven of financial stability or next in the firing line of the banking crisis? That is the question Nordic loans bankers are asking now that foreign lenders are retreating and liquidity in the region starts to dry up.

But with one, late-arriving lender getting paid more than any of the others, the super-tranching method sets a dangerous precedent for the syndication process. The result has prompted the US pharmaceuticals firm to enter the bond market to take out part of the loan and has also offered hope that banks will soon start underwriting jumbo transactions for European borrowers. Tactical Global Management in London will use portfolio swaps similar to contracts for difference with Credit Suisse as its counterparty to get synthetic equity exposure at its TGM Tactical Global Equity Fund, scheduled to launch April 1.

American International Group has disclosed the names of its counterparties on credit default swaps, guaranteed investment agreements and securities lending transactions. RiskVal has launched a free service to help convert legacy credit default swap portfolios to the new quoting conventions. Software provider GoldenSource has introduced a program that helps financial institutions value portfolios and manage risk for derivative products.

The Monetary Authority of Singapore asked for public comment on structured-products and got it in spades. The U. Xuan Changneng, the former managing director of investment firm J. Freddie Mac, which is working on a securitization of multifamily loans is projecting that it could complete three or four multifamily securitizations each year. Commercial mortgage-backed securities loan delinquencies inched up. The kind of company split MBIA recently announced to separate its municipal bond service from its structured finance business benefits some and hurts others, according to Sean Dilweg, the Wisconsin insurance commissioner.

The Obama administration reportedly is close to unveiling plans to overhaul the financial-market oversight that would give the Federal Reserve new powers. Capital One Financial reports that its annualized net charge-off rate for its credit card hit 8. Asset manager Smith Breeden Associates is considering different strategies for investing in distressed mortgage-backed securities. Finance ministers of the Group of 20 countries have vowed to join in cleaning up the toxic assets that caused the current crisis and continue to weigh heavily on banks.

The creditworthiness of the U. Morgan Stanley is advising investors to sell long-term volatility via variance swaps, for example, while placing shorter-dated put spreads and overwriting calls on stocks in their portfolios to pocket premiums. Bank of Scotland has tapped its Credent Limited commercial mortgage-backed securities conduit with a second issuance of three classes of notes.

Read on for the full breakdown of the poll results. If the scheme of arrangement gets approval from senior lenders then it will go back to the court to be sanctioned. Sacyr Vallehermoso, the Spanish construction and infrastructure group, has signed a Eum three year guarantee facility via bookrunner Calyon.

About 25 other lenders — a mixture of cajas and foreign banks — committed to the deal. Korea Development Bank is considering a return to the Samurai bond market in the second quarter of the year, in a deal that would test the appetite of Japanese investors for bonds without a top triple-A rating. Credit default swap spreads on Korea are unrealistic in light of European countries with similar credit ratings, analysts at Standard Chartered believe. SES, the satellite operator, has launched a Eu1.

Mainland China companies sold seven of the 10 largest bonds in Asia ex-Japan last week, as G3 debt issuance continues to dwindle, and this trend shows little signs of slowing. As the rest of the world wallows in economic weakness, Chinese delegations are on a global acquisition spree, especially in the energy and commodities sectors. Beijing basically wants more control over resources, and it has the cash to capitalise on some fire-sale prices. But it needs to learn how to handle the hostility that its financial muscle power provokes.

As bad news continues to mount, European borrowers are turning to government-guaranteed debt to raise funds, while trying to convince Asian investors they remain sound institutions. Eurohypo is soft-sounding a potential five year mortgage Pfandbrief today Monday , with books expected to be opened either later today or tomorrow morning. Any deal would be the first jumbo covered bond since early February. Primary dealers are setting up participation vehicles to help investors access the Term Asset-Backed Securities Loan Facility.

ICE Trust has approval to start clearing and processing index trades. But industry experts note that a key goal of isolating margin funds—via a process called customer segregation—may only be achieved with a new law or a workaround from the superintendent of the New York Banking Department. Robert Herz, chairman of the Financial Accounting Standards Board, has promised lawmakers that FASB will issue new guidelines for mark-to-market accounting rules in three weeks. The acting head of the Commodity Futures Trading Commission said he supports the creation of a new systemic risk regulator for U.

Yuanta Commercial Bank reportedly has decided to compensate all of its clients who invested in structured notes issued or guaranteed by Lehman Brothers Holdings. Buyers of collateralized loan obligations appear to be snubbing the instruments after suffering heavy losses from them. Collateralized loan obligation managers are increasingly seeking amendments to CLO documentation as a means of overcoming certain structural restrictions amid current credit market dislocations.

A Canadian accounting rule that will force companies to value derivatives more precisely is expected to be fraught with operational and economic challenges. As if splitting hairs on the likes of 'modified restructuring' and 'modified modified restructuring' in credit events wasn't enough fun for one day, nine Markit staffers agreed to have their heads shaved Thursday night to raise money for the St. Baldrick's Foundation in support of childhood cancer research. DZ Bank is winding down its multi-billion dollar U.

Investment banks suffered mark-to-market losses as correlation between stocks and equity indices rose to record levels. On Jan. Charles Grassley R-Iowa and Sen. Carl Levin D-Mich. Alistair Darling, the U. Chancellor of the Exchequer, is calling for a reform of the global financial system that would include giving mower powers to regulators over banks.

Hector Sants, ceo of the U. Mortgage lending activity in the U. A large U. Fears that the nationalization of a European financial name would crush subordinated debt holders led to a run on protection on the iTraxx Europe Sub Financials this week, according to one London-based trader. Traders have seen a renewed interest in contingent premium put sales to institutional clients, notably pension funds attracted to the notion of not having to stump up premiums.

The Loan Syndications and Trading Association and various banks are said to be talking to the federal government about opening up the Term Asset-Backed Securities Loan Facility program, or another government program, to triple-A tranches of collateralized loan obligations. The loans for Clear Channel Communications were unaffected by Moody's Investors Service downgrade of the media and entertainment company into the C category last Monday. The debt for Neiman Marcus, the high-end fashion retailer, was all over the board Wednesday afternoon after it posted lower than expected numbers.

Nearly Eu3. The energy sector burst into life this week with almost Eu12bn of deals from three companies offering investors positive stories. Going concern amendments could be the latest form of help companies seek as many prepare to present yearly financials. The world is in poor financial shape, but it's not all doom and gloom. Asia is still growing after all, and the region's best banks are in comparatively good shape.

Asiamoney identifies some positives for investors to cling to. Bankers are hopeful that the jumbo covered bond market could be reopened next week, saying that several issuers are potential candidates, but that one in particular is most likely to test the market. The Korean financial sector remained firmly in focus this week amid reports that Industrial Bank of Korea was planning to sell dollar bonds and Export-Import Bank of Korea had lined up meetings with European investors. Last-minute implementation of legislation governing business consolidation in the financial services industry proved little short of disastrous.

Regulators rightly wrote rules strengthening investor protections, but they are too complicated and have added to the risks. If the applications process is not streamlined, the consequences could be grave. Jon Calder and Mickey Brennan, former heads of credit sales at Citigroup, are heading up a new advisory firm focusing on balance sheet restructurings. Posco, the Korean steel company, is to meet investors next week ahead of a dollar bond issue that will test international demand for Asian corporate debt. The body had been expected to announce a successor to David Slade, who quit the board in January, sooner.

Gary Jenkins fears it was the former when it should have been the latter. Market participants noted a significantly shorter lag time between launching and closing collateralized loan obligations as managers used a take-the-money-and-run approach to securing AAA-investors amid an abundance of equity investors. Britannia Building Society looks set to become a covered bond issuer after making what appear to be the necessary steps towards setting up a programme. Amid a wave of terrorist attacks, plane accidents and riots across the region, respondents revealed their favourite hotels, airports and airlines in our largest industry insight to date.

Bernice Lam reports. The Intercontinental Exchange this week unveiled ICE Trust, a central counterparty for CDS, and there is hope that a central clearing house for credit derivatives — for months the holy grail of regulators — is closer to becoming a reality. TPG's objection to the debtor-in-possession loan put in place for Aleris, one of its own portfolio companies, highlights what could become a very gray area in future bankruptcies for sponsors that have also become lenders. EuroWeek understands that Jonathan Brown, co-head of the European bond syndicate at UBS and one of the best known emerging market debt specialists, has left the bank.

Some investors were less than thrilled when they learned the pre-negotiated bankruptcy plan for Masonite International would leave them either holding a lot of stock or a new second-lien PIK loan. Dealers had noticed the increased use of the facility and participation looks set to continue rising as more companies, as well as banks, achieve eligibility. The Loan Syndications and Trading Association and various banks are said to be talking to the federal government about opening up the term asset-backed securities loan facility TALF program, or another government program, to triple-A tranches of collateralized loan obligations.

Peter Schellbach left Barclays Capital Wednesday to head up sales and trading at Macquarie, according to market players. But while the banks are capital rich, their lack of risk management expertise could mean more bad loans are just than a matter of time. Asiamoney investigates where mistakes might be made. Auto supplier Visteon Corp. Fears about a looming liquidity shortfall in the Nordic region were fuelled this week after Norske Skog, the Norwegian paper group, drew down its entire Eum revolver to repay a syndicated loan that it could not refinance in the loan market.

Odey Asset Management is one of the few hedge funds that is weathering the storm. Last year it was up Holders of bonds guaranteed by MBIA have filed a class action lawsuit against the monoline insurer because of its business restructuring, requesting a trial by jury.

Mike Nitka has joined Cantor Fitzgerald as the firm looks to bulk up its presence in the loan market. Heightened volatility in the equity market is seen as unlikely in the long term, according to Altaf Kassam, head of Asian equities derivatives strategy at Deutsche Bank. Fitch Solutions has added new risk and pricing benchmarks into its Risk and Performance Platform. The window for buyers of credit default swaps to adhere to new a auction settlement supplement and protocol for existing trades opened Thursday and, according to Karel Engelen, director and global head of technology solutions at the International Swaps and Derivatives Association in New York, most users are expected to opt in.

NYSE Euronext plans to focus its attention on its credit derivatives clearing platform in London and has no timetable for setting up a similar operation in the U. Kevin Bailey, deputy comptroller of the currency, opposes effort to suspend mark-to-market accounting rules. Warren Buffett said Berkshire Hathaway will continue to sell derivative contracts even at the risk of additional losses.

The Financial Industry Regulatory Authority has filed a proposed rule change with the Securities and Exchange Commission for an interim pilot program with respect to margin requirements for credit default swaps. The International Accounting Standards Board has issued a clarification regarding accounting treatment for embedded derivatives. Patrick McHenry R-N. The Monetary Authority of Singapore is seeking public comment on its proposals to improve the standards of investment product sales and to better protect consumers.

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Primus Asset Management, an affiliate of Bermuda-based Primus Guaranty, has hired John Chrystal as a consultant to look at sister company Primus Financial Products, which writes credit default swaps. Several federal agencies have joined forces to participate in a task force aimed at dealing with any fraud or abuse that may arise related to the soon-to-be launched Term Asset-Backed Securities Loan Facility. The Securities and Exchange Commission may ask Congress for greater authority over credit rating agencies.

Pacific Investment Management Co. A federal judge in California has dismissed with prejudice the third amended complaint filed against Impac Mortgage Holdings in a subprime-related securities class action. Marriott International has sold its latest timeshare securitization to a JPMorgan commercial paper conduit, a shift for the lodging company that traditionally relied on the term market for funding. Barclays Capital in London has hired Reto Bachmann, ex-UBS asset-backed securities strategy head, as a co-head for its securitization research team.

A slow start to the year for the Middle East loan market has led to deal counts dropping to levels not seen since , while volumes are the lowest since , according to new data released by Dealogic. But project financings and a handful of new corporate transactions are now building up in the pipeline, which could revive the market somewhat in the second quarter, loans bankers said this week. Two-thirds of credit rating agencies around the world have not implemented the latest revisions to an international code of practice set forth by the International Organisation of Securities Commissions.

John McFall, chairman of the U. Companies weighing acquisitions are looking into selling their stock forward to protect against fluctuations in the agreed upon value of transactions, according to a New York-based lawyer whose firm is working on such a transaction. The Hong Kong Monetary Authority and Securities and Futures Commission are considering requiring full fee disclosure on retail structured products created and sold by the same firm.

Norske Skog, the Norwegian paper group, has fully drawn down a Eum revolver to repay a syndicated loan maturing in January The move comes amid widespread concerns in the Nordic region that a liquidity shortfall and a lack of refinancing options will force an increasing number of borrowers to draw down their backstop facilities.

Caixanova got its inaugural three year government-guaranteed transaction done yesterday Wednesday afternoon. Credit Suisse and Deutsche Bank joined an exclusive club of foreign banks this year when they were granted licences to set up Chinese joint-ventures. Chris Wright reports. The advisory side of the business will remain separate. Separately, data reveals that Chinese exports fell more than a quarter in February, and Malaysia unveils plans for a new airport in Kuala Lumpur. The Export-Import Bank of Korea is meeting bond investors in Europe on a non-deal roadshow, two fund managers told EuroWeek on Thursday, raising speculation that the policy lender may be planning a euro-denominated bond.

Pfandbriefbank schweizerischer Hypothekarinstitute is preparing to execute a series of private placements. Instead of the usual investor base, the investors will be Swiss banks, mainly the cantonal banks, which will bid for them. Which products will be first to recover? An interview by Treasury Secretary Timothy Geithner that seemed to indicate that the Treasury would ultimately bring troubled assets onto its balance stirred very different reactions among market participants.

Financial lawyers, securities industry lobbyists and other market participants fear momentum is building in the U. Congress to find ways to tax equity derivatives, as a partial means to make Wall Street pay for bailouts. The debt for Neiman Marcus, the high end fashion retailer, was all over the board this afternoon after it posted lower than expected numbers; the LCDX does not appear to be seeing an equities effect, barely budging as the Dow Jones Industrial Average surged Tuesday, up over points.

Polish companies have been hit with USD2. Credit default swaps on GE Capital fell to their lowest level in seven days after the company announced the sale of USD8 billion of government-backed debt. Indonesia palm oil plantation PT Permata Hijau Sawit has sued Citibank and Bank Indonesia over allegedly tricking one of its executives into investing in a derivative product that later lost more than USD10 million.


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