China’s crouching commercial paper, hidden loan targets
As western commercial paper continues to wither, the eastern stuff is on the up.Bloomberg wrote on Friday about surging commercial paper sales in China — as companies tap...
A slow, speedy death for BofA’s conduits
Bye, bye Bank of America commercial paper conduits. We knew you well.From Asset-Backed Alert:Bank of America is officially out of the business of running commercial-paper conduits....
Winding down at the BoE
What’s this? Some good news from the Bank of England?Out this Monday — a slew of announcements related to the Old Lady’s support programmes for British credit....
Money market funds meet moral hazard
Cast your minds back to August 2007, when money market funds were experiencing their first major crisis. It was far less sexy than what was to follow in September 2008 —...
Mi casa es su casa – Spanish clearing and collateral
Has LCH.Clearnet single-handedly saved the Spanish financial system?Early this month, and as the FT Trading Room reported, the Anglo-French clearing house announced a new service...
Moody’s on ‘breaking the buck’ – and 208 near misses
Some 13 months and seven days ago, we were struck with a certain catastrophe.Reserve Primary Fund — a money market mutual worth about $64.8bn in September 2008 — broke the buck....
How Dodd-Frank travels – all the way to Canadian ABCP
DBRS’s Andrew Fitzpatrick has a wonderfully understated way of putting things:. . . it would be something between ironic and sad if the best-laid plans of the Montréal Accord,...
Citi’s super senior subprime SEC slip
One of these is a draft version of a pre-announcement release Citigroup considered making in the credit-crunched October of 2007, in reference to its subprime exposure. The other...
Monday funding fears
So much for any interbank market relief after the stress tests.The below just out from the European Banking Federation:That’s about a one-year high for the Euro Interbank Offered Rate....
Calming down on bank credit risk
Three-month dollar Libor fell just a bit on Friday, breaking with its unsettling rise over recent days, a trend which may have been related to fears over US financial reform and...
Cosmic European commercial paper
There's been much focus on surging Libor of late, but there's another (sky-high) money market indicator to watch in Europe's credit crisis, FT Alphaville says. The rate for 30-day...
