Goldman Sachs
Goldman may see raft of risk deal-flow from Sumitomo stake
Goldman Sachs may see a significnant increase in structured finance deals and other risk transfer activity following its ¥150 billion ($1.27 billion) investment in Japanese bank Sumitomo Mitsui Financial Group.
HSBC hires new North American head of FX sales and trading
HSBC has hired Ben Welsh as managing director and head of foreign exchange sales and trading for North America. Welsh joins HSBC from Goldman Sachs’ New York office, where he was head of foreign exchange spot and forward trading.
CDO activity sparks tightening in default swap prices
Trading in the European credit default swap market this week was brisk, with traders stating they had seen good liquidity in the market and narrowing spreads following the holiday break.
Hetco stops power trading
Hetco, the New York-based proprietary energy trading company, has closed its power trading desk. Hetco was created in 1997 as a joint venture between US oil major Amerada Hess and Stephen Hendel and Stephen Semlitz, two former partners of Goldman Sachs,…
Salame joins Tanemura as co-head of credit derivatives at Goldman
Goldman Sachs has promoted head of credit trading for Europe and Asia, Pablo Salame, to co-head of global credit derivatives alongside Ron Tanemura, who was previously sole global head of credit derivatives.
AIG makes senior FX appointments
AIG Trading Group has made four senior additions to its global foreign exchange operation over the past two months, a spokesperson in the bank’s Greenwich, Connecticut headquarters said.
Attractive investment opportunities lie in managed synthetic CDOs, says Goldman
Managed synthetic collateralised debt obligations (CDOs) currently present an attractive long-term opportunity for investors, Goldman Sachs said in a new report this week. The CDOs, composed of credit default swaps on corporate credit, take advantage of…
Insurance companies turning to hedge funds, says Swiss Re
Insurance companies are increasingly turning to third-party asset managers to improve returns and manage risk, according to a new study by Swiss Re. As a result of the trend, insurers' alternative investment holdings in hedge funds are poised to grow by…
Sponsor's article > Credit derivatives: will the market keep expanding?
This article aims to give a brief overview of some of the main trends in the credit derivatives market and also proposes to analyse some of the underlying reasons why this market is experiencing such a boom.
Airline exposures cast shadow over CDOs and derivatives trading
Collateralised debt obligation (CDO) investors assessing their credit risk exposure should be aware that recovery prospects among airlines bonds vary dramatically from company to company, according to Goldman Sachs.
LSE launches covered warrants trading
The London Stock Exchange (LSE) launched its covered warrants market this morning, giving UK private investors direct access to equity hedging tools.
Samsung Securities poaches Goldman specialist Choi
Korea’s Samsung Securities has poached Alex Choi from Goldman Sachs to head its newly established capital markets division in Seoul. Choi was previously executive director for liabilities management at Goldman Sachs in Hong Kong.
Equity put–credit default swap arbitrage opportunities disappearing, say US dealers
Jeremy Howard, head of US convertibles research at Deutsche Bank in New York, has said that the days of buying low-strike equity put options to hedge sales of credit default swap protection are largely gone.
Goldman’s Ehrlich claims hedge funds do not move markets
Goldman Sachs’ London-based head of prime brokerage in Europe and Asia, Alexander Ehrlich, has claimed there is no apparent correlation between the volume of short selling of stocks by hedge funds and market direction and volatility.
Credit spreads for European financial debt protection widen
The cost of credit protection for European banks has widened significantly this week as negative fundamentals dominated market sentiment. Five-year credit default swaps for major European banks widened between 1 to 10 basis points for senior protection…
Lehman Brothers hires Singapore Branch GM
Lehman Brothers has hired Catherine Loh as a senior vice-president and general manager of its Singapore branch, effective next Monday.
Weak equity markets continue to fuel widening in European credit spreads
Equity weakness continued to dominate the direction of European credit default swaps, pushing the cost of protection wider for volatile insurers and telecoms.
One-month delay for UK warrants market
The UK covered warrants market will not launch until October 28, more than a month later than the initially proposed date of today, according to the London Stock Exchange (LSE).
Swaps spreads for US banks and brokers widen
The cost of protection for US banks and brokers widened following a 17% plunge in third-quarter profits at Morgan Stanley and bleak forecasts by JP Morgan Chase on Tuesday that resulted in credit downgrades by rating agencies Standard & Poor’s and Fitch…
JP Morgan Chase woes prompt limited spread contagion
JP Morgan Chase’s profit warning and two rating agency downgrades yesterday, which prompted its debt protection costs to widen as much as 26 basis points to 100bp, has caused only a minimal impact on other financial credit derivatives spreads.
Lehman Brothers hires Asian head of equities
Lehman Brothers has hired Timothy Throsby as managing director and head of equities for Asia.
Aima publishes sound practice hedge fund guide
The London-based Alternative Investment Management Association (Aima) and industry participants in the European hedge fund industry have published a guide to sound practices for European hedge fund managers.
Citi snares Achnitz from Goldman to head German FX
Citigroup has made two hires to its foreign exchange business in Frankfurt, in a move that global forex head Richard Moore said underlines its commitment to the German market.
RiskMetrics expands CreditGrades to include Japan
RiskMetrics Group, the New York-based software company, has expanded its CreditGrade risk measurement system in Asia to include data on Japanese firms.