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January 3, 2013
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  Credit Markets 
  • Major economies have less debt to refinance this year
    The Group of Seven nations, combined with Brazil, India, China and Russia, will have $220 billion less debt that requires refinancing in 2013. The decrease comes as bond markets rally in all major economies for the first time since 2008. Bloomberg (1/2) LinkedInFacebookTwitterEmail this Story
  • European corporate-credit markets rebounded in 2012
    The European Central Bank's unyielding stand behind the euro and open spigots on funding lifted 2012's corporate-credit markets to their best year since 2009. Prices of credit default swaps on 50 companies, most of which had high-yield credit ratings, declined. Bloomberg (12/31) LinkedInFacebookTwitterEmail this Story
  • China bankers confident on asset quality heading into 2013
    Although China's bankers express caution about some sectors -- including real estate, local government and small businesses -- they're generally optimistic about future asset quality, according to a survey by the China Banking Association and PricewaterhouseCoopers. They also expect nonperforming loans to remain below 1% of the total for the next three years. China Daily (Beijing) (12/27) LinkedInFacebookTwitterEmail this Story
  • Argentina gains support from U.S. in creditor dispute
    Argentina has found an ally in the U.S. Attorney General's office, which is arguing in U.S. Circuit Court against creditors holding out on Argentina's defaulted bonds. The country is currently blocked from paying creditors who accepted a discounted debt swap until it pays those who turned it down. The U.S. is calling for a hearing before the full chamber of justices to reconsider. The Wall Street Journal (12/29) LinkedInFacebookTwitterEmail this Story
  • Greece's 4 biggest banks need $36.3B of additional capital
    The Bank of Greece said the nation's four biggest banks will need the biggest sovereign restructuring in history, valued at $36.3 billion. The 50 billion euros set aside for Greek banks in the nation's financial rescue is sufficient to "cover the recapitalization and restructuring costs of the Greek banking sector,” the central bank said in a report. Bloomberg (12/27) LinkedInFacebookTwitterEmail this Story
  Regulatory and Accounting Issues 
  • "London whale" harpoons banks' regulation fight
    Some banking insiders and industry experts attribute the sector's lack of success in fighting provisions of the Dodd-Frank Act to the "London whale." They say the trader's $6 billion trading loss for JPMorgan Chase focused regulators on closing loopholes and stopped efforts to amend the law. The Wall Street Journal (12/27) LinkedInFacebookTwitterEmail this Story
  • FASB wants to be part of international panel on accounting rules
    The Financial Accounting Foundation said it has not yet decided whether to switch to international rules, but it wants to participate in a committee formed to draft international accounting rules. The U.S. standard-setter could be excluded, limiting America's influence over global standards. Reuters (12/29) LinkedInFacebookTwitterEmail this Story
  • Analysis: Basel III represents regulatory difficulties
    As governments propped up ailing banks during the past five years, regulating the industry became increasingly complex. The EU and the U.S. each drafted a 700-page proposal for Basel III rules. In addition, the U.S. created the Dodd-Frank Act, which an industry group says will end up being 2,900 pages of regulations. Bloomberg (1/2) LinkedInFacebookTwitterEmail this Story
  IACPM News 
  • The IACPM wishes all of its Members and Friends a Happy New Year!
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--Benjamin Franklin,
American inventor and statesman

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