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December 18, 2012
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  Credit Markets 
 
  • Corporate-bond sales break 2009 record
    Thanks to some of the lowest borrowing costs ever, sales of corporate bonds in the U.S., Europe and Asia hit $3.9 trillion this year, breaking a 2009 record of $3.89 trillion. Global issuance reached $3.29 trillion in 2011 and $3.23 trillion in 2010, according to data compiled by Bloomberg. Bloomberg (12/17) LinkedInFacebookTwitterEmail this Story
  • Buyout leverage rises to near pre-financial-crisis levels
    Private-equity firms' use of their own money in buyouts has fallen to 33% of deal values over the past six months, close to the 30% average in 2007 before the financial crisis. Since 2008, the average has been 42%. A dramatic increase in leverage can bring with it an increase in the risk of default. The Wall Street Journal (12/16) LinkedInFacebookTwitterEmail this Story
  • Collateral issue arises as OTC derivatives clearing nears
    The GC Pooling basket, which banks can use to meet collateral requirements for centrally cleared over-the-counter derivatives, has a compatibility problem, Anish Puaar writes. GC Pooling baskets cleared and traded through Eurex cater only to the assets held by Clearstream, leaving rival Euroclear either excluded or facing costly options. The Trade News (U.K.) (12/12) LinkedInFacebookTwitterEmail this Story
CreditSights is the premier provider of independent credit research in the Capital Markets, producing analysis that is globally respected for its integrity and quality. Our analysis spans 40 industries and is focused on U.S. & European High Grade/High Yield issuers and in the last six months we have begun to roll out Asian companies coverage. Click here to learn more.
  Regulatory and Accounting Issues 
  • Fed calls for tougher controls on foreign banks in U.S.
    The Federal Reserve proposed intensified supervision of foreign-owned banks doing business in the U.S. in an effort to avoid future taxpayer-funded bank rescues. Under the measure, foreign banks would be required to place their U.S. subsidiaries under a holding company that would then have to comply with the same capital standards that apply to all bank holding companies in the U.S. Reuters (12/14), FederalReserve.gov (12/14) LinkedInFacebookTwitterEmail this Story
  • EU makes progress on Basel III specifics
    Another meeting is set for next week after EU officials made significant progress on stronger capital rules for banks. "We are on the cusp of an agreement," said Othmar Karas, an Austrian lawmaker shepherding the initiative through the European Parliament. Preliminary accord has been reached on implementation in January 2014 and on limiting bankers' bonuses. Reuters (12/13) LinkedInFacebookTwitterEmail this Story
  • CFTC to yield ground on swaps to foreign counterparts
    The Dodd-Frank Act increased oversight of swaps deals to include any foreign financial institution doing substantial business with "U.S. persons." The Commodity Futures Trading Commission, in a gesture to rally foreign regulators around U.S. efforts to rein in trading, said it plans to temporarily define "U.S. persons" to mean only U.S. residents and firms incorporated in the U.S., a change from language announced over the summer. Bloomberg (12/13), The Wall Street Journal (12/12) LinkedInFacebookTwitterEmail this Story
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