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The FT Alphaville guide to Crunch Week
All times BST.
Monday
- $49bn of commercial paper matures, $21bn of which is ‘asset backed’ (ABCP) - issued by SIVs and bank conduits. Frantic CP issuers will have been racing all of last week to find buyers and refinance their existing CP debts.
- Afternoon. Hank Paulson, US Treasury Secretary, meets PM Gordon Brown and Chancellor Alistair Darling in London.
Tuesday
- 7:00am, BlueBay interims, London-listed credit asset manager.
- Lunchtime. Lehman Brothers kicks of the Q3 reporting season for the US banks. Expect grim figures. Lehman led the charge from Wall Street into the murkier depths of US mortgage origination and repackaging through CDOs. A big write-down is suspected on the sale of mortgage unit BNC Mortgages in August. Here’s Lex on the subject.
- 7:15pm, US Federal Reserve Interest Rate decision.
Wednesday
- Bank of England’s Monetary Policy Committee minutes released.
- US Joint Economic Committee to hold its hearing on the subprime lending crisis at the Senate Office. Witnesses are likely to include Peter Orszag, director of the Congressional Budget Office, and Martin Eakes, chief executive of the Center for Responsible Lending.
- Lunchtime. Morgan Stanley releases its Q3 results. A big write-down is expected on the bank’s December 2006 takeover of the $700m Saxon mortgages.
Thursday
- 09.45am - Bank of England Governor Mervyn King heads to Westminster for a grilling. The Governor will appear in front of the Treasury Select Committee in a scheduled meeting to discuss the Bank’s August inflation report. But questions surrounding Mr King’s handling of the spiralling crisis surrounding Northern Rock, and the decision to bail-out the north-east based lender just days after Mr King took a hardline against such interventions, will now dominate proceedings.
- Lunchtime. Bear Stearns and Goldman Sachs release their Q3 results.
- 3pm, Federal Reserve Chairman Ben Bernanke testifies to US House Financial Services Committee - “Subprime crisis and solution”.
Friday
Time to see where the bodies were buried.
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[…] A run on the bank: Ever since the Bank of England announced that they were offering Northern Rock an emergency line of credit, people have been queueing to withdraw to withdraw their money in the first bank run in the UK for decades. The government has been forced to announce that it will guarantee the deposits of Northern Rock customers, in the hope that this will stem the crisis. Unfortunately, rumours about other UK banks being in similar difficulties are already causing their share prices to fall precipitously. Given that this is only day one of Crunch week, things could get even worse! […]
[…] Alphaville has a guide to the ‘crunch week’ ahead, in which $49b of commercial paper matures, the US treasury secretary meets Gordon Brown and Alistair Darling, Lehman Brothers opens the third quarter reporting season for US banks, the US Federal Reserve makes its interest rate decision, the Bank of England releases its Monetary Policy Committee minutes, subprime is under scrutiny in the US, Mervyn King and Ben Bernanke testify infront of committees. It finishes on Friday when, says the FT it’s: Time to see where the bodies were buried. […]