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’Clues to the eurozone’s €15.8bn fat finger
Fresh from the European Central Bank on Friday morning, some clues to the mystery of Thursday’s €15.8bn ‘fat finger’ tapping of eurozone liquidity.
Headlines off of Bloomberg:
*ECB SAYS BANKS BORROWED
Snap news
Breaking pre-market news on Tuesday,
- AstraZeneca shelves development of motavizumab; to take $445m impairment charge — statement.
- AngloIrish announces results of exchange offers for 2014 and 2016 notes — statement.
Guest post: what colour is your credit event?
Markit credit analyst Lisa Pollack explores the intricacies of CDS credit events
Before the “Big Bang” in the credit default swap (CDS) market in the spring of 2009, if you thought a credit event had occurred,
The fate of Anglo Irish sub-debt
What gory fate does Brian Lenihan have in mind for Anglo Irish Bank subordinate debt investors?
Unveiling details of the as-much-as €50bn bail-out of Ireland’s banks on Thursday, the Ireland finance minister remarked that:
‘D Day’ for Anglo Irish
Thursday is ‘D Day’ — D as in debt — for Anglo Irish Bank.
Not only is the Irish government expected to detail the fate of Anglo Irish’s senior and subordinated debt investors, as well as its bail-out cost estimates for the bank — it’s also the first day about €4bn of senior and €1.7bn of Anglo sub-debt will be floating around without a government guarantee.
More on the ‘Irish panic’
“Liability management” (or buying backbonds to capitalise on the fact they are trading at a fraction of face value).
That’s a phrase we could be hearing more of as the Irish government prepares to deal with Anglo Irish Bank’s €1.7bn of “controversial”
Bond switching in the eurozone
The 10 year German/Irish bond-yield spread appeared on Monday to be racing back towards the levels last seen in May — before the European Union’s €750bn bailout package for troubled sovereigns was announced.
CDS report: Ship of fools
Ireland has been held up as an example of a country ready to suffer pain in tackling its acute fiscal situation. Austerity – surely one of the most overused words in recent months – was embodied by its 2009 budget,
[Ireland's Bad Bank] “Most of the damage in this crisis has been done by just one institution”
The FT’s opinion pages on Thursday disclose a cutting series of comments from Patrick Honohan, governor of the Central Bank of Ireland, regarding the role of one entity in Ireland’s financial crisis.
For as the governor wrote in the newspaper:
CDS report: All on Good Friday
European credit markets were devoid of momentum today as the upcoming Easter holiday and the impending US jobs report on Friday led to inertia. Investors received an inkling of what to expect from the NFP on Friday,
Police arrest Anglo Irish Bank’s former chairman, Reuters says
More bad news for Anglo Irish Bank, via Reuters on Thursday:
Irish police have arrested Sean FitzPatrick, the former chairman of Anglo Irish Bank, as part of a fraud investigation seen as vital to Ireland’s efforts to win back investor confidence.
[Ireland's Bad Bank] NAMA, SPVs and other Irish magic
Given that Fitch has just downgraded Ireland’s sovereign rating from AA+ to AA-, we thought you might be interested in a bit of Irish analysis. The below is an FT Alphaville round-up of the latest developments regarding Ireland’s bad banks plan — the so-called National Asset Management Agency,
Anglo Irish to sell €1bn of property
Anglo Irish Bank is in talks to sell a €1bn (£925m) real estate portfolio, including UK properties such as Liverpool’s Metquarter shopping centre, to Stephen Vernon, the British property entrepreneur.
Police raid Anglo Irish HQ
Irish anti-fraud officers raided the Dublin headquarters of Anglo Irish Bank on Tuesday as part of an investigation into alleged breaches of company law at the specialist property lender, which the Irish government nationalised last month.
Irish hospitality in action
From the Irish Life & Permanent statement (emphasis ours) detailing its loans to Anglo Irish:
Friday 13th February 2009. The Board of Irish Life & Permanent plc met last evening to discuss transactions which took place during 2008 between companies in the Group and Anglo Irish Bank.
Recapitalising the Irish banks
Allied Irish Banks market cap – €828m
Bank of Ireland market cap – €572m
Irish government’s capital injection – €3.5bn for each bank
Despite the discrepancy, the Irish government said today that,
CDS report: EU nation default risk touches record high
The cost of insuring debt issued by the Irish government leapt higher this morning as Europe’s beleaguered credit derivatives traders swallowed hard on last night’s news the Irish state had finally decided to bail out Anglo Irish bank.
Dublin nationalises Anglo Irish Bank
The Irish government on Thursday night nationalised Anglo Irish Bank, the country’s third-largest lender, after the collapse of its share price accelerated in recent days amid fresh reports of large scale deposit withdrawals.
Anglo Irish Bank to be nationalized
Well, at least some of the rumours doing the rounds today were true . Another European bank has received a government seal.
From Reuters:
* Irish fin ministry says to nationalise Anglo Irish Bank
The great Irish bailout
It was only a month ago that David Drumm, CEO of Anglo Irish, sitting pretty on CNBC, was discussing the outstanding performance of his bank (financial-crisis considered). Comments included: “With results like these;
Ireland invests €5.5bn in main banks
The Irish government has announced it will invest €5.5bn ($7.6bn) in the country’s three main banks, which will see it take an effective 75% stake in Anglo Irish Bank. The investment is in the form of perpetual preference shares,
Anglo Irish Piggy Bank
We are, by turns, puzzled and tickled by news that Anglo Irish Bank chairman Sean FitzPatrick loaned himself €87m from the bank, and then shifted the facility to another unnamed bank before the year-end each year – as a result the details did not appear in Anglo’s annual report.
Anglo Irish’s “benefit”
Here’s one the FT Alphaville team hasn’t seen before — a bullish analyst recommendation that’s, by self-admission, based on giving the company “the benefit of the doubt.” From Alex Potter at Collins Stewart today:
CDS report: Lloyds TSB and HBOS under pressure
Credit default swaps referencing Lloyds TSB and HBOS came under pressure on Tuesday as doubts about the agreed merger between the banks rose and stock prices fell.
The cose to insure the senior debt of HBOS rose to 350 basis points from around 300bps at the end of last week,
Ireland’s stock market crash
Irish SE Index down 12.71 per cent on Monday.
