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’Pyxified, Merrill’s subprime sink
Have you ever heard of Merrill Lynch’s Pyxis CDO/SPV/Insert Structured Finance Acronym?
It’s confusing a lot of people this week, after the NYT’s Louise Story exhumed the deal, which she says was a way for the bank to shift its subprime exposure off-books.
‘I believe in the Goldilocks recovery’
Are fund managers becoming complacent? If the latest BofA Merrill Lynch survey of the profession is anything to go by there is certainly reason to think so.
According to the April report the number of investors taking “above normal risk”
Greenwich: Equity derivatives are looking good
US institutions are increasing their use of highly liquid “flow” equity derivatives, but declines in asset values and a sharp fall in hedge fund trading activity have driven down both notional amounts of equity derivative trades and the amount of commissions paid by institutions on trades of these products,
BofA offers $2bn TALF deal
Bank of America/Merrill Lynch is in the market with a $2bn auto loan-backed deal which is eligible for the Federal Reserve’s TALF scheme through which investors can procure cheap loans to buy consumer loan-backed and new and existing commercial mortgage-backed bonds,
Merrill ramps up recruitment
Bank of America’s Merrill Lynch unit is offering bigger signing packages than those offered in the bull market of 2006-07, as it ramps up its recruitment programme to replace financial advisers who have left its “thundering herd” in the past year.
Weekend catch-up
In case you missed these stories:
US and UBS strike deal on client identities
The US and Switzerland on Friday reached agreement on the closely watched dispute over whether UBS should be forced to reveal the identities of thousands of its US clients.
Santander to spin off Brazil arm in IPO
Banco Santander has appointed advisers to spin off its Brazilian business in an IPO that could raise at least $3bn and create one of Brazil’s largest publicly listed banks. Santander, which reports Q2 earnings on Wednesday,