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’EFSF – transaction highlights
We already know something about the buyers of Monday’s difficult-to-get-away €3bn 10-year EFSF bond issue. And here, via JPMorgan, is a little more detail.
What’s interesting is the muted demand from traditional fund management community – insurance,
More than 2.8m tonnes of hidden copper stocks
The debate over how much copper is being stored ‘off market’ in private inventories — not part of the LME inventory system — has been going on for a while.
The general position taken by investment bank analysts is that supply is tight.
‘Flash crash’ facts
Via JPMorgan:
JPM to pay $153m to settle Magnetar-related charges
Courtesy of the SEC, if you’re not the reading kind…
And if you are…
… the allegations:
Washington, D.C., June 21, 2011 – The Securities and Exchange Commission today announced that J.P.
Guess the year: 2007 vs 2011 edition
JP Morgan’s corporate finance advisory group plays a guessing game in its new report about the eventual demise of our cheap capital environment (hat tip to the FT’s Helen Thomas):
You can click through to the report to see the answers,
Bernanke: I’ll now take questions from the floor…
“… Yes, you, the short man in the smart suit.”
“Jamie Dimon, JP Morgan. I’d just like to ask…”
“Wait, I meant Hilsenrath.”
The where and what of regulatory arbitrage
Get the little flags at the ready: on Tuesday JP Morgan Cazenove published the final installment of its trio of reports on regulatory arbitrage.
It is stirring patriotic sentiment up on Capitol Hill,
Snap news
Breaking pre-market news on Thursday,
- BNP Paribas reports Q4 results; takes €534m hit on value of stake in Axa — statement.
- Nestle says emerging markets demand helped offset rising raw material prices — statement.
Cutting out the muni middle man
Here’s a novel idea for municipalities: ignore the prickly muni bond market and accept help from your local Wall St bank.
From the WSJ on Wednesday:
J.P. Morgan Chase & Co. is devoting billions of dollars to direct loans this year to both refinance deals and for new projects,
An update on America’s riskiest banks
Cast your minds back to the SCAP — that’s the Supervisory Capital Assessment Program, better known as the US banking stress tests of spring 2009.
The results showed Bank of America, Wells Fargo and GMAC as requiring the most amount of capital;
A very messy Ambac lawsuit for JPMorgan
JPMorgan didn’t want this to be made public. You can kind of see why.
Quick background — the bank has been engaged in a legal battle with Ambac since November 2008. The monoline says EMC, Bear Stearns old mortgage-banking arm,
Snap news
Breaking pre-market news on Friday,
- Espírito Santo Financial terminates its contract with Fitch — statement.
- National Grid to review details of disappointing Niagara Mohawk rate case — statement.
Loan loss reservations, US bank earnings
Did you think US banks’ 2010 results would actually mean something?
Silly you. Don’t you know their earnings — like those from 2009 — will be skewed by falling loan loss provisions set aside to cover bad debt.
China’s bonded-warehouse copper mystery
Copper prices in London soared to record highs on Tuesday as data from China showed the country’s imports had picked up for the first time in three months — just as fears over supply disruptions in the world’s biggest producer,
Madoff is “too good to be true” – JP Morgan, October 2008
Bernie Madoff. Colombian Interests. Threats to lives. Oh my.
This time two years ago the world’s largest ponzi scheme had just come to light. Some 24 months on and the legal-wrangling between Madoff’s investors and related parties continues.
The Spitzer settlement for mortgages
Cast your minds back to early 2003.
Wall Street was still at war with the pre-Dupré, New York state attorney general Eliot Spitzer — a man hellbent on exposing financials’ conflicts of interest. On April 28 of that year,
ProPublica: SEC investigating JPM and Magnetar
Just a quick post alerting readers to the latest from ProPublica’s Jesse Eisenger and Jake Bernstein — the gist of which will sound awfully familiar to those who followed the Abacus case:
The Securities and Exchange Commission is investigating whether JPMorgan Chase allowed a hedge fund to improperly select assets for a $1.1 billion deal backed by subprime mortgages,
Deutsche Bank on the perfect mortgage company
Foreclosure fraud! Robosigning! Repurchases!
How, as Mike Konczal noted a couple weeks ago, did mortgage servicers get it so wrong?
To answer the question it’s worth taking a look at a certain mortgage firm that may have got it right.
Why JP Morgan’s new copper ETF may have a scouse exposure
JP Morgan threw its name into the physically backed commodity ETF race on Monday with the filing of a preliminary prospectus for a copper-backed product.
The SEC document, the first from a major new player preparing anticipating an entry into the market,
Banking on Brics
Bank earnings season is now underway, and here’s a trio of charts from the Economist Intelligence Unit showing that most of the banks whose shares outperformed the Bloomberg World Banks Index in the past year are in the Brics.
JP Morgan Q3 EPS beats expectations at $1.01
JP Morgan kicked off the third-quarter bank earnings season on Wednesday with a better-than-expected set of results.
Earnings per share came in at $1.01 versus a market consensus of $0.90, largely down to lower loan losses in its retail and credit card units.
Gaming Volcker, ongoing
It can get confusing to keep up with how the banks are responding to the Volcker Rule, especially as some stories repeat themselves and others change.
In the case of JP Morgan, we learned in August from the Washington Post that “more than 100 project teams are hard at work trying to anticipate the implications of the new rules and to adjust the firm’s businesses accordingly.”
About that Ocado short squeeze
Er, is that it?
Anyone expecting Tuesday’s trading statement from Ocado – its first as a listed company – to trigger a big short squeeze is going to be disappointed.
In fact, all we have learnt is that the high-profile flotation did not boost sales.
Another prop desk folds, this time at Goldman
Bloomberg is reporting that Goldman Sachs is disbanding its Principal Strategies prop trading unit:
*GOLDMAN SACHS SAID TO BE DISBANDING PRINCIPAL STRATEGIES UNIT
*GOLDMAN PRINCIPAL STRATEGIES HEAD
JP Morgan Securities Inc. no longer exists
Blink and you would’ve missed it, but JP Morgan Securities has just changed its legal status, and name.
From the Federal Reserve’s primary dealers update:
The Limited Liability Company label comes with oodles of benefits,
Two years and a Volcker Rule later
It seems JP Morgan is closing all proprietary trading desks, according to Bloomberg, starting with its commodities unit. Equities and fixed income desks will come later.
From the report:
Closing the prop trading desk for commodities affects fewer than 20 traders,
Promethean (World) Unbound
Ocado has competition.
Not from Tesco or one of the other big supermarkets groups, but a maker of interactive whiteboards called Promethean World, which is now a genuine contender for the worst UK IPO of 2010.
Banks’ buyback pain to be $17bn – $42bn, Fitch estimates
While the Firm uses the best information available to it in estimating its repurchase liability, the estimation process is inherently uncertain and requires the application of judgment.
- JP Morgan’s Q2 10-Q filing.
JP Morgan says earnings per share $1.09 in Q2
JP Morgan reported second-quarter EPS around 40¢ above market expectations on Thursday at $1.09 — although ex-exceptional brought this down to $87.
Flashes, via Reuters:
RTRS-JPMORGANCHASE REPORTS SECOND-QUARTER 2010 NET INCOME OF $4.8BILLION,