RSS feedMonolines
’ING, enhanced but not necessarily improved
Netherlands-based ING has followed in the footsteps of US and UK counterparts and returned to profitability in the second quarter, posting a net profit of €71m on Wednesday, down from €1.92bn a year earlier.
Ambac clings to life (updated)
RBS analyst Tom Jenkins described Ambac as being “on life support” in a note on Tuesday; FT Alphaville tends to agree.
The bond insurer (remember those?) said on Monday that it expected to report that its statutory losses on credit derivatives (read:
Moody’s and the monolines
More monoline difficulty:
New York, July 14, 2009 — Moody’s Investors Service is modifying the rating methodology it applies to structured finance securities insured by financial guarantors. Specifically,
The travails of the financial guarantors
There’s been a slew of (mostly negative) ratings actions on the financial guaranty sector – the bond insurers, mortgage insurers and the like – recently. Here’s a recap.
Subsequent to a warning from FGIC’s auditor that there is substantial doubt over the bond insurer’s ability to “continue as a going concern,”
Ambac, MBIA dodge a bullet at S&P
Ambac And MBIA Insurance ‘AA’ Ratings Affirmed And Taken Off CreditWatch; Outlook Negative
NEW YORK Aug. 14, 2008–Standard & Poor’s Ratings Services said today it affirmed its ‘AA’ financial strength ratings on both MBIA Insurance Corp.
Spitzer hands monolines a five day deadline
New York governor Eliot Spitzer has given monoline bond insurers up to five business days to find fresh capital, or face a potential break-up by state regulators who want to safeguard the municipal bond markets.
Buffett steps into the monoline crisis
Warren Buffett’s mischievous intervention in the monoline crisis has put Wall St banks under fresh – and very public – pressure to come up with a viable rescue plan for these specialist bond insurers.
Mono…syllabic?
Clearly, this monoline-bond-wrapper-insurance thingy is trickier that the good Superintendent realised. Here’s a statement from Eric Dinallo, the New York State Insurance Super, issued on Thursday:
Clearly it is important to resolve issues related to the bond insurers as soon as possible.
Monoline cracks – is this where financial subsidence starts for real?
The received wisdom here at FT Alphaville was that when serious trouble hit the monoline insurers – drawing downgrades by the major rating agencies – it was time to shut up shop and head to somewhere like Mozambique.