Monolines move out amid new FASB statement
Ambac says FAS 163 is consistent with its current loss recognition methodology.

Triple A investors in 2006 CDO lose 100% of principal
Triple A investors in 2006 CDO lose 100% of principal

Barcap returns Q1 profit despite £1 billion new credit write-downs
Barclays today issued an interim statement revealing just over £1 billion additional credit-related write-downs at Barclays Capital in the first quarter

Merger and acquisition talks heat up TMT CDS
Clear Channel and EDS gyrate in credit default swaps over separate talks.

Calyon loses more structured credit staff and others face redundancy
Departures from Calyon’s structured credit business moved up a gear in April, with a series of high profile defections and position shuffling

A good time to pick stocks
John Brewer is head of credit trading at Aladdin Capital and chief investment officer of Aladdin Relative Value Credit Fund. Brewer joined Aladdin’s London-based business in 2006. Two years earlier he co-founded credit investment manager Fusion Asset Management. Before Fusion, he was head of European credit trading at Bank of America.

The age of restructuring
Bespoke volumes continue to fall, with much new CSO activity said to be driven by restructuring of existing trades. But the index tranche business remains in rude health

Double B sweeteners may bring valuations headache for CLOs
Double B sweeteners may bring valuations headache for CLOs

Multi-strategy fund changes course and piles into loans
GSO Capital’s $1.5 billion flagship multi-strategy fund, the GSO Special Situations Fund, has made a tactical switch into loans in recent months, according to buy-side sources

Manager launches distressed fund of funds
Manager launches distressed fund of funds

LCDX trading ends week with direction reversal
Last week’s activity in North American leveraged loan index LCDX saw widening of series ten junior tranches, while senior parts rallied

UK bank makes further write-downs
UK bank makes further write-downs

Insurance giant write-downs reach nearly $30 billion
Insurance giant write-downs reach nearly $30 billion

Hedge fund manager sees 12% decline in assets under management this year
Rab Capital said in a statement today that its assets under management have fallen by 12% since the start of the year

ResCap's debt obligations creating stir in CDS
GMAC still trades at distressed levels due to ResCap.

REITs partake heavily in recent financials rally
iStar Financial is a far cry tighter than its recent distressed levels.

Short covering still alive and well in iTraxx indices
iTraxx senior and sub indices rally on short covering.

Banks compete for Bear credit traders
Royal Bank of Scotland’s US investment banking arm, RBS Greenwich Capital, is said to be in negotiation to hire a five-person team of New York-based Bear Stearns flow credit traders, led by industry veteran Jimmy Kenny

Bond insurers solidly back in distressed trading status
Moody's says its capital position is below the Aaa target capital level as of the end of the first quarter of 2008.

Writedowns and rights offerings weigh on European financials
UK banks see more widening in CDS than rest of sector.

Homebuilder chapter 11 adds to tally of high yield defaults
Illinois-based homebuilder Kimball Hill Homes has become the latest US leveraged borrower to file for bankruptcy

UK retailers collectively perform better in CDS
Safeway and Tesco tighten in CDS.