ABS CDO bwic considered worthless by some
ABS CDO bwic considered worthless by some

Highland assets sold off through auction
The deadline closed at noon New York time today for an auction of Highland Capital’s loan assets following the manager’s decision to close two of its funds this week

UK government bank guarantees will be priced off CDS spreads
The UK government’s guarantees for banks’ new borrowings will be priced using credit default swaps

Icelandic banks likely to see low recoveries, say CDS traders
Icelandic banks likely to see low recoveries, say CDS traders

Positive performance from Dallas-based manager as it joins index
A credit fund launched at the end of 2007 has become the latest addition to Creditflux’s closely followed listing of credit hedge fund returns

ECB announces new haircuts for ABS and higher rating transparency
The well-known flexibility of the European Central Bank (ECB) may be restrained as it announced rule changes to liquidity support.

Protection buying on Spanish banks amid ECB haircuts
CDS on second tier Spanish banks set to go wider.

Boutique investment bank adds credit assets under management
Boutique investment bank adds credit assets under management

New funds join Creditflux listing
This month sees the addition of three new funds to Creditflux’s listing of credit hedge fund returns

Reg cap switches prompt sharp moves in high yield tranches
Banks adopting the Basel II capital standard may have been behind last month’s big selling of super senior LCDX tranche protection, correlation traders speculate

French bank says credit trading revenues recover, but makes new writedowns
Crédit Agricole dislosed a sharp increase in losses as a result of monoline exposure in the second quarter through its Calyon investment banking subsidiary

European indices widen in sympathy with equities' slide
Lehman's writedown potential spooks market.

Credit crisis hits cost ING €60 million in Q2
Dutch financial services group ING has reported second quarter results showing a €12 million loss on its exposure to CDOs and CLOs and €7 million on US subprime RMBS

Super senior IG tranches well offered amid monoline settlements
Liquidity on bespoke transactions has dried up, dealers say.

ACA pulls in rest of bond insurer sector
ACA CDS eases back as deal eyed as blueprint for others.