- FDIC Stands Between J.P. Morgan and a WaMu Payoff
- M. Stanley to underwrite US’s Citi stock sale-CNBC
- Greece to Issue Seven-Year Bond
- Dubai World guarantees revealed
- AIG Unit Feels Effects of Pay Limits
- Junk bonds sell in record volumes
FDIC Stands Between J.P. Morgan and a WaMu Payoff – Wall Street Journal
The Federal Deposit Insurance Corp. backed away from its support for a $1.4 billion tax break benefiting J.P. Morgan Chase & Co., setting up a battle between the regulator and the nation’s second-largest bank.
The tax benefit stems from J.P. Morgan’s acquisition of Washington Mutual and is part of the bankruptcy proceedings of the failed Seattle thrift’s parent company. Washington Mutual is eligible for $2.7 billion to $2.8 billion in refunds based on a 2009 economic stimulus bill that allowed companies to apply losses from 2008 and 2009 against taxes paid in the previous five years…..
M. Stanley to underwrite US’s Citi stock sale-CNBC – Reuters
Morgan Stanley (MS.N) has been chosen to underwrite and advise on the U.S. government’s sale of its 27 percent stake in Citigroup Inc (C.N), one of the largest stock sales in history, CNBC reported, citing sources familiar with discussions.
Morgan Stanley, which won the right to lead the sale in a competition of Wall Street banks, will offload the government’s stake in a slow process that could take until the end of the year, CNBC said…..
Greece to Issue Seven-Year Bond – Wall Street Journal
Greece is looking to raise as much as €5 billion ($6.71 billion) from its third syndicated bond offering of the year, coming just four days after the European Union announced a rescue plan in case of a Greek insolvency.
“We are now in the book process and we are looking for benchmark size of €5 billion,” said Petros Christodoulou, head of Greece’s Public Debt Management Authority, or PDMA…..
Dubai World guarantees revealed – Financial Times
Dubai has offered Dubai World creditors some guarantees on rescheduled loan repayments in an additional concession that the government says illustrates the generosity of last week’s proposal to inject $9.5bn to help restructure the ailing conglomerate.
Since the tabling of the $24.8bn restructuring proposal, some creditors
to the state-owned conglomerate have complained about sub-commercial interest payments and preferential treatment for bondholders and financial creditors of Dubai World’s development arm Nakheel, which forms the lion’s share of the restructuring…..
AIG Unit Feels Effects of Pay Limits – Wall Street Journal
Federal pay restrictions played a role in the surprise departure of the head of the aircraft-leasing unit of American International Group Inc., according to people familiar with the matter.
However, the government-controlled insurance giant expects to have little difficulty in filling one of the most influential posts in global aviation, with likely candidates coming from smaller rivals to its International Lease Finance Corp. unit, the people said.
The retirement on Friday of John Plueger as ILFC’s acting chief executive—less than two months after he was named to the post—caught associates and AIG insiders off guard. ILFC had recently completed a key debt raising, and its financial situation was widely seen to be stabilizing…..
Junk bonds sell in record volumes – Financial Times
Companies have sold risky debt in record volumes this year as low interest rates have fuelled investor appetites, even though fears over Greek bonds have disrupted debt markets in recent weeks.
Global issuance of bonds with ratings below investment grade, known as high-yield or “junk”, totalled $67.8bn (£45.3bn) at the end of the first quarter – an all-time high for the first three months of the year, according to Thomson Reuters…..
Tags: AIG, Bonuses, Citigroup, Compensation, Dubai, FDIC, Greece, JP Morgan, Junk Bonds, Morgan Stanley, Politics, Revolving Door, Sovereign debt, Sovereign wealth funds, TARP, tax refunds
