Societe Generale
HBOS deal leads Lloyds to £3.96 billion loss
Lloyds Banking Group made a pre-tax £3.96 billion loss on a pro forma basis in the first half of 2009, primarily due to losses on commercial real estate assets held by HBOS, which it acquired in January.
Banks' own credit risk hampers financial results
Own credit risk - the concept of including the credit risk of an institution in the measurement of the liabilities it issues - had a significant impact on banks' profits in the first half of 2009, as credit default swap (CDS) spreads referencing banks'…
Société Générale launches new listed income product
Société Générale has issued a new listed plan, which guarantees to pay an income higher than a traditional savings account. The FTSE Income Protection 3000, which is listed on the London Stock Exchange, provides investors with a fixed income of £17, or 1…
French and German banks to launch Sepa rival to Visa and MasterCard
Daily news headlines
Negative repos distort dividend hedging strategies
Abnormally low repurchase rates are forcing banks to hedge their dividend exposures with swaps instead of forwards.
Leading lights
As Structured Products magazine celebrates its fifth anniversary, the time is right to take a look back a mere 15-20 years to when it all began, and to interview a selection of 10 pioneers who created and fostered the business from its European…
SG launches tradeable dividend exposure in UK
Société Générale (SG) has launched four new certificates on the London Stock Exchange (LSE) giving exposure to the dividends of companies included in the FTSE 100 and Dow Jones Eurostoxx 50 indexes.
The trace race
The concept of traceability has been a great success in the food industry. Would its adoption by the structured products industry be the quickest way to restore confidence in European markets and help a shattered banking sector? Participants at last…
CDSs on UK financials widen
The cost of credit protection on major UK banks rose this morning. The move came on the back of Standard & Poor's putting UK sovereign debt on negative ratings watch last week.
New equity derivatives head for China at SGCIB
Gilbert Tse has replaced Sandra Lee as chief executive of global equities and derivatives solutions for China at Société Générale Corporate and Investment Bank (SGCIB).
Société Générale promotes Cassot as Joubert departs for BarCap
Société Générale Corporate and Investment Banking (SG CIB) has appointed Vincent Cassot as head of equity derivatives research, after previous head Arnaud Joubert left the bank to join Barclays Capital.
BoE inflation report pushes CDSs on European financials wider
The cost of credit protection on European financials increased this morning following the release of the Bank of England's quarterly inflation report. The report conceded UK GDP growth had been slower than expected in the first quarter of 2009, and…
CDSs on US banks widen
The cost of credit protection on US banks increased this morning, having fallen - in some cases by as much as 50 basis points - on Friday after the announcement of the US government's stress-test results last week.
Paying the piper
The Nord Stream pipeline, planned to come online in 2011, will be vital to help Europe meet its future gas demands. However, financing any infrastructure project in the current climate is difficult. Roderick Bruce looks at the challenges facing Nord…
CDSs on European banks remain stable
The cost of credit protection on European banks remained largely unchanged this morning, as bank holidays in mainland Europe reduced trading levels.
CDSs on European financials tighten on positive Fed comments
The cost of credit protection on European financial institutions fell this morning following the US Federal Reserve's announcement yesterday that the economic outlook is improving.
CDSs on US banks tighten
The cost of credit protection on US banks fell yesterday, in the week US Treasury secretary Timothy Geithner asserted "the vast majority" of the nation's banks are well-capitalised.
SG CIB tries to fix variance swap flaws
In the wake of hefty losses for sellers of variance swaps as volatility spiked last year, Société Générale Corporate and Investment Banking (SG CIB) is touting products that might make selling variance more palatable for investors.
CDSs on European banks narrow as stock markets rally
The cost of credit protection on European banks began to fall this morning following data from the US showing the rate of decline in the US manufacturing sector is decelerating, coupled with reports of UK house prices rising for the first time since…
"Substantial increase" in European corporates hedging exposure to CEE
The depreciation of currencies in central and eastern Europe (CEE) has led to a wave of western European companies hedging their forex exposure to the region.
Lyxor limits counterparty risk of ETN
Société Générale's Lyxor Asset Management unit is marketing a new exchange-traded note (ETN) that follows the price of gold, which it says will significantly reduce the problem of counterparty risk.