Treasurys End Best Year In Three On A High Note
Treasury prices rose slightly on Friday, pushing 10-year yields further under 2%, with some month-end buying and lingering worries about European debt providing support at the end of the best year for U.S. government bonds since 2008.
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Tenth guilty plea in municipal bond indictments
USA Today
A politically connected financial firm and its founder pleaded guilty Friday to taking part in fraud and bid-rigging conspiracies related to the municipal bond business.
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Fed to buy about $45 billion longer-term Treasuries in January and sell about $44 billion short-end
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Foreign Central Banks Cut US Treasuries
FT.com
Holdings of US Treasuries by foreign central banks has fallen by a record amount over the past four weeks according to the latest Federal Reserve data. The net $69bn drop in Treasury holdings registered at the Fed by foreign official institutions comes as benchmark yields ended 2011 near record low levels and when the US central bank is conducting Operation Twist, its $400bn programme to sell shorter-lived Treasury bonds and buy those with longer maturities.
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Confetti drop closes bond trade on the floor for 2011
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Muniland’s public officials are clueless, not corrupt
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HSBC's Sale of Thai Unit Shows Priority Is Scale, Not Geography
BusinessWeek
HSBC Holdings Plc's effort to sell its retail bank in Thailand, a market it entered more than a century ago, marks a shift toward larger-scale operations as the bank sells assets to bolster its capital base.
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UBS Said to Plan Sale of Covered Bonds Backed by Prime Swiss Home Loans
Bloomberg
UBS AG (UBSN) hired banks for a planned sale of covered bonds denominated in euros and backed by prime Swiss residential mortgages, according to a banker and investor familiar with the matter.
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Bank regulation battle focuses on liquidity
By Brooke Masters, Chief Regulation Correspondent - Financial Times
When UK regulators pressed ahead last year with requirements for banks to hold a buffer of easy-to-sell assets against a potential market crisis, bankers in London made no bones about their unhappiness.
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It's time for the IMF to stand up to the European bullies
Mohamed El-Erian - Financial Times
Sovereign risk was a principal theme in 2011 most visibly in Europe and, to a lesser extent, in America's loss of its triple A rating. Along with poor growth and rising inequality, it will continue to raise serious questions next year about the functioning of the global economy. As this occurs, one institution - the International Monetary Fund - will attract special attention. The key question is whether it can finally step up to the role of global conductor, rather than suffering yet more erosion of its credibility.
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IMF Warned Greece on Debt Levels
By IAN TALLEY And COSTAS PARIS - WSJ
WASHINGTON—The International Monetary Fund recently told the Greek government that a worsening economic outlook suggests the beleaguered nation may be unable to reduce its debt to sustainable levels even with a planned 50% write down in privately-held Greek government bonds, according to two officials familiar with the conversations.
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Berkowitz Loses Again as Sears Drop Adds to Failed Bank Bets
BusinessWeek
Bruce Berkowitz, whose $8 billion Fairholme Fund is suffering its worst year on record because of wrong-way bets on financial firms, may have lost $203 million today on Sears Holdings Corp., the third-largest investment of his flagship fund.
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FSOC Proposes Dodd-Frank Rule on Assessments for Treasury
Bloomberg BusinessWeek
The Financial Stability Oversight Council, a group of regulators charged with preventing a financial crisis, approved a proposal today outlining how the U.S. Treasury’s assessment fee would be administered.
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Spain unveils tax hikes
the Globe anf Mail
Spain’s new government said on Friday the public deficit for 2011 would come in at 8 per cent of gross domestic product, well above a target of 6 per cent, and announced income and property tax hikes and a civil servant wage freeze in response.
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Pimco's El-Erian: IMF Must 'Find Courage to Resist European Bullying'
NewsMax.com
The International Monetary Fund (IMF), a multilateral lender of last resort, is known for imposing tough economic measures on the countries it has assisted in the past.
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Who Really Needs the CFPB? Not Consumers - American Banker
Has the Consumer Financial Protection Bureau, with over 500 employees and growing like cancer, actually protected any consumers yet? Well, next best thing. It garners headlines nearly daily in lobbying to gain full powers by getting Cordray confirmed. Dodd-Frank says the CFPB must have a confirmed director to fire from all barrels.
http://jlne.ws/tuFEdz
Spain’s yields are actually down from a year ago
For all the flailing about yields for Spain potentially reaching unsustainable levels, yields on its benchmark 2- and 10-year notes are actually down slightly from a year ago. Italy’s are still up, though off their highs.
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