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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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超级富豪介入拯救美国债券保险人。有利于市场信心的恢复  

2008-01-28 14:53:29|  分类: 信息汇总 |  标签: |举报 |字号 订阅

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Good news to the risk appetite..... the rescueplan to bondinsurer by the U.S. gov't seems to bematerializing...
 

Billionaire torescue US insurer

JamesDoran, Evening Standard

24January 2008, 9:42am

 

Billionairevulture fund operator Wilbur Ross is in takeover talks withAmbac, the troubled bond insurer whose recent financialcrisis was a major factor in this week's dramatic US interest ratecut.

 

TheEvening Standard has learned that a deal for the stricken $14bn(£7.2bn) US company, which insures bonds issuedby a host of British businesses including Arsenal Football Club,Punch Taverns and the backers of Tube infrastructure projects,could come within the next two weeks.

Insiders said the negotiations are serious andprogressing well. News of the talks came after last night'sdramatic intervention by US regulators to rescue the stricken bondinsurance market.

 

WallStreet banks are in talks with New York's insurance superintendent,Eric Dinallo, about raising capital to shore up the likes of Ambac,which have been badly hit by the collapse of the credit market,which they insure.

 

If bond insurerscollapse, trillions of dollars of the debt they underwrite wouldhave to be downgraded. The banks holding the debt would be hit byeven bigger losses and companies issuing the debt would face higherrepayment costs.

 

The bondinsurance crisis is being talked of as the next tidal wave in theglobal credit crunch, following the subprime mortgage marketcollapses . News of the regulatory interventiontriggered a big turnaround on Wall Street, as a 326-point deficiton the Dowswung to a 299-point gain by the close.

 

Rossdeclined to comment on specific potential deals but said he waskeen to buy a bond insurer to take advantage of a coming wave ofconsolidation . The bondinsurance industry, also known as monoline insurance, has beendevastated since credit rating agency Fitch, downgraded Ambac fromAAA to AA last week. Without an AAA rating, Ambac cannot write newbusiness.

 

The downgrade wasprompted by the fact Ambac has underwritten tens of billions ofdollars of subprime-related debt held by Wall Street banks, and itis not known if it can bear such a huge liability. The prospect ofAmbac's collapse was enough to spur the US Federal Reserve to cutinterest rates by three-quarters of a point in an emergency move onMonday.

 

Bondinsurers were set up to provide cover for issuers of US municipaland state debt but have recently branched out into widespread debtinsurance.

 

'Themonoline insurance industry's success depends on the reversal ofsome very unfortunate errors,' Ross said. 'It took what was a verysafe industry and, through quite terrible misapplication of riskmanagement, caused the troubles we see today.'

 

Headded that any deal would depend on whether 'you really have yourarms around the degree of insolvency' in the sector. Anotherbillionaire investor, Warren Buffett, is poised to enter the fraywith his own monoline insurance outfit.

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