The CDS market, being a form of insurance for bank debt, is supposed to be one of the measures we can use to gauge bank creditworthiness. This is a more timely measure than agency ratings, which tend to be based on historical data and have a history of missing the point.
Misys has announced a scheme of arrangement whereby each existing share held on 30 May 2012 will be converted to 350p in cash. Cash is due by 14 June 2012. We will contact relevant clients upon receipt of cash.
Omega Insurance Holdings has announced a Scheme of Arrangement whereby each share will be exchanged for 67p in cash. The reorganisation is expected to become effective 31 July 2012. We will contact all relevant clients upon receipt of cash.
So the Greeks have spent the last few days trying to form a big gang. Members from various little gangs try to find common ground, whilst ignoring the flashing of switchblades as they jockey for advantageous position as head honcho. Eventually the president banged heads together, which just resulted in sore heads rather than anything useful.
