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Fed Joins A.I.G. Loss-Sharing Pact With MetLife (New York Times - DealBook) - 25 minutes ago

The Federal Reserve Bank of New York is joining the American International Group in a loss sharing agreement that is part of the insurer's sale of its American Life Insurance Company unit to MetLife , Bloomberg News reports . DealBook has highlighted a five year loss sharing agreement that MetLife has reached with A. I. G over potential losses tied to Alico's Japanese real estate holdings. Bloomberg adds that the N. Y. Fed and A. I. G will use some of the MetLife stock they have gained from the sale to help cover losses as well, citing two unnamed sources. 
 
Recent Research on MetLife, Inc. (MET)
MetLife, Inc. (Moody's Global Credit Research)- Mar 10, 2010
Moody's affirms MetLife ratings (A3 senior debt); outlook to negative (Moody's Global Credit Research)- Mar 08, 2010
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Share:  The Federal Reserve Bank of New York is joining the American International Group in a loss sharing agreement that is part of the insurer's sale of its American Life Insurance Company unit to <span class="company">MetLife</span> , Bloomberg News reports . DealBook has highlighted a five year loss sharing agreement that <span class="company">MetLife</span> has reached with A. I. G over potential losses tied to Alico's Japanese real estate holdings. Bloomberg adds that the N. Y. Fed and A. I. G will use some of the <span class="company">MetLife</span> stock they have gained from the sale to help cover losses as well, citing two unnamed sources. Tweet this 

First Data Chief to Join K.K.R. as Adviser (New York Times - DealBook) - 08:14 ET Mar 11, 2010

First Data , the credit card processor, said on Thursday that its chief executive has stepped down to take an advisory role at corporate owner Kohlberg Kravis Roberts . Michael D. Capellas, whom K. K. R installed at First Data almost three years ago after buying the company for $29 billion, will become a senior technology adviser at the private equity firm. He will be succeeded as First Data's chief on an interim basis by a board member, former Accenture chief executive Joe Forehand. 
 
Share:  First Data , the credit card processor, said on Thursday that its chief executive has stepped down to take an advisory role at corporate owner <span class="company">Kohlberg Kravis Roberts</span> . Michael D. Capellas, whom K. K. R installed at First Data almost three years ago after buying the company for $29 billion, will become a senior technology adviser at the private equity firm. He will be succeeded as First Data's chief on an interim basis by a board member, former Accenture chief executive Joe Forehand. Tweet this 

Samsung Life I.P.O. Gets Approval (New York Times - DealBook) - 07:30 ET Mar 11, 2010

The South Korean bourse on Thursday approved an estimated $4 billion initial public offering by Samsung Life Insurance, paving the way for what is likely to be the country's biggest share float in May, Reuters reported . The offering by Samsung Life, which is part of South Korea's top business conglomerate Samsung Group , comes as the market waits for the pricing next week of an up to $12 billion offering by Japan's Dai ichi Mutual Life Insurance. Fund managers and analysts are cautious in predicting demand for Samsung Life, but said the IPO would attract developing market focused funds, the news service said. 
 
Share:  The South Korean bourse on Thursday approved an estimated $4 billion initial public offering by <span class="company">Samsung Life Insurance</span>, paving the way for what is likely to be the country's biggest share float in May, Reuters reported . The offering by Samsung Life, which is part of South Korea's top business conglomerate Samsung Group , comes as the market waits for the pricing next week of an up to $12 billion offering by Japan's Dai ichi Mutual Life Insurance. Fund managers and analysts are cautious in predicting demand for Samsung Life, but said the IPO would attract developing market focused funds, the news service said. Tweet this 

The South Korean bourse on Thursday approved an estimated $4 billion initial public offering by Samsung Life Insurance, paving the way for what is likely to be the country's biggest share float in May, Reuters reported . The offering by Samsung Life, which is part of South Korea's top business conglomerate Samsung Group , comes as the market waits for the pricing next week of an up to $12 billion offering by Japan's Dai ichi Mutual Life Insurance. Fund managers and analysts are cautious in predicting demand for Samsung Life, but said the IPO would attract developing market focused funds, the news service said. 
 
Share:  The South Korean bourse on Thursday approved an estimated $4 billion initial public offering by <span class="company">Samsung</span> Life Insurance, paving the way for what is likely to be the country's biggest share float in May, Reuters reported . The offering by <span class="company">Samsung</span> Life, which is part of South Korea's top business conglomerate <span class="company">Samsung</span> Group , comes as the market waits for the pricing next week of an up to $12 billion offering by Japan's Dai ichi Mutual Life Insurance. Fund managers and analysts are cautious in predicting demand for <span class="company">Samsung</span> Life, but said the IPO would attract developing market focused funds, the news service said. Tweet this 

Macquarie in Push to Expand U.S. Presence? (New York Times - DealBook) - 07:16 ET Mar 11, 2010

Macquarie Group, Australia's largest investment bank, may snap up more U. S assets and wants to add more bankers in the United States to advise energy, industrial and technology companies, Bloomberg News reported , citing an interview with a top company executive. Tim Bishop, chief executive officer of Macquarie Capital's U. S division, told Bloomberg in an interview that the bank has "eyes and ears open" for opportunities in the United States."If we are able to build on that sensibly through new hires or acquisitions, then that's great," Mr. Bishop told the news service. "There are a couple of areas we're not in today in a meaningful enough way.". 
 
Recent Research on Macquarie Group Limited (MQG)
Macquarie Group Ltd. (S&P Credit Research)- Mar 01, 2010
Summary: Macquarie Group Ltd. (S&P Credit Research)- Mar 01, 2010
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Share:  <span class="company">Macquarie Group</span>, Australia's largest investment bank, may snap up more U. S assets and wants to add more bankers in the United States to advise energy, industrial and technology companies, Bloomberg News reported , citing an interview with a top company executive. Tim Bishop, chief executive officer of Macquarie Capital's U. S division, told Bloomberg in an interview that the bank has "eyes and ears open" for opportunities in the United States."If we are able to build on that sensibly through new hires or acquisitions, then that's great," Mr. Bishop told the news service. "There are a couple of areas we're not in today in a meaningful enough way.". Tweet this 

BofA Under Pressure to Shrink, Report Says (New York Times - DealBook) - 07:00 ET Mar 11, 2010

Regulators have told Bank of America 's chief executive, Brian T. Moynihan, and other executives that the largest U. S bank by assets must become "much smaller," Fox Business Network's Charlie Gasparino reported . Industry overseers are increasingly concerned about U. S banks being "too big to fail," according to the report on Fox Business Network's Web site. The regulatory focus on Bank of America comes as Citigroup , now the third largest U. S bank, has announced a plan to shrink the company, and has shed hundreds of billions of dollars of assets since 2007, Mr. Gasparino reported. 
 
Recent Research on Bank of America Corporation (BAC)
Moody's: U.S. bank asset quality stabilizes, but the pain isn't over (Moody's Global Credit Research)- Mar 10, 2010
BANK OF AMERICA CORPORATION (Moody's Global Credit Research)- Feb 16, 2010
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Share:  Regulators have told <span class="company">Bank of America</span> 's chief executive, Brian T. Moynihan, and other executives that the largest U. S bank by assets must become "much smaller," Fox Business Network's Charlie Gasparino reported . Industry overseers are increasingly concerned about U. S banks being "too big to fail," according to the report on Fox Business Network's Web site. The regulatory focus on <span class="company">Bank of America</span> comes as Citigroup , now the third largest U. S bank, has announced a plan to shrink the company, and has shed hundreds of billions of dollars of assets since 2007, Mr. Gasparino reported. Tweet this 

G.M. Chief Says U.S. to Make Money on Bailout (New York Times - DealBook) - 06:54 ET Mar 11, 2010

General Motors will pay back roughly $8 billion in debt to the United States and Canada before June and could go public in a way that would allow taxpayers to make a profit on the bailout, the auto maker's chief executive, Ed Whitacre, said on Wednesday. Those financial targets are more aggressive than the top U. S automaker has previously announced and come as Mr. Whitacre pushes G. M to move faster to jump start sales and win back U. S market share after three decades of steady decline, Reuters reported . Mr. Whitacre said in December that G. M would pay back government loans extended to finance its restructuring in bankruptcy by June. 
 
Share:  <span class="company">General Motors</span> will pay back roughly $8 billion in debt to the United States and Canada before June and could go public in a way that would allow taxpayers to make a profit on the bailout, the auto maker's chief executive, Ed Whitacre, said on Wednesday. Those financial targets are more aggressive than the top U. S automaker has previously announced and come as Mr. Whitacre pushes G. M to move faster to jump start sales and win back U. S market share after three decades of steady decline, Reuters reported . Mr. Whitacre said in December that G. M would pay back government loans extended to finance its restructuring in bankruptcy by June. Tweet this 

Tullett Prebon in Deal Talks (New York Times - DealBook) - 06:21 ET Mar 11, 2010

Tullett Prebon of Britain said Wednesday that it was in "preliminary discussions with a third party," sending shares in the financial firm up more than 25 percent. The interdealer broker's stock surged 25.7 percent to 350 pence per share on the news of the potential deal, which could value the company's equity at £840 million ($1.26 billion), The Financial Times reported. However, Tullett Prebon warned that "there is no certainty that an offer will be forthcoming.". 
 
Share:  <span class="company">Tullett Prebon</span> of Britain said Wednesday that it was in "preliminary discussions with a third party," sending shares in the financial firm up more than 25 percent. The interdealer broker's stock surged 25.7 percent to 350 pence per share on the news of the potential deal, which could value the company's equity at £840 million ($1.26 billion), The Financial Times reported. However, <span class="company">Tullett Prebon</span> warned that "there is no certainty that an offer will be forthcoming.". Tweet this 

A.I.G.'s Taiwan Sale Stalls on Regulations (New York Times - DealBook) - 06:13 ET Mar 11, 2010

American International Group has managed to agree to jumbo asset sales this month, but a smaller disposal — that of its Taiwan life insurance unit, Nan Shan Life — remains in regulatory limbo, Bettina Wassener reports in The New York Times. A. I. G agreed to sell Nan Shan to a consortium consisting of Primus Financial Holdings, an independent Hong Kong investment company founded by a former senior Citigroup banker, and China Strategic Holdings, an investment firm, for $2.15 billion last October. But the proposed sale has raised regulatory hackles in Taiwan amid concerns that funding for the deal may ultimately come from China, which still has a tense relationship with the island nation. Despite a thawing in those tensions, companies with large mainland Chinese shareholdings face restrictions from investing in Taiwanese companies. 
 
Recent Research on American International Group, Inc. (AIG)
Moody's affirms ALICO's A1 rating upon acquisition announcement by AIG (Moody's Global Credit Research)- Mar 08, 2010
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Share:  <span class="company">American International Group</span> has managed to agree to jumbo asset sales this month, but a smaller disposal — that of its Taiwan life insurance unit, Nan Shan Life — remains in regulatory limbo, Bettina Wassener reports in The New York Times. A. I. G agreed to sell Nan Shan to a consortium consisting of Primus Financial Holdings, an independent Hong Kong investment company founded by a former senior Citigroup banker, and China Strategic Holdings, an investment firm, for $2.15 billion last October. But the proposed sale has raised regulatory hackles in Taiwan amid concerns that funding for the deal may ultimately come from China, which still has a tense relationship with the island nation. Despite a thawing in those tensions, companies with large mainland Chinese shareholdings face restrictions from investing in Taiwanese companies. Tweet this 

Three Airlines Near Deal for an Expanded Alliance (New York Times - DealBook) - 06:04 ET Mar 11, 2010

European antitrust regulators on Wednesday took a step toward approving an expanded alliance between British Airways , American Airlines and Iberia after the airlines offered to give up landing and takeoff slots at airports serving London and New York, The New York Times's James Kanter reported . The European Commission said the three airlines, all members of the Oneworld alliance, had offered to cede slots at Heathrow, Gatwick and Kennedy Airports. That concession was aimed at lowering barriers to entry for other airlines to fly from London to New York, Boston, Dallas and Miami — routes where British Airways and American Airlines currently dominate. 
 
Share:  European antitrust regulators on Wednesday took a step toward approving an expanded alliance between <span class="company">British Airways</span> , American Airlines and Iberia after the airlines offered to give up landing and takeoff slots at airports serving London and New York, The New York Times's James Kanter reported . The European Commission said the three airlines, all members of the Oneworld alliance, had offered to cede slots at Heathrow, Gatwick and Kennedy Airports. That concession was aimed at lowering barriers to entry for other airlines to fly from London to New York, Boston, Dallas and Miami — routes where <span class="company">British Airways</span> and American Airlines currently dominate. Tweet this 

Unexpectedly, EMI Moves to Replace Top Exec (New York Times - DealBook) - 06:01 ET Mar 11, 2010

The struggling British music company EMI announced on Wednesday that Elio Leoni Sceti, the chief executive of its recorded music division, will step down at the end of March after less than two years in the job, The New York Times's Joseph Plambeck reported. The company gave no reason for Mr. Leoni Sceti's unexpected departure, but named Charles Allen as its new executive chairman. Mr. Allen had been the nonexecutive chairman at EMI Music since early last year, helping put much of the company's leadership in place. 
 
Share:  The struggling British music company <span class="company">EMI</span> announced on Wednesday that Elio Leoni Sceti, the chief executive of its recorded music division, will step down at the end of March after less than two years in the job, The New York Times's Joseph Plambeck reported. The company gave no reason for Mr. Leoni Sceti's unexpected departure, but named Charles Allen as its new executive chairman. Mr. Allen had been the nonexecutive chairman at <span class="company">EMI</span> Music since early last year, helping put much of the company's leadership in place. Tweet this 

CA Snaps Up Nimsoft For $350 Million in Cash (New York Times - DealBook) - 05:32 ET Mar 11, 2010

CA, the technology management software company, said Wednesday that it's buying Nimsoft for $350 million in cash. The acquisition gives CA a cadre of smaller company clients served by the privately held Nimsoft, whose revenues typically run from $300 million to $2 billion, The Associated Press reported . CA historically has focused on serving larger corporate customers, the news service noted. 
 
Share:  CA, the technology management software company, said Wednesday that it's buying <span class="company">Nimsoft</span> for $350 million in cash. The acquisition gives CA a cadre of smaller company clients served by the privately held <span class="company">Nimsoft</span>, whose revenues typically run from $300 million to $2 billion, The Associated Press reported . CA historically has focused on serving larger corporate customers, the news service noted. Tweet this 

Viterra Cooks Up Deal for Dakota Growers Pasta (New York Times - DealBook) - 05:16 ET Mar 11, 2010

Viterra is offering to buy Dakota Growers Pasta for $240 million, a deal that would put the Canadian food processing and grain handling company into the spaghetti business. Viterra's board of directors endorsed the offer Wednesday, the company said in a statement. The board of Dakota Growers, which is based in the central North Dakota community of Carrington, approved it Tuesday, said its chairman, Lt. Gov. Jack Dalrymple. 
 
Share:  Viterra is offering to buy <span class="company">Dakota Growers Pasta</span> for $240 million, a deal that would put the Canadian food processing and grain handling company into the spaghetti business. Viterra's board of directors endorsed the offer Wednesday, the company said in a statement. The board of Dakota Growers, which is based in the central North Dakota community of Carrington, approved it Tuesday, said its chairman, Lt. Gov. Jack Dalrymple. Tweet this 

Viterra is offering to buy Dakota Growers Pasta for $240 million, a deal that would put the Canadian food processing and grain handling company into the spaghetti business. Viterra's board of directors endorsed the offer Wednesday, the company said in a statement. The board of Dakota Growers, which is based in the central North Dakota community of Carrington, approved it Tuesday, said its chairman, Lt. Gov. Jack Dalrymple. 
 
Share:  <span class="company">Viterra</span> is offering to buy Dakota Growers Pasta for $240 million, a deal that would put the Canadian food processing and grain handling company into the spaghetti business. <span class="company">Viterra</span>'s board of directors endorsed the offer Wednesday, the company said in a statement. The board of Dakota Growers, which is based in the central North Dakota community of Carrington, approved it Tuesday, said its chairman, Lt. Gov. Jack Dalrymple. Tweet this 

Time for BofA's Moynihan to Walk the Walk? (New York Times - DealBook) - 04:46 ET Mar 11, 2010

He made a good impression on Wednesday in his first solo presentation since becoming chief executive of Bank of America at the start of the year, the publication says. He hit the right notes, promising to put relationships, risk management and cost controls ahead of rapid growth and serial acquisitions. That was reassuring, but hardly a difficult call, Breakingviews says. 
 
Share:  He made a good impression on Wednesday in his first solo presentation since becoming chief executive of <span class="company">Bank of America</span> at the start of the year, the publication says. He hit the right notes, promising to put relationships, risk management and cost controls ahead of rapid growth and serial acquisitions. That was reassuring, but hardly a difficult call, Breakingviews says. Tweet this 

TARP Panel Finds Fault With GMAC Bailouts (New York Times - DealBook) - 04:06 ET Mar 11, 2010

A Congressional panel, in a report to be released Thursday, questioned the need for the Treasury Department 's $17.2 billion bailout of GMAC as the company dealt with the collapsing mortgage market in 2008 and 2009, Sewell Chan reports in The New York Times. The panel, the Congressional Oversight Panel for the Troubled Asset Relief Program, raised questions about the Bush administration's initial decision to rescue GMAC in . The government "might have been able" to arrange a strategic bankruptcy for GMAC, as it did for General Motors and Chrysler , preserving its automotive lending arm while dealing with the mortgage lending operations that brought it down, the panel found. 
 
Recent Research on GMAC Inc
Moody's upgrades GMAC to B3 with a stable rating outlook (Moody's Global Credit Research)- Feb 05, 2010
Moody's maintains ResCap's C rating (Moody's Global Credit Research)- Feb 05, 2010
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Share:  A Congressional panel, in a report to be released Thursday, questioned the need for the Treasury Department 's $17.2 billion bailout of <span class="company">GMAC</span> as the company dealt with the collapsing mortgage market in 2008 and 2009, Sewell Chan reports in The New York Times. The panel, the Congressional Oversight Panel for the Troubled Asset Relief Program, raised questions about the Bush administration's initial decision to rescue <span class="company">GMAC</span> in . The government "might have been able" to arrange a strategic bankruptcy for <span class="company">GMAC</span>, as it did for General Motors and Chrysler , preserving its automotive lending arm while dealing with the mortgage lending operations that brought it down, the panel found. Tweet this 

Eyeblaster Takes Another Shot at I.P.O. (New York Times - DealBook) - 03:50 ET Mar 11, 2010

Eyeblaster, an online advertising company, is making another run at the public markets. The company said Wednesday that it is planning an initial public offering, though it did not disclose an expected size or price range, The Associated Press reported . Two years ago to the day, the New York company, which provides online campaign management software and services to advertisers, said in a regulatory filing that it planned to go public. 
 
Share:  <span class="company">Eyeblaster</span>, an online advertising company, is making another run at the public markets. The company said Wednesday that it is planning an initial public offering, though it did not disclose an expected size or price range, The Associated Press reported . Two years ago to the day, the New York company, which provides online campaign management software and services to advertisers, said in a regulatory filing that it planned to go public. Tweet this 

Baltic Trading Flat in Debut (New York Times - DealBook) - 03:45 ET Mar 11, 2010

Shares of Baltic Trading closed down slightly Wednesday after remaining virtually flat during the company's trading debut, The Associated Press reported . On Tuesday, Baltic raised $228.2 million in an initial public offering that priced at the bottom of its expected range. It sold 16.3 million shares for $14 apiece late Tuesday. 
 
Share:  Shares of <span class="company">Baltic Trading</span> closed down slightly Wednesday after remaining virtually flat during the company's trading debut, The Associated Press reported . On Tuesday, Baltic raised $228.2 million in an initial public offering that priced at the bottom of its expected range. It sold 16.3 million shares for $14 apiece late Tuesday. Tweet this 

A Place to Bet Real Money on Movies (New York Times - DealBook) - 03:44 ET Mar 11, 2010

Cantor Futures Exchange, a subsidiary of Cantor Fitzgerald, expects to open an online futures market next month that will allow studios, institutions and moviegoers to place bets on the box office revenue of Hollywood's biggest releases. Last week, the company learned from regulators that customers could start putting money into their accounts on ."I've worked in the futures industry for a long time," said Richard Jaycobs, the president of Cantor Exchange, who has worked with derivative markets and the cotton exchange. 
 
Recent Research on Cantor Fitzgerald, L.P.
Moody's rates BGC Partners, Inc. Ba1 with a stable outlook (Moody's Global Credit Research)- Nov 04, 2009
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Cantor Fitzgerald L.P. (S&P Credit Research)- Oct 30, 2009
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Share:  Cantor Futures Exchange, a subsidiary of <span class="company">Cantor Fitzgerald</span>, expects to open an online futures market next month that will allow studios, institutions and moviegoers to place bets on the box office revenue of Hollywood's biggest releases. Last week, the company learned from regulators that customers could start putting money into their accounts on ."I've worked in the futures industry for a long time," said Richard Jaycobs, the president of Cantor Exchange, who has worked with derivative markets and the cotton exchange. Tweet this 

BP Buying Devon Energy Assets for $7 Billion (New York Times - DealBook) - 03:25 ET Mar 11, 2010

BP said Thursday that it would pay Devon Energy $7 billion for assets in Brazil, Azerbaijan and the Gulf of Mexico, and that the two firms would form a joint venture to develop an oil sands project in Alberta, Canada. BP, based in London, is paying cash for the Devon assets, which include exploration sites in Brazilian and U. S waters, as well as Devon's stake in the Azeri Chirag Gunashli development, already operated by BP. Devon will pay BP $500 million for a stake in its existing Kirby oil sands project, where BP owns about 90,000 acres, and contribute another $150 million to cover BP capital costs. Tony Hayward, chief executive of BP group, said that the deal gave BP "significant additional long term growth potential with an emphasis on high margin oil.". 
 
Recent Research on Devon Energy Corporation (DVN)
Devon Energy Corporation (Moody's Global Credit Research)- Dec 23, 2009
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Share:  BP said Thursday that it would pay <span class="company">Devon Energy</span> $7 billion for assets in Brazil, Azerbaijan and the Gulf of Mexico, and that the two firms would form a joint venture to develop an oil sands project in Alberta, Canada. BP, based in London, is paying cash for the Devon assets, which include exploration sites in Brazilian and U. S waters, as well as Devon's stake in the Azeri Chirag Gunashli development, already operated by BP. Devon will pay BP $500 million for a stake in its existing Kirby oil sands project, where BP owns about 90,000 acres, and contribute another $150 million to cover BP capital costs. Tony Hayward, chief executive of BP group, said that the deal gave BP "significant additional long term growth potential with an emphasis on high margin oil.". Tweet this 

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