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December 10, 2008 Sign up Forward Archive Advertise News on the capital markets, securities and financial industry   Morning Bell    SIFMA, ASF sponsor creation of U.S. Covered Bonds Council SIFMA and its affiliate the American Securitization Forum are jointly sponsoring the establishment of the U.S. Covered Bonds Council, which will strive to be a forum for promotion of the covered-bonds market in the U.S. The council will also work in conjunction with the European Covered Bond Council and the European Covered Bond Dealers Association. "The members of the council believe that covered bonds can and will offer a vital complement to existing funding sources for financial assets, particularly mortgage products," said Sean Davy, managing director at SIFMA. Read the SIFMA press release. InvestmentNews (free registration) (12/9), Financial News Online (U.K.) (subscription required) (12/10)   WHITE PAPER: Essentials of CRM for Wealth Management Client retention and profitability have never been more important. Learn how wealth management firms can use client relationship management (CRM) strategies to build relationships as trusted advisors, maximize share of wallet, and increase productivity, contributing to top-line and bottom-line revenues. >>Download the white paper     Video View    Fed considers issuing debt for first time   Source: CNBC Issuing debt would give the Federal Reserve increased flexibility in its quest to stabilize the financial system, but it also raises questions. The Fed already has the ability to print as much money as needed, and government debt issuance is a Treasury function. Fed officials, who already broached the idea with Congress, are searching for tools to battle the credit crunch and recession. CNBC (12/10), The Wall Street Journal (free content) (12/10), Reuters (12/10) Data management has never been more complicated. Simplify it here. Download this Free Gartner Research report. The report — Gartner's Magic Quadrant for Data Loss Prevention (DLP), Content Monitoring and Filtering — answers key questions including how to evaluate different DLP problems and which solution providers have the most comprehensive offerings to meet a wide variety of DLP challenges.   Industry News  Sources say AIG's bad bets mean it owes Wall Street firms $10B American International Group made speculative trades that have since soured, causing the insurer to owe some of the largest firms on Wall Street about $10 billion, sources said. The development, which had not been detailed explicitly, indicates that AIG was likely using its own money to make bets. Reuters (12/10)   Regulatory Roundup  Oversight committee criticizes Treasury's handling of TARP A committee established by Congress to oversee the $700 billion economic rescue issued a report that criticizes the U.S. Treasury. "Households that are struggling with debts -- mortgages, student loans, credit cards, car loans, payday loans and other credit devices -- are at the center of the current crisis," according to the report. "For Treasury's disbursements to be effective in the context of the broader economic downward spiral, Treasury must have a strategy that addresses this underlying problem." The report also urges the department to explain its efforts more clearly. Bloomberg (12/10) Committee member says he questions group's work: Rep. Jeb Hensarling, the only Republican on the congressional committee overseeing the $700 billion economic rescue, said he questioned some of the panel's decisions. The Texas congressman said he voted against the committee's initial report because he was not sure whether the group was acting appropriately. NYTimes.com (12/10) Canada cuts benchmark rate to 50-year low A day after announcing that Canada is in recession, the Bank of Canada slashed its benchmark interest rate by three-quarters of a percentage point to 1.5%. It is the most aggressive rate cut since the days after the Sept. 11, 2001, attacks on the U.S. and brings the interest rate to a level that Canada has not experienced since 1958. The Globe and Mail (Toronto) (12/9)   Legislative Update  House vote nears for automakers' rescue package NO IMAGE FOUNDThe House of Representatives is expected to vote today on legislation that would rush $15 billion in rescue loans to Detroit's automakers. The measure is part of an overall plan that has the support "in concept" of congressional Democrats and the White House. The Washington Post (12/10) The Buzz(CORPORATE ANNOUNCEMENTS) Vanishing Career Havens By eFinancialCareers Recent events are bearing out our forecast that a number of once-resilient financial sectors were poised to lose their status as havens of career growth. On the bright side, two niches are gaining ground: litigation-related work, and trade finance. Read the full article. Interested in learning more about advertising in SIFMA SmartBrief? Contact Abiy Bekele at 212.450.7919 or abekele@smartbrief.com.     Investor Trends  Flight to safety pushes yield of T-bills below zero The implied yield on three-month U.S. Treasury bills swung briefly to negative 0.01% on Tuesday, with buyers essentially paying the Treasury for holding its debt. This marked the first time since 1940 that the yield on three-month bills went negative. A Morgan Stanley economist said the demand for cash was "extreme" and described the resulting negative interest rate as "absurd." Financial Times (free content) (12/9), International Herald Tribune (12/10) Commodities could recover in 12 to 18 months A rebound in commodities prices could be as many as two years away, but some market insiders still believe there is a chance for another bubble. Grains, oil and industrial-metals producers will be forced to cut output, and some may go out of business, before commodities recover. "When growth recovers, which will take 12 to 18 months, prices will head back up," said Ian Morley, a director at fund manager Quantum. Reuters (12/10) Commentary: Triple-A-rated CMBS may offer opportunity Although default rates on loans used to finance purchases of commercial properties are increasing, columnist Lingling Wei argues that investors holding triple-A-rated commercial-mortgage-backed securities will likely get their money back. The highly rated CMBS are trading at less than 70 cents on the dollar. Investors could make 13% annual yield on the debt if they hold it to maturity, according to Richard Parkus, head of CMBS research at Deutsche Bank Securities. The Wall Street Journal (tiered subscription model)/Dow Jones Newswires (12/10)   SIFMA News  SAVE THE DATE: AML Conference -- March 4, New York SIFMA's Anti-Money Laundering and Financial Crimes Conference is the securities industry's premier event for anti-money-laundering compliance training. The conference brings together the leading experts from industry, the regulatory agencies, and law enforcement to discuss the most recent developments in anti-money-laundering compliance and financial crime. Register now to stay abreast of the latest developments in anti-money-laundering compliance. REGISTER NOW: Securities Industry Institute March 8 to 13 For more than 50 years, participants of the Securities Industry Institute (SII) have benefited from a commitment to excellence. Register now to attend SII, held at the Wharton School of Business, and broaden your knowledge base by learning from world-renowned Wharton School professors and industry leaders. Review the SII's distinguished speakers and presenters here. 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