Damit die Rückversicherer der Versicherer von Corporate Bonds und Hypothekendarlehen noch eine Chance zum Überleben haben, werden nun schwere Geschütze aufgefahren. Die viertgrößte davon ist die französische CIFG (Kürzel: PMI) mit Firmensitz auf den Bermudas. Nett, was darüber nachfolgend zu lesen ist.
Ich finde es ungeheuerlich, dass dieser Wert neben ABK, MBI und MTG immer noch ein AAA-Rating hat!
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MBIA, Ambac Shares Jump on CIFG Bailout by Parents (Update3)
By Christine Richard and Cecile Gutscher
Nov. 23 (Bloomberg) -- MBIA Inc. and, Ambac Financial Group Inc., the world's two biggest bond insurers, jumped after the bailout of rival CIFG Guaranty signaled the industry may get the financing it needs to avoid credit-rating downgrades.
MBIA, based in Armonk New York, and Ambac of New York rose more than 8 percent in New York Stock Exchange composite trading after Groupe Banque Populaire and Groupe Caisse d'Epargne agreed to take control of CIFG from their Natixis banking subsidiary and doubled the company's capital with a $1.5 billion investment.
``They'll do whatever is necessary to protect their ratings and their franchise,'' Fitch analyst Thomas Abruzzo said of the companies in an interview yesterday from New York.
Credit ratings of at least nine bond insurers are being examined by Fitch, Moody's Investors Service and Standard & Poor's after a slide in the value of mortgage securities the companies guarantee. Fitch and Moody's have said they may need to raise capital to keep their AAA ratings. Financial Guaranty Insurance Co., the fourth-largest, is most vulnerable, Fitch said. MBIA is among the least likely to need capital, while Ambac has a ``moderate'' risk, Fitch said.
A downgrade would raise doubts about the safety of the $2.4 trillion of securities they guarantee.
CIFG's rescue may set the tone for other bond insurers, also known as monolines.
``The CIFG news is constructive for the monolines,'' said Scott MacDonald, head of research at Aladdin Capital Management LLC in Stamford, Connecticut, which has $21.5 billion under management. ``I don't believe any of the bond insurers are going to fail but they are pressed hard on the capital side.''
Shares Rise
MBIA, the largest bond insurer, rose $1.96, or 6.1 percent, to $34.14 in New York Stock Exchange composite trading today, after reaching $34.80. Trading closed at 1 p.m. New York time because of the U.S. Thanksgiving holiday weekend. The company, down 53 percent this year, is among the least likely to need capital, Moody's and Fitch said.
Ambac, the second-largest, has a ``moderate'' risk of needing capital, the ratings companies said. Shares of Ambac, down 71 percent this year, rose $1.41, or 5.8 percent, to $25.55, after earlier rising as high as $26.15.
``The fact that somebody has broken ranks is significant,'' said Nigel Sillis, director of research at Baring Asset Management in London, which oversees 37 billion euros of fixed- income. ``This might end up providing a template for other bond insurers.''
MBIA spokesman Willard Hill and Ambac spokesman Peter Poillon didn't immediately return calls seeking comment.
`A Plus'
Fitch affirmed CIFG's AAA ranking after the Paris-based mutual banks took control. Moody's today said the rescue ``greatly reduces the risk'' that CIFG's capital will fall below the amount needed for the top rating.
``In instances where there is a large financial support provider that can be a plus in our analysis,'' Moody's managing director Jack Dorer said in an interview.
The decision by Natixis ``makes an awful lot of sense,'' said Karl Bergqwist, a fund manager at Gartmore Investment Management Plc in London. ``There is systemic incentive to ensure that large monoline insurers don't get downgraded and don't go bust.''
Fitch last month cited CIFG and FGIC as ``the most likely to experience contraction in their capital cushions.''
FGIC, the insurer for $315 billion of bonds, may be the next bond guarantor to be rescued by its parents after CIFG's owners gave it funding this week, Fitch Ratings said.
FGIC
New York-based FGIC, controlled by PMI Group Inc., Blackstone Group LP, and Cypress Group, has at most three weeks to show it has enough capital to deserve a AAA grade, Fitch said.
FGIC, which helped borrowers from the New York Yankees to the Alaska Railroad Corp. sell AAA bonds, insures $30 billion of mortgage-backed debt and $25 billion of collateralized debt obligations, according to the company's Web site. The company had $5 billion of capital reserves on Sept. 30, the Web site says. It will need to boost that or reduce risk by buying reinsurance on the bonds it guarantees, said Fitch's Abruzzo.
Walnut Creek, California-based PMI Group, the second-largest U.S. mortgage insurer, owns 42 percent of FGIC. New York-based private equity firms Blackstone and Cypress Group each own 23 percent. PMI shares jumped $1.32, or 13 percent, to $11.51 after six days of declines. The stock is down 76 percent this year. Blackstone rose 36 cents to $21.38.
FGIC spokesman Brian Moore, PMI spokeswoman Beth Haiken, Steve Lipin, a spokesman for New York-based Cypress Group, and John Ford, Blackstone's New York-based spokesman, didn't return calls seeking comment.
``FGIC has large shareholders,'' Moody's Dorer said. ``If there were a capital need I'm sure they would be considering what they would do to address that.''
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Die wechselseitigen Verschachtelungen sind hier klar erkennbar.
Im obigen Text heißt es ja bzgl. des nicht börsennotierten Wertes CIFG: "controlled by PMI Group, Blackstone Group, and Cypress Group". Damit ist dieser für mich höchst "ominös". Nun, dann schauen wir uns doch mal den Chart eines der "Kontrolleure", PMI, an!
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Angehängte Grafik:
pmi10jd.png (verkleinert auf 72%)
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