$C $MTB $AIB $RF FINANCIALS Around from the water cooler

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Bank of Ireland said it is working with a "syndicate of major international investment banks" to help raise €2.7 billion of capital needed by year-end; could become the only major Irish bank not to require state aid

         C, PRI – Primerica expected to price after the close on Wed according to the FT   

         RWT – trying to reopen the non-gov't-backed mortgage loan market; the co may launch as soon as next week an offering of such securities totaling at least $200 million; the deal would be the first sale in more than two years of private-label securities backed by newly originated home mortgages – WSJ. 

         CMBS – the first CMBS deal of '10 to be marketed to investors this week; RBS will offer a $500 million security backed by existing loans that were refinanced and underwritten to stricter guidelines (WSJ)  
  

         MTB -  AIB To Sell Stake In M&T Bank; said Tuesday that it plans to sell its 22.5% stake in M&T Bank Corp. (MTB) by year-end to fulfill the capital requirements of its Irish regulators.  DJ 

         Bank of Ireland said it is working with a "syndicate of major international investment banks" to help raise €2.7 billion of capital needed by year-end; could become the only major Irish bank not to require state aid (WSJ) 

         Irish banks: NAMA/regulator details - confirming bad news for AIB, more favourable for BOI   V

         RF – Regions Finance is profiled in the WSJ – "has lost a combined $6.63 billion over the past two years and still hasn't received approval to pay back $3.5 billion in public support from the TARP".  WSJ   

         FNM – reports monthly stats; portfolio decreased by an annualized 14.2 percent to $725.9 billion in February from $735.2 billion in January; Delinquencies on loans in Fannie Mae's single-family guarantee business rose by 0.14 percentage point to 5.52 percent in January; The multifamily delinquency rate rose 0.06 percentage point to 0.69 percent in January.  Reuters 

         ISBC - has signed a Purchase and Assumption Agreement with Millennium to acquire approximately $575 million of deposits and seventeen branch offices in New Jersey, New York and Massachusetts for a deposit premium of 0.11%.

         ABK - announced today that it will not be filing its Form 10-K on or prior to March 31, 2010. Due to the significant events which are described in its Form 8-K filed with the Securities Exchange Commission on March 25, 2010, Ambac is revising its Form 10-K to address the impacts of these events on its financial statements and disclosure. Ambac expects to file its Form 10-K as soon as it has made all of the necessary revisions.

         AIG – ILFC sold another $750 million in bonds on Tuesday (WSJ) 

         Bank taxes - France and Germany are moving toward the introduction of bank taxes aimed at the riskiest activities, Les Echos reported – Bloomberg

         Asset manager update – from JPMorgan's K Worthington – on Tues the Supreme Court issued a unanimous decision in the Jones v. Harris case on mutual fund fees. The court endorsed the precedent set in the 1982 case, Gartenberg v. Merrill Lynch, leaving the status quo. We thought this was the most likely scenario in our Oct 30, 2009, research note, 'Supreme Court Case Jones v. Harris Shouldn't Hurt Asset Management Fees.' A negative ruling was avoided, and we see this industry legal overhang as now lifted.