Job market a bit tougher than expected?

1 April 2008

http://www.investegate.co.uk/Article.aspx?id=200804011514043302R

Dealogic (Holdings) plc
Board change

Dealogic (Holdings) plc (‘Dealogic’ or ‘the Company’), the provider of software, communications and information products to the investment banking industry, today announces that Rick McHattie, Chief Financial Officer, has decided to leave the company to pursue other challenges. He will remain with the company to ensure an orderly handover to a replacement Chief Financial Officer, for whom a search is underway, in due course.

9 June 2008

http://www.investegate.co.uk/Article.aspx?id=200806091613353080W

Dealogic (Holdings) plc (‘Dealogic’ or ‘the Company’), the provider of software, communications and information products to the investment banking industry, today announces that Rick McHattie, Chief Financial Officer, will no longer be leaving the Company to pursue other interests as previously announced on 1 April 2008.

Ha! Maybe the first announcement was just an April Fool?

5 year sterling swap surge

Extraordinary move in the 5 year sterling swap today, currently trading +23.8bps at 5.9950%. Similar move in the 5 year Euro swap as well, +18.35bps at 5.1350%.

The sterling swap hasn’t quite reached the heights of last summer yet, when it got to around 6.2%, but the euro swap is at its highest since May 2002!

Anyone expecting UK mortgage rates to come down any time soon will be disappointed. The 2-year swap (2 year fixes being the most popular mortgages in the UK) is currently trading at 6.26%. Add in, say, 120bps for margin and you’re looking at a rate of nearly 7.5% for a 2 year mortgage. Ouch.  Continued bad news for banks, housebuilders and property companies.