News
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November 05, 2008
Primus Guaranty Reports Third Quarter 2008 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today a GAAP net loss of $(390.2) million, or $(8.63) per diluted share, for the third quarter of 2008, compared with a GAAP net loss of $(128.4) million, or $(2.85) per diluted share, for the third quarter of 2007. For the nine months ended September 30, 2008, the GAAP net loss was $(797.7) million, or $(17.65) per diluted share, compared with a GAAP ...
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October 15, 2008
Primus Guaranty Comments on CDS on Asset-Backed Securities
Primus Guaranty, Ltd. (NYSE:PRS) today announced that two asset-backed securities, referenced by credit default swaps (“CDS”) written by Primus Financial Products, LLC (“Primus Financial”), were downgraded below Caa2 by Moody’s Investors Service (“Moody’s”). The notional principal on these CDS with current counterparties is $10 million. Under the terms of the ISDA master agreement governing CDS on asset-backed securities, a downgrade ...
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October 09, 2008
Primus Guaranty Comments on Icelandic Bank CDS Exposure
Following the announcement by Iceland’s Financial Supervisory Authority to nationalize Kaupthing bank hf. (“Kaupthing Bank”), Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”).
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October 08, 2008
Primus Guaranty Announces Bond Buyback Program for 7% Senior Notes
Primus Guaranty, Ltd. (NYSE:PRS) announced today that its Board of Directors has authorized the use of up to $10 million of available cash to repurchase the company's 7% senior notes due 2036 (NYSE:PRD), from time to time in the open market or in privately negotiated transactions at prices and upon terms approved by management.
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October 01, 2008
Moody's Rating Action on Primus Financial Products
Moody's Investors Service announced today that it has (i) downgraded the counterparty rating of Primus Financial Products LLC ("Primus Financial"), and its Subordinated Deferrable Interest Notes, Series A and (ii) placed on review for possible downgrade Subordinated 2005 Deferrable Interest Notes, Series A-1, Subordinated 2005 Deferrable Interest Notes, Series B, and Perpetual NC-10 Floating Rate Cumulative Preferred Securities (Series I and Series II). Moody's also downgraded to Ba1, from ...
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September 26, 2008
Primus Guaranty Comments on Standard and Poor's Ratings Announcement and Washington Mutual Exposure
Primus Guaranty, Ltd. (NYSE:PRS) today commented on Standard & Poor's Rating Services (“S&P”) placement of Primus Financial Products, LLC (“Primus Financial”) on negative watch.
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September 15, 2008
Primus Guaranty Comments on Lehman Brothers CDS Exposure
Following the filing today by Lehman Brothers Holdings Inc. (“Lehman Brothers”) of a petition under Chapter 11 of the U.S. Bankruptcy Code, Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”).
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September 08, 2008
Primus Guaranty Expects Minimal Impact from Fannie Mae and Freddie Mac CDS Exposure
Following the announcements over the weekend relating to Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), Primus Guaranty, Ltd. (NYSE:PRS) today provided the following information with regards to its credit default swap (“CDS”) exposure to Fannie Mae and Freddie Mac.
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September 03, 2008
Primus Guaranty Ceo to Present at the Lehman Brothers 2008 Global Financial Services Conference
Primus Guaranty, Ltd. (NYSE: PRS) has announced that Chief Executive Officer Thomas Jasper will make a presentation at the Lehman Brothers Global Financial Services Conference on Monday, September 8, 2008 at 4:45 p.m. ET. The conference is being held at the Hilton New York Hotel in New York City. Prior to Mr. Jasper’s remarks, a copy of the presentation will be available via Primus Guaranty’s Web site, http://ir.primusguaranty.com/. ...
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August 06, 2008
Primus Guaranty Reports Second Quarter 2008 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the company”) (NYSE:PRS), a leading provider of credit protection, announced today GAAP net income of $262.6 million, or $5.78 per diluted share, for the second quarter of 2008, compared with a GAAP net loss of $21.5 million, or $0.48 per diluted share, for the second quarter of 2007. For the six months ended June 30, 2008, the GAAP net loss was $407.5 million, or $9.02 per diluted share, compared with a GAAP net loss of $31.2 million, or $0.70 per diluted share, for the same period in 2007.