Stricken US monoline bond insurer MBIA slumped to its third straight quarterly loss after taking hits on its exposure to credit derivatives linked to collateralised debt obligations in the first three months of the year.
MBIA posted a net loss of $2.41bn (â¬1.6bn), or $13.03 a share, in the first quarter compared to a profit of $199m, or $1.46 a share, for the same period a year before. The results included unrealised losses on credit derivative instruments of some $3.58bn, MBIA said.
