David Evans
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Articles by David Evans
Banking crisis in Ireland heightens fears of sovereign default
When the luck of the Irish ran out...
Gap between emerging and developed economies growing, says Credit Institute panel
Investors remain under-allocated to emerging market debt, despite emerging countries growing more rapidly – and, in many cases, boasting healthier balance sheets – than developed economies, panellists say.
Prop trading restrictions already hurting liquidity, say investors
Restrictions on bank proprietary trading have caused liquidity to fall in both the cash and derivatives markets, forcing buy-side participants to adopt alternative investment strategies
New clearing rules may make CDS prohibitively expensive, traders warn
Buy-side market participants are expecting increased operational costs when new regulation on central clearing of CDS contracts is implemented
Indosat $650m bond success augurs well for Indonesia issuers
A $650 million bond from Indonesian telco Indosat, issued last month, was a record 16 times oversubscribed. What was it about the deal that attracted investors in such numbers?
Credit investors up in arms over lax covenants
Investors are complaining that documentation for high yield bond deals has become increasingly opaque and poorly structured, making it difficult to gauge the level of risk. Will the glut of high yield supply that is set to hit the market over the coming…
West must not repeat Japan’s fiscal mistakes, says Nomura economist
Nomura chief economist Richard Koo warns the US and European economies face double-dip recession and a prolonged period of economic stagnation if stimulus is cut too soon.
China bond laws 'a problem' for investors
Economic reforms in China have gathered pace in recent years. But the country’s bond markets remain hampered by significant structural problems, including state-administered interest rates and a murky legal system subject to government interference.
Global economic imbalances may lead to 'bond trap' for investors
US-led efforts to rebalance the global economy are in danger of foundering on Europe’s fiscal retrenchment drive. The result, warn economists, may be a global bond trap, whereby surplus liquidity is channelled into safe government debt, freezing…
'Forum shopping' frustrates European high yield investors
An increasing number of European companies are moving their operations abroad to avoid punitive bankruptcy regimes, leaving bondholders at a disadvantage.
Opaque bond documentation a risk to high yield investors
Market participants have warned an increasing number of European high yield bond offerings are accompanied by unclear – even misleading – documentation.
China's bond laws remain a 'quagmire' for foreign investors, warns advisory firm
Investors in Chinese corporate bonds may struggle to recover their money in the event of a bankruptcy, according to FS Asia Advisory.
Funding concerns for banks could prompt Basel III rethink
The deadline for the implementation of proposed regulation may be extended, as banks protest against the potential impact of stringent new capital and liquidity rules.
German economy under pressure from bank losses and euro crisis
Bond investors have snapped up German Bunds in recent weeks, with Europe’s sovereign debt crisis triggering a flight to quality. But is Germany really the safe haven it appears? Credit explores potential vulnerabilities in the German economy and assesses…
BP crisis pushes Big Oil further into deep water
As thousands of barrels of oil continue to spill into the Gulf of Mexico, energy giant BP has seen its bond spreads widen to unprecedented levels. What will be the implications for Big Oil, and can investors factor in tail risks of this magnitude?
Corporates with emerging market operations prove attractive to bond investors
As growth in developing economies – particularly the Bric countries of Brazil, Russia, India and China – outstrips that of the developed world, companies with sizeable emerging market exposure are looking increasingly attractive to bond investors.
Economists fear 'global bond trap'
Economists warn fiscal belt-tightening in Europe may exacerbate imbalances in the global economy, leading to sluggish growth and excess liquidity in government bonds.
BP oil spill “frightening reminder” of tail risk, say analysts
As oil continues to spill into the Gulf of Mexico, analysts have warned there is little investors can do to hedge against the risk of disasters on the scale of the Deepwater Horizon incident.
‘Fatal flaw’ may derail euro project, says Axa
Global head of fixed income at Axa says a more cohesive political union is needed if the Eurozone is to survive.