Credit - 2006-05-01
Articles in this issue
The market for CLOs of leveraged loans
5. Leveraged loan CLOs
Trade bodies unite in efforts to improve transparency
European trade bodies recommend a revamp of bond prospectus information
SSGA plants Palms in US
The asset manager launches its liabilitymatching tool in the US market
NAIC ruling stalls US hybrids market
Insurance industry regulator classifies Lehman Brothers hybrid as common equity
Structured credit tastes good (but beware the chef!)
Sponsored Foreword
CDO equity returns
Talking point
Remixing helps managers get back in the groove
Peter Knez explains how to sort out your alpha from your beta
Polaris launches Taiwan CBO
The $375m equivalent deal consists of seven types of trust certificate
Back to Basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask... Sophia Kandylaki, vice-president, and Penny Davenport, director of Markit Group, explain the mechanics of reference data for CDS…
Credit Suisse sets up Korean asset management group
The deal is a link-up between the Swiss financial giant and Korean bank Woori
The rise and fall of the CDO-squared
6. CDOs-squared
The onward march of the CDO market
1. Introduction
Diane Vazza
Dalia Fahmy finds out where the head of global fixed-income research at Standard & Poor's in New York found her calling
Structured credit blossoms in Q1
Collateralised loan obligation volumes are up by 120% year-on-year
Investment grade
Secondary market liquidity
Introducing CDOs of asset-backed securities
7. CDOs of ABS
Strike threat sours GM sale optimism
Trouble at Delphi overshadows news of GMAC's planned sale to Cerberus
High yield falls out of favour
Market graphic
Emerging market CDOs
10. EM CDOs
Balance sheet and arbitrage CDOs
4. Balance sheet/arbitrage
Broadening the CDO investor base
11. Investor base
US corporate bonds register increase in foreign demand
The February figures represent the first rise in non-US holdings in three months
GoldenTree refunds investors in $750m high-yield CDO
Fund manager blames changing CDO market for decision to redeem liabilities
Unwanted orphans
In The City
CDOs: The outlook
12. Conclusion
Merger fever hits US telecoms
Telecom sector
A passage to India
Regulatory scrutiny and cost concerns have prompted many global investment banks to cut investment in credit research. One option to make up the shortfall is to outsource the number-crunching to cheaper centres such as India. But is it a good idea? Nadia…
Primus Financial: the risk repository
Primus Financial occupies a unique place in the credit derivatives market by writing CDS protection – and then holding the swaps to maturity
Loan derivatives: laying down the law
Leveraged loans
Equity and bond trade bodies reunite after 30-year split
SIA and BMA announce plans to merge, creating a pan-industry 'heavy hitter'
Tranching: CDOs in slices
2. Tranching
Winner: Dynamo
In our monthly roundup of innovative deals, we salute BNP Paribas' Dynamo transaction, Alfa Bank's securitisation and a private placement by Viacom
Indices and index-based products
9. Indices
Nordic states warm to bond markets
Regional focus: Nordic region
Germany cashes in on loans-gone-bad
Non-performing loans
Cash vs synthetic CDOs
3. Cash vs Synthetic
The human touch
Voice broking
