Credit - 2007-11-01
Articles in this issue
Talking point - The end of the acronym?
Will investor appetite for complex financial products be restored, or are we returning to a more traditional marketplace? Credit asked five market participants for their views
Profile: Avarina Miller
The senior vice-president at Demica, the provider of working capital services, talks to Matthew Attwood about how volatility is increasing appetite for more traditional structures
The Big Interview: Andrew Feltus
The man who controls Pioneer Investment Management's $11 billion high-yield bond portfolio tells Dalia Fahmy how he plans to make money in 2008
Funds of funds surge back into credit
Lured by the return of relative value, funds of funds are once again investing in credit. In these troubled times, they argue that the diversification of their strategies offers safer investments than single-manager credit hedge funds. Nikki Marmery…
Deal of the month
TGI international
Market Graphic - Fed rate cuts
Stephen Gallagher, chief US economist at Societe Generale, looks at whether Fed rate cuts will succeed in calming the troubled waters of the US economy
Banks launch 'super-SIV' to rescue ailing funds
A multi-billion dollar initiative by a group of investment banks sees the launch of a super-conduit that will buy assets from struggling SIVs. Banks hope the fund will bring liquidity to the market
Deal of the month
Schneider Electric
Euro investment-grade liquidity survey
Secondary market liquidity
Deal of the month
Royal Bank of Scotland
Hedge funds: The bargain hunters
There are rich pickings to be had amongst the ruins of the summer's ravaged credit markets: hedge funds that survived the crisis are now putting together funds to invest in the wide availability of cheap securities. Nikki Marmery meets the executives at…
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 ... Mel Mitchley, industry relations director at Callcredit, looks at the credit search market
Markit to distribute data on Reuters 3000 Xtra
The new service - the first time Markit has distributed data via a third party - will give Reuters users access to pricing on the iTraxx and CDX indices, as well as end-of-day pricing on other credits
Legal Spotlight
In the first of a two-part article, Laurence Pettit, a partner at Baker & McKenzie, argues that credit rating agencies are not the malign influence that some would portray them as; rather they are a product of a regulatory regime that gave them the space…
How bonus structures contributed to the credit crisis
For a fistful of dollars
The subprime shake-down
The subprime mortgage market - the root of all the summer's troubles - may well be in turmoil but nobody is suggesting it is about to disappear as a source of financing for securitisations. The question is, what part will it play when the dust finally…
Q&A: Rick McVey
In the wake of news that Thomson is to sell off part of TradeWeb, we ask the chief exec of e-trading platform MarketAxess how he sees the electronic bond trading landscape evolving
Apocalypto Now
A misguided trust in models to predict likelihood of default lies at the heart of this instability, reckons Nigel Sillis
Starting from zero
The EBRD's Alex Tanase has worked with mortgage lenders across central and eastern Europe to develop nascent mortgage markets - often starting from nothing. By Dippy Singh
Managing interest rate risk for non-maturity deposits
Marije Elkenbracht and Bert-Jan Nauta introduce two dynamic hedge strategies to stabilise the margin between investment return and client coupon. As extensions of Jarrow & van Deventer's model, these strategies can be used for both interest rate risk…
Not stressed enough
Stress testing
Aussies show their backbone
Australia
UK revisits plans to boost fixed-rate loans
Treasury agrees to re-examine proposal for government to write long-dated interest rate derivatives
Plugging the data gaps
Technology
Banking on a fall
Rates
Russia reels from liquidity crisis
Central bank lowers minimum reserve requirements in a bid to buoy up vulnerable banks
Changing the rules
Regulation
Banks devise 'super conduit' in bid to save Sivs market
Can rescue fund M-Lec bring much-needed liquidity, or is it a temporary measure destined to fail?
Primary markets revival delayed as bank announcements drive jitters
Investors will be hoping the worst is behind them as banks reveal extent of subprime losses
Bleak news from Boston
Conference Coverage
Doing the right thing
HBOS has been at the forefront of structuring mortgage finance deals in the European markets. During recent turmoil, the bank has twice issued covered bonds in a bid to reopen that sector. It seems that head of securitisation and covered bonds at Bank of…
