Credit - Credit June 2010
Senior EU officials may have criticised the rating agencies for reacting too aggressively to Europe’s fiscal woes, but investors say the reverse is true and the agencies remain behind the curve.
With inflation continuing to trend higher than the Bank of England’s target rate, index-linked gilts are growing increasingly attractive to investors.
A practical and holistic approach to stress testing in financial services
The co-head of credit at Investec Asset Management says double-B companies may struggle if economic growth stalls after governments pull the plug on their stimulus measures.
Market participants are conducting credit risk analysis on a growing number of counterparties, many of which are smaller, non-public and unrated firms, says S&P.
UK FSA considers lifetime ban for Johnny Cameron
Eastern Europe credit investors turn their backs on the Balkans and head for CIS, Poland and Czech Rep
Events in the Eurozone have put the brakes on eastern Europe’s strong recovery from the financial crisis, but bond investors continue to identify opportunities in the region, particularly amongst the larger economies.
With concerns hanging over the US securitisation market, some industry participants are pushing the case of covered bonds as an alternative. The US Covered Bonds Act introduced in March represents a step forward, but can investors accept the quirks of…
The Chinese Communist Party’s former leading economist, Zhang Wei, explains how revaluing the renminbi is in China’s interests, why the financial markets are such a headache for the country’s leaders and how the new generation may yet prove to be the…
International asset managers are keen to gain exposure to India, but just how keen is India to court foreign investors? With local companies able to fund themselves adequately in the domestic market, investors may struggle to find suitable offshore bond…
Index-linked bonds are where investors will find value as the effects of the financial crisis unwind, advises founder of Ruffer LLC.
The credit bull run of 2009 is a footnote in history. But discerning fund managers are finding there is still value to be had in credit; the challenge is picking the right names.
The US Securities and Exchange Commission’s lawsuit against Goldman Sachs for allegedly misleading clients has provoked widespread vilification of the bank. But is it reasonable to expect ethical conduct by investment banks to extend beyond legal…
Clouds are gathering over the Iberian peninsula. Attention is shifting from Greece, given temporary respite by the EU-IMF bailout, to Spain and Portugal as fears mount over their fiscal deficits and spiralling unemployment figures.
Redwood Trust’s jumbo RMBS issuance – the first US non-agency deal for two years – met with strong demand. But will that be enough to entice other private issuers to tap the market?
Liquidity – its origins and effects – have long exercised investors, but one thing is certain: banks are not the main source of liquidity, despite what they would have us believe.
Credit rating agencies have been an easy target for investors’ ire – and in many cases the condemnation has been justified. But ratings perform an important function in the markets.
Canada’s financial markets proved resilient to the credit crisis and debt issued in Canadian dollars should garner strong support from investors.
Despite spreads widening last month to more attractive levels, investors remain cautious on expectations of a prolonged period of volatility for the credit markets.
German restrictions on short-selling of governments, CDS and financials may not be as bad as feared.
Spain and Portugal should follow Italy’s lead by tapping retail investors, says Barclays economist.
Credit Suisse in China recruits Keung Li, Teng Ma, Antony Xing, Angela Wen, Leo Chen and Amanda Yan to fixed income sales.
Mitsubishi UFJ Securities International (MUSI) last month expanded its credit trading and sales team.
IMC recruits Rodrigo Araya as head of investment grade credit strategies, plus Oscar Jansen, Robert Manning and Henk Wiersma.
ING Commercial Banking has hired a new senior sales director in syndicated finance.
Alan Capper will join from LV Asset Management to assume the newly created role.
RBS recruits Alliance Bernstein’s Edward Marrinan as US macro credit head, plus Cantor Fitzgerald’s Ian Jaffe and Seth Levine.
It seems that the European authorities are powerless to restore confidence to the financial markets, and the prospect of a double-dip recession is looming closer.