Credit - Credit June 2011
Articles in this issue
Bondholder haircuts back on the agenda as Greece nears default
Despite previous announcements by European authorities that haircuts would not be imposed on investors in restructurings involving Eurozone sovereigns and banks before 2013, with each passing month that promise seems unlikely to be kept
Bank of Cyprus CoCoCo exchange offer arouses curiosity
The second-largest bank in Cyprus is in the market with an offer to convert shares into convertible contingent capital securities, but is it a curiosity piece or the genuine article?
Eurozone sovereign bailouts likely to stop at Portugal, say investors
The Eurozone crisis has already forced three members of the currency union to take EU/IMF bailouts but Spain, the next potential target of investors, is unlikely to follow
FRN issuance on the rise, as investors go on defensive
An increase in floating rate issuance may be the start of a prolonged trend, as investors look for protection against possible interest rate hikes
Senegal $500m 10-year bond spread tightening shows appeal of Africa debt
Yield on new 2021 Senegal bond tightens over 100bp after issue; investors suggest there is room for further tightening
AIB sub debt holders in legal quandary over exchange offer
Subordinated bondholders in Allied Irish Bank are faced with an unappealing dilemma: accept a coercive exchange offer that could see some lose up to 90% of their investments or refuse, and take the matter to the courts. But with the Irish government…
Rating the future: the investors’ perspective
Regulators have had their say; the agencies themselves have implemented changes to methodologies and processes; but how would investors fix the credit ratings business?
Credit ratings: the legal perspective
Securitisation lawyer Jonathan Walsh explains what regulatory and legal changes will mean for the rating agencies
New regulatory blitz threatens future of credit rating agencies
The SEC and EU have announced tough measures designed to limit the influence of credit ratings on the investment process. Credit magazine talks to the agencies about their efforts to restore their reputations, and asks investors about what role rating…
Leading Asia economist warns against overestimating the region’s investment potential
Don’t believe the hype – Jim Walker profile
Credit Market Data Roundup – June 2011
Credit Market Data Roundup – June 2011
Leverage: friend or foe?
Leverage: friend or foe?
Glendevon King strategy aims to separate company risk from country risk
Investor profile: Glendevon King Asset Management
Banks wary of uneven application of Basel III bank capital rules
Battle over Basel
State Street warns of continued political dangers for Europe investors
From big picture to particular focus: Kevin Anderson profile
Banks look to offload structured credit assets as prices recover
Making good on bad assets
Bond investors look to convertibles to enhance portfolio returns
The change to convertibles
Sovereign risk shakes confidence in high yield new issues
Trading talk: June 2011
That’s entertainment: Caveat Lector column
That’s entertainment: Caveat Lector column
When the tiger bites back: Tanuj Khosla column
When the tiger bites back: Tanuj Khosla column
The modification mistake: Joseph Mason column
The modification mistake: Joseph Mason column
Aviva adds senior analysts to London team
Aviva adds senior analysts to London team
HSBC hires new trading heads for high yield and loans
HSBC hires new trading heads for high yield and loans
Investec new home for Lloyds leavers
Investec new home for Lloyds leavers
Van Kan the man for BNP Paribas
Van Kan the man for BNP Paribas
Is Butterworth the money at State Street?
Is Butterworth the money at State Street?
Jefferies hires Japan fixed income head
Jefferies hires Japan fixed income head
Moon rises over StormHarbour
Moon rises over StormHarbour
The financial crisis and the blame game
Moving on