Credit - Volume 11 / Issue 5
Articles in this issue
Z-Score architect launches new rating metrics: Edward Altman profile
Edward Altman, the high yield and credit risk expert, tells Credit that his new initiative for evaluating creditworthiness of non-financials has an error rate almost half that of the rating agencies.
RMBS defaults still a worry for structured finance investors
Despite talk of economic recovery, structured finance investors in the US and Europe remain concerned about defaults and losses on RMBS deals, according to S&P research.
Distressed debt funds fail to attract inflows despite growth in distressed assets
An increase in the amount of distressed assets in the past two years has yet to boost inflows into distressed debt funds.
Buy-side firms turn to tech vendors to address risk management failings
The past few years have shown the importance of robust risk management, but also highlighted shortcomings in the risk approaches of many buy-side firms.
Risk managers gain new prominence in post-Lehman boardrooms
Pre-Lehman, risk managers used to occupy a place some way down the pecking order within senior management of banks and investment firms. The financial crisis changed all that.
Hybrid issuance suffers amid Basel confusion
High interest rates relative to other forms of debt make hybrid securities issued by banks an attractive investment opportunity. But with regulatory changes to what constitutes core capital looming, could hybrid issuance be on its way out?
Looming junk bond glut threatens high yield returns
US high yield issuance has soared in the past year, but an imminent wall of refinancings is raising longer-term concerns.
International Finance Corporation reveals capital market plans: Credit interview
Treasurer Nina Shapiro and deputy treasurer John Borthwick outline how the IFC will aid capital markets of developing countries.
EXCLUSIVE: Greece debt crisis may break the Eurozone
Fears mount over Greece's ability to reduce fiscal deficit and service debt repayments, despite Eurozone-IMF bailout package.
Africa must not become overly reliant on foreign investment: Jacqueline Irving interview
Local bond markets can provide sub-Saharan Africa with much-needed financing, but countries must guard against over-borrowing.
Yields on Africa debt drive new demand from credit investors
Risks to investment include high inflation and corporate governance problems in many African countries.
Russia $5.5bn bond establishes benchmark curve
The Russian Federation returned to the international markets last month for the first time since its 1998 default, potentially paving the way for corporate issuers to follow.
Bond syndication process cheats investors
New issue distribution is not a fair deal for bond investors because the syndication process is so opaque
US politicians don't know the difference between CDS and insurance: Aaron Brown column
Lawmakers seeking to clamp down on the use of credit default swaps should remember that hedging and insurance are two very different concepts
MBS investors need to choose their servicer wisely: Joseph Mason column
Having the right servicer in place is critical in maximising the recovery value of distressed loans in mortgage-backed portfolios.
Credit spreads widen on Greece concerns
The positive sentiment caused by good Q1 results has faded as sovereign woes and the Goldman Sachs lawsuit weighed heavily on credit investors.
Greece bailout package needs to be extended: Rob Davies column
Three-year tenor of bailout package doesn't give Greece the long-term stability it needs to address its fiscal problems.