Credit - Volume 7 / Issue 11
Articles in this issue
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 ... Ralf Preusser, European rates strategist at Deutsche Bank in London, explains how covered bonds work
Commercial real-estate CDOs
Talkingpoint
Jim Kauffmann
The head of fixed income at ING Investment Management explains to Dalia Fahmy why it sometimes pays to play it safe. He should know: he is in charge of $65bn of investors' cash
Jose Antonio Olavarrieta
The chairman of Spanish securitisation originator Ahorro y Titulizacion gives Credit the lowdown on their recent innovative future flow transaction
Fitch responds to growth in derivatives by spinning off specialist agency
The new standalone entity, Derivative Fitch, will bring together the rating agency's global CDO and structured credit functions and is headed up by Kim Slawek
What's hitting the headlines in Germany's credit market?
The German credit market might be more famous for Mittelstand financing and Pfandbriefe, but recent developments in mezz securitisation and the hitherto unheralded hybrid market have captured the attention of investors and issuers alike. Duncan Wood…
Is da documentation working?
CDS on CDOs
Winner: Mobilink
In our monthly roundup of innovative deals in the credit market, we dish out the gongs to Mobilink's trailblazing bond, Lloyds TSB's Arkle RMBS and OTC Bank's hybrid
US managers set the pace in European CLO market
The burgeoning market for collateralised loan obligations in Europe has attracted the attention of large, established US managers, keen to get a piece of the action. So what effect is this influx of transatlantic thoroughbreds having on the European CLO…
A covenant for change
A sharp rise in LBO risk - thanks mainly to private equity funds' groaning warchests - has forced credit investors to look to protect themselves by pressurising issuers to include more robust covenant language in their offerings. So does this mean that…
Jilted Argentina bondholders appeal to World Bank in final throw of the dice
Creditors holding $20 billion in defaulted Argentina bonds are taking their case to the World Bank in an effort to force the sovereign to pay up, or at least return to the negotiating table
The tools investors use to price securitisations
Evaluating ABS
D-day approaching
The day of reckoning in the credit markets (D-day, or Default Day) is looming, says Amy Falls. The question is not if but when and - as importantly - why?
High yield
Secondary market liquidity
iTraxx launches leveraged loan cds indices
The two new indices, LevX Senior and LevX Subordinated, which began trading at the start of November, are referenced to a basket of 35 European leveraged loans
Investment grade
Secondary market liquidity
Ratings transition matrices
Market Graphic
No cherries left to pick
Selectivity is all well and good when there are viable names to choose from. But what happens when the whole market looks like a negative bet, asks Toby Nangle