Standard & Poor’s

A wrong-way bet

China Aviation Oil (CAO) revealed in late November that it had lost $550 million through trading oil derivatives – but not before its Chinese parent sold $108 million in CAO shares. By Nick Sawyer, with additional reporting by Jill Wong

Barclays to issue commodity-backed CDO

Barclays Capital, the investment banking arm of London-based Barclays Bank, is to issue a synthetic collateralised debt obligation (CDO), backed by a series of commodity swaps.

EBRD selects S&P portfolio risk tool

The European Bank for Reconstruction and Development (EBRD) has chosen Standard & Poor’s (S&P) portfolio risk tracker (PRT) tool for its treasury operations. The move represents a blow to rivals Moody’s KMV and RiskMetrics, whose product, CreditManager,…

Data crisis coming, says S&P

Financial institutions must start sorting through their large amounts of credit risk data to recognise the right information they need for the purposes of Basel II credit risk measurements, according to Ken Hoffman, the director of Digital Feed Products,…

No Nera for agencies

Moody's and S&P claim that a recently commissioned study supports their belief that not all agencies' ratings are equal. Fitch, meanwhile, takes a different line of argument. Saskia Scholtes examines the notches that have driven a wedge between the…

Strong CDO market next year, says S&P

The pipeline of collateralised debt obligation (CDO) deals remains “extremely strong”, promising a busy start to 2004, especially for single-tranche, leveraged loan and CDOs of asset-backed securities (ABS) transactions, said credit rating agency…

Australia a hotbed for CLN issuance

Credit-linked notes (CLN) issuance has soared in Australia this year, with the volume of rated notes exceeding A$1.2 billion ($881.3 million) year-to-date, compared with A$240 million in 2002, according to Mei Lee Da Silva, credit analyst in Standard and…

S&P versus Basel II: A fragile accord

By publicly casting doubt over aspects of the Basel II Accord's methodology, rating agency Standard & Poor's is voicing concerns shared by many in the banking industry. Joanne Hart asks how this dispute may affect bondholders and the market in general.

S&P updates its CDO Evaluator

Rating agency Standard & Poor’s (S&P) has released the latest version of its CDO [collateralised debt obligation] Evaluator system, which is used by CDO structurers to evaluate the credit risk of their products.

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