Loan derivatives: laying down the law

Leveraged loans

The market for secured loans in both the US and Europe has undergone a quiet revolution in recent years. It has evolved from a relatively narrow field involving commercial banks syndicating lines of credit, to a broad dynamic market with efficient new issuance conditions and a liquid secondary trading environment where prices adjust to reflect credit quality and market technicals. Increased demand from institutional investors for exposure to secured high-yield credit, based on its consistent and

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Credit risk & modelling – Special report 2021

This Risk special report provides an insight on the challenges facing banks in measuring and mitigating credit risk in the current environment, and the strategies they are deploying to adapt to a more stringent regulatory approach.

The wild world of credit models

The Covid-19 pandemic has induced a kind of schizophrenia in loan-loss models. When the pandemic hit, banks overprovisioned for credit losses on the assumption that the economy would head south. But when government stimulus packages put wads of cash in…

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