As governments across Europe announce austerity measures designed to rein in deficits, sovereign and corporate bond investors are divided over the scale and timing of the cuts.
New issue distribution is not a fair deal for bond investors because the syndication process is so opaque
US high yield issuance has soared in the past year, but an imminent wall of refinancings is raising longer-term concerns.
Yield curves for sterling, the euro and the dollar are the steepest they have been for well over a decade, leaving companies with outstanding fixed-rate debt and large amounts of cash on balance sheets facing significant negative carry. Many corporates...
At the height of the financial crisis, manufacturers were quick to mitigate mounting counterparty risk concerns by deploying products issued by collateralised special purpose vehicles. But now, as the yield junkies return and retail appetite for collateralisation...
The debate is gaining momentum. What started out as a small group of disgruntled investors aiming to improve market standards in corporate bond issuance has grown to become a pan-European movement.