Articles by Nathan Tipping
Some investors see value in beaten-down AT1s
CoCos are trading at a discount on fears that European issuers won’t call the bonds. But buy-siders say this risk is overstated
Token effort is no blockchain boon for illiquid assets
Cash-like tokenised instruments find takers; initiatives based on less liquid assets struggle to take off
UK pensions remain wary of long-duration LDI workaround
Trustees worry managers are swapping one risk for another to maintain hedges in wake of gilt crisis
Leveraged loan investors brace for lower recoveries
Buy-siders expect to recoup up to 30 percentage points less if borrowers default
Still Trussed up: UK pensions confront fallout from LDI crisis
Trustees and consultants are making risky trade-offs as interim guidance increases the cost of hedging
US insurance regulators move to kill CLO arbitrage
Capital charges on collateralised loan obligations will be model-based after 2024
Managers want power to cut hedges after UK LDI crisis
Pensions trustees baulk at requests for right to reduce exposure to LDI funds “carte blanche”
‘Globalisation rewired’: what does it mean for investors?
After half a century of outsourcing production to developing nations, companies are changing tack – with long-term implications for investors
Why CLO managers are agreeing to extend and amend
“There is no downside” to extending maturities, say CLO manager and investors
Loan-heavy borrowers may spell trouble for investors
US high-yield borrowers that relied wholly on loans are now vulnerable to rising rates
People: LME chair quits, Goldman and BlackRock lay-offs, and more
Latest job changes across the industry
CLO managers snapping up discounted high-yield bonds
Holdings in European CLOs top 8% as managers push to increase caps on fixed-rate assets
Does ESG investing have a problem with fiduciary duty?
Q&A: Fiduciaries must be able to show returns are driving investment thinking, says fund law professor
CLO equity investors stung by Libor basis
Growing mismatch between one- and three-month tenors slashes payouts by a third
The quant investor harnessing the power of ants
Swarm Technology designs network of trading algorithms that mimics hive mind of insects
UK pension funds hand over more assets to LDI managers
Transfer of assets is a pre-emptive move to avoid repeat of September’s collateral crunch, trustees say
Illiquid assets throw UK pensions off balance
Collapse in equity and bond prices leaves some funds with outsized exposure to private holdings
Economic gloom ‘won’t stop cov-lite lending’
Investors say borrowers will continue to enjoy looser terms, despite projected rise in defaults
Pension funds brace for end of BoE intervention
Funds boost collateral buffers by as much as 300bp, as October 14 deadline looms
UK pensions may struggle to capitalise on fully funded status
Bond yield spike reduced liabilities, but schemes need to sell illiquids at markdown to offload risk
BoE intervention whipsaws pension funds that dumped hedges
Unhedged funds saw liabilities rise by up to 20% when rates pulled back
UK pensions hit with £100m margin calls as gilts and sterling slide
At least three LDI managers request emergency capital as others consider unwinds to avoid default
Sluggish SOFR lending keeps CLO basis contained
Slow credit markets keep risk in check for CLO equity holders
‘Monster’ rally shows junk index isn’t what it was
Speed of recovery reflects structural and technical changes in US high yield