Credit - 2007-07-18
Articles in this issue
Market Graphic - Subprime haircuts
Matt King, global head of credit products strategy at Citigroup in London, explains how CDOs of ABS will be vulnerable to forced selling if subprime haircuts rise
Allen Sinai
The president of Decision Economics in Boston has advised five US administrations on economic policy. He tells Dalia Fahmy why he's turned more bullish on the global economy
Issuer Focus - Network Rail
Network Rail's head of corporate finance, Samantha Pitt, talks to Nikki Marmery about the company's unique historical legacy, its plans to start issuing debt from its own balance sheet and its renewed focus on index-linked bonds
Banks break new ground with managed CPDO deals
Two constant proportion debt obligations, from JPMorgan/Cairn and Barclays Capital/DeAM, add new variations to the existing managed CPDO structure
Q&A - Robert Gardner
Under pressure to improve transparency, pension schemes are increasingly seeking to manage deficit/surplus volatility. The co-founder of consultancy Redington Partners in London explains how credit can play a part in that drive
Legal Spotlight
Powers extended to the new pensions regulator in the UK may make it more difficult for some merger and buyout transactions to take place. Bob Buhr explains how credit investors may stand to gain
The Big Interview - Tim Polglase
As a massive increase in covenant-lite loans sends jitters through the investor community, the head of leveraged finance at law firm Allen & Overy in London tells Nikki Marmery that cov-lite merely reflects a changing market dynamic
Enel
In our usual roundup of eye-catching deals in the credit market, we focus on Italian utility Enel's EUR5bn bond, a natural catastrophe CDO from ABN Amro, and SocGen's green CDO
Investment Grade
Secondary market liquidity
Government bond yields
Talkingpoint
Drowning in liquidity
Our fascination with liquidity tells us a lot about the psychology of the financial markets
High Yield
Secondary market liquidity
CDS portfolio trading platform hits market
Creditex launches online auction service for trading bulk CDS, named Q-Wixx, that it claims will cut costs and risk for dealers and CDO managers
Exchange-traded credit contracts
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask ... John Nyhoff, a director in research and product development at the Chicago Mercantile Exchange, reviews the basics of exchange-traded…
Investment Grade
Secondary market liquidity
Eurex plans incentive scheme to win over banks
The exchange is planning to lure market-makers into supporting its poorly traded credit derivatives contract by offering unspecified incentives to banks
The Shape of things to come
Tetragon is one of a new breed of hedge funds trying their luck as a publicly traded company. Following its IPO in April, it hopes to bring its specialist brand of highly managed CLOs to a wider pool of equity investors. Dalia Fahmy speaks to the firm's…
