Credit - 2009-01-01
Articles in this issue
Counting on the counterparty
High-profile banking failures have led to uncertainty over the ability of credit derivatives counterparties to honour their side of the trade. Contingent credit default swaps, or CCDS, are designed to mitigate this risk. But will plans for a central…
New year, new hope for euro corporate bonds
Now that issuers have woken up to the unpalatable truth that wide spreads are here to stay - for the short term at least - a mini-rally in European bond issuance has ensued. Laurence Neville looks at how the corporate bond market is adjusting to its new…
Market graphic - The 2008-2010 credit cycle
Default rates are on the way up, but by how much? Ulf Erlandsson and Graham Rennison, quantitative analysts at Barclays Capital, use data on credit conditions to predict default rates and economic growth rates over the next two years of the cycle
My money's on covered bonds
An asset class that has prospered throughout some of the most turbulent times in modern European history must surely be a serious investment prospect during the current downturn
Why Basel's not faulty
The tenets of the Basel II Capital Accord are fundamentally sound; it's the methods that the banks are using to implement them that are not so sound
Fool's gold - How securitisation promised much ... but delivered little
The notion that securitisation as a technique is able to increase liquidity in the financial system by making marketable securities out of hitherto illiquid debt has been exposed as flawed, argues Anastasia Nesvetailova. It's not that financial…
In thrall to the exchequer
Banks have accepted the bailout cash, but will this Faustian pact come back to haunt them?
Joe Lovrics
Quite what kind of structured credit market will emerge from the ashes of the financial crisis is a matter for intense debate. The head of structured credit sales at BNP Paribas gives his views on the drivers for the market's future
Nick Themelis
The CIO at e-trading platform MarketAxess tells Matthew Attwood how the company's technology helps clients achieve regulatory compliance
Calls grow for scrapping of Basel II accord
Industry figures argue that the capital adequacy regime is not relevant in today's economic climate, and that regulators have already abandoned certain aspects of the accord on the quiet
Is it too late to revive the securitisation market?
First we were told it was undergoing a temporary hiatus, then it was stalled, now they're saying it's broken altogether. William Rhode takes a look at the global securitisation market to see what, if anything, can be done to restore its fortunes
EC talks on CDS clearing house break down
The European Commission's drive to get derivatives market participants to formally commit to a central counterparty clearing house for over-the-counter CDS has stalled
The City's boy in blue
For all the recent talk amongst banking chiefs and lawmakers of a return to a more 'vanilla' world of high finance, the sophistication of modern markets provides a fertile ground for fraudsters and insider dealers to operate without detection. To combat…
The matchmakers
Evolution Securities, a London investment bank previously associated with the equities market and its advisory work with small- and mid-cap clients, has branched into fixed income with the recruitment of two credit market stalwarts, Guy Cornelius and…
