Credit - Volume 11 / Issue 5
Edward Altman, the high yield and credit risk expert, tells Credit that his new initiative for evaluating creditworthiness of non-financials has an error rate almost half that of the rating agencies.
Despite talk of economic recovery, structured finance investors in the US and Europe remain concerned about defaults and losses on RMBS deals, according to S&P research.
An increase in the amount of distressed assets in the past two years has yet to boost inflows into distressed debt funds.
The past few years have shown the importance of robust risk management, but also highlighted shortcomings in the risk approaches of many buy-side firms.
Pre-Lehman, risk managers used to occupy a place some way down the pecking order within senior management of banks and investment firms. The financial crisis changed all that.
High interest rates relative to other forms of debt make hybrid securities issued by banks an attractive investment opportunity. But with regulatory changes to what constitutes core capital looming, could hybrid issuance be on its way out?
US high yield issuance has soared in the past year, but an imminent wall of refinancings is raising longer-term concerns.
Treasurer Nina Shapiro and deputy treasurer John Borthwick outline how the IFC will aid capital markets of developing countries.
Fears mount over Greece's ability to reduce fiscal deficit and service debt repayments, despite Eurozone-IMF bailout package.
Local bond markets can provide sub-Saharan Africa with much-needed financing, but countries must guard against over-borrowing.
Risks to investment include high inflation and corporate governance problems in many African countries.
The Russian Federation returned to the international markets last month for the first time since its 1998 default, potentially paving the way for corporate issuers to follow.
New issue distribution is not a fair deal for bond investors because the syndication process is so opaque
Lawmakers seeking to clamp down on the use of credit default swaps should remember that hedging and insurance are two very different concepts
Having the right servicer in place is critical in maximising the recovery value of distressed loans in mortgage-backed portfolios.
The positive sentiment caused by good Q1 results has faded as sovereign woes and the Goldman Sachs lawsuit weighed heavily on credit investors.
Three-year tenor of bailout package doesn't give Greece the long-term stability it needs to address its fiscal problems.