Credit - Volume 11 / Issue 7
Investors shift allocations to US dollar products as euro sinks.
The head of the financial infrastructure group at the New York Fed tells Mark Pengelly why transparency is key to the functioning of the derivatives market.
Investors in bank subordinated debt and hybrid securities could be exposed to elevated credit risks if regulators push ahead with proposals whereby creditors bear losses before public sector support is given, says Fitch Ratings.
The former Fed governor, now vice-chairman of Macroeconomic Advisers, talks to Credit about the US central bank’s handling of the financial crisis, and gives his views on where US monetary policy is heading.
As growth in developing economies – particularly the Bric countries of Brazil, Russia, India and China – outstrips that of the developed world, companies with sizeable emerging market exposure are looking increasingly attractive to bond investors.
As thousands of barrels of oil continue to spill into the Gulf of Mexico, energy giant BP has seen its bond spreads widen to unprecedented levels. What will be the implications for Big Oil, and can investors factor in tail risks of this magnitude?
Corporate bond issuance plummeted in May, with issuers and investors wary of the effects of the ongoing sovereign crisis on the credit markets. Faced with an unprecedented refinancing wall, it may be high yield borrowers who suffer most.
On a recent visit to New York, Credit met up with senior figures at three of the largest fixed income asset managers globally to hear their thoughts on where the US credit market is heading next and what the risks are for investors.
Inflation often accompanies the end of the recovery after a crisis, but while US companies may fear high inflation, banks and investors increasingly see deflation as the more serious risk to the US economy.
Strengthening fundamentals in the US and continued uncertainty over peripheral European economies have given rise to the notion that the US and Europe are undergoing a decoupling process. Credit looks at what this may mean for the US government bond and…
The commencement of the ECB’s government bond purchase programme and the announcement of an EU loan facility for struggling peripheral countries resulted in an immediate tightening of spreads. Yet uncertainty remains as to whether beneficiaries will be…
The head of capital markets at KfW, Horst Seissinger, explains how building long-term relationships with investors has helped the bank achieve its funding targets even during periods of extreme volatility in the financial markets.
Bond investors have snapped up German Bunds in recent weeks, with Europe’s sovereign debt crisis triggering a flight to quality. But is Germany really the safe haven it appears? Credit explores potential vulnerabilities in the German economy and assesses…
Lower tier 2 issues from Deutsche Bank and Standard Chartered in June proved that demand is there for subordinated paper from financial institutions.
Chartered Financial Analyst, the qualification that is de rigueur for any aspiring fund manager, fails to address the principles of proper risk management.
The US Court of Appeals has ruled against the FDIC in a case that gave rise to the regulator’s original safe harbour provisions for securitisation deals.
High yield spreads are more highly correlated to the VIX index than to default rates.
Normal service appears to be a long way from resuming in credit, as macroeconomic uncertainty continues to grip the financial markets.
June’s meeting of Credit Institute gave investors the opportunity to discuss the key themes affecting the high yield market, including the Eurozone sovereign crisis and refinancing risk.
The deadline for the implementation of proposed regulation may be extended, as banks protest against the potential impact of stringent new capital and liquidity rules.
Observers are expressing doubts over how useful the latest round of Cebs stress tests for European banks will be.
Time to draw a line on “emergency room treatment”, says Bank for International Settlements.
Speculation that Basel Committee will scrap key proposals in bank capital framework is misplaced, say insiders.
Final version of Dodd-Frank financial reform bill tones down most draconian elements.
The viability of the Eurozone project continues to weigh on fixed income market, says chief investment officer of DB Advisors.
James Land leaves Westpac to boost Nomura’s fixed income team.
Gary Davis takes senior role in credit and rates group.
Ex-Evolution Securities sales director departs for Lloyds leveraged finance business.
Allwright and Frost to manage RWC Strategic Reserve Fund.
Hikaru Ogata quits French rival BNP Paribas to become new chief executive at SG.
Move puts Anshu Jain in pole position to succeed Josef Ackermann.
Can Uran leaves Bank of America Merrill Lynch for senior role at UBS
Knight Capital hires new managing directors for capital markets business.
Investment bank appoints Savelli-Timsit to lead French rates business.
Rowe departs Citi to head up Crédit Agricole’s Asian trading group.
Arrival of McAdie and Fridson adds weight to BNP Paribas’ research effort.
Credit magazine unveils the winners of its annual awards for banks and service providers in the credit markets.