Credit - Volume 7 / Issue 4
Articles in this issue
All risk, no reward
Don't be fooled by tight spreads in emerging markets, warns Amy Falls. Just because you're not being paid to take on risk doesn't mean there isn't any
Talkingpoint - M&A in the utilities sector
With M&A activity among US and European utility companies on the up, Credit asks market participants what are the major drivers behind this trend
Derivatives dealers step up efforts to slash trade backlog
Industry parties unveil the next initiative in the fight to improve credit derivatives settlement
Raman Kalra
The director of Fitch Ratings' credit products group in New York tackles some of the hot issues surrounding private equity structured finance
Market graphic - A tough 12 months for credit
Suki Mann, senior credit strategist at Societe Generale, looks back over the past year in credit to see if we can extrapolate any pointers for the future
Back to basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask ... Steven Miller, managing director of Standard & Poor's LCD in New York, looks at the leveraged loan market, who uses it and how it works
The great rating debate
A conference in Paris exposed some criticism of the way the rating agencies function. Issuers and investors feel the industry suffers from a lack of competition which has harmed service levels. Sarfraz Thind reports
Bondholders call the shots as buyout fears rise
Increased event risk is prompting bondholders to insist on change-of-control provisions
CDS boost for pension funds
Pension fund managers have traditionally shied away from using credit derivatives. But in the current climate of ultra-narrow spreads, trying to outperform the market without using credit default swaps could prove to be a major handicap, as Sarfraz Thind…
Barclays capital's upward curve
Barclays Capital has vaulted into the debt market league tables in the US by reinvesting in profitable businesses and delving into deep pockets to attract the right talent. As the firm completes its debt line-up in the US with a new leveraged finance…
Melanie Mitchell
As event risk heightens, a thorough understanding of fundamentals will make all the difference to Aegon Asset Management UK, its head of credit research tells Hardeep Dhillon
Hedge funds - Survival of the fittest
Hedge funds are facing an uncertain future, with a record number going bust in 2005. So what do hedge funds need to do to survive in today's dog-eat-dog environment? Saskia Scholtes reports
Winner: J Sainsbury
This month's innovative deals in the debt capital markets are a CMBS offering from J Sainsbury, Comcast's $2.25 billion deal and RBC's Logan CDO II
Canada opens its borders
A change in regulation allowing investors to hold more debt issued by non-Canadian entities has proved a fillip to the country's bond markets. Nadia Damouni looks at how the credit markets in Canada are evolving
Citi and Lehman swap index data to improve pricing
The deal covers most of the investment-grade universe but not high yield
Jitters hit Japan's bond market after monetary policy shift
Bond yields rise on news that Bank of Japan is paving the way for hike in interest rates
Securitisation issuance hits new peak in Europe
CDO issuance rises by 86%: RMBS loses share on weak housing market
New fixed-income indices track total-return funds
Developed by Credit Suisse, the indices track a series of theoretical portfolios
Deutsche Bank extends leveraged loan CDS market
The bank goes from trading bilaterally to launching LLCDS market
BarCap slams UK pension rules
The bank criticises inflexibility of the liability-discounting regime
Synthetic ABS is hot property
Asset-backed securities
FSA hits hedge fund with £1.5m fine
GLG Partners in the dock over Sumitomo convertible bond issue