
High-Yield Team
Credit awards 2002

Provide an example of a new approach to analysis or a value-added service that you have introduced over the past year.
The major addition to our research armoury in the past year has been our European High Yield daily research product, which aims to provide immediate incisive analysis of key credit news. The daily responds to the ever-increasing needs of our clients for prompt opinions on important events.
Name one of the instances when you have been proud of your team over the past year.
There is little doubt that 2001 was a challenging year. The team kept pace with a rapidly-changing market and expanded its analysis of special situations and distressed investment opportunities. We have further built our already-strong credit infrastructure, as this is the pillar that adds value for our clients over the short and longer term.
What is one of the issues in the sector that keeps you up at night?
The impact of fallen angels on the market is one of the most important issues. Although these companies often benefit from name recognition and may offer substantial opportunities, they are mostly in very precarious financial situations with a negative profit outlook that puts them a single event away from a restructuring. Their inclusion in high yield indices may increase the volatility of returns and increase the specific risk of the index (or a similarly invested portfolio). The European market still needs a continuing supply of well-positioned, sensibly leveraged issuers with positive cash flow momentum in order to improve its balance.
The high yield market has changed, how has your team changed?
The increased opportunities in special situations and distressed debt convinced us to increase our dedicated coverage of these credits. We continue to increase the co-ordination between our London and New York teams, in view of the client demand for special situations and distressed debt.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Structured products
Podcast: Claudio Albanese on how bad models survive
Darwin’s theory of natural selection could help quants detect flawed models and strategies
Range accruals under spotlight as Taiwan prepares for FRTB
Taiwanese banks review viability of products offering options on long-dated rates
Structured products gain favour among Chinese enterprises
The Chinese government’s flagship national strategy for the advancement of regional connectivity – the Belt and Road Initiative – continues to encourage the outward expansion of Chinese state-owned enterprises (SOEs). Here, Guotai Junan International…
Structured notes – Transforming risk into opportunities
Global markets have experienced a period of extreme volatility in response to acute concerns over the economic impact of the Covid‑19 pandemic. Numerix explores what this means for traders, issuers, risk managers and investors as the structured products…
Structured products – Transforming risk into opportunities
The structured product market is one of the most dynamic and complex of all, offering a multitude of benefits to investors. But increased regulation, intense competition and heightened volatility have become the new normal in financial markets, creating…
Increased adoption and innovation are driving the structured products market
To help better understand the challenges and opportunities a range of firms face when operating in this business, the current trends and future of structured products, and how the digital evolution is impacting the market, Numerix’s Ilja Faerman, senior…
Structured products – The ART of risk transfer
Exploring the risk thrown up by autocallables has created a new family of structured products, offering diversification to investors while allowing their manufacturers room to extend their portfolios, writes Manvir Nijhar, co-head of equities and equity…