Editor's letter


Sharp-eyed readers will have noticed that Credit magazine has undergone a revamp over the summer. The slick new design, change in size - and for our US readers, a different title - are the most obvious changes you'll see as the new-look Credit lands on your desk this month. But these are only the finishing touches to a comprehensive overhaul of the magazine's content as we go global.

As the European credit markets have matured, divergence from the US is less marked. With volumes in credit derivatives and structured credit towering over the underlying cash businesses, and credit hedge funds springing up almost daily, the growing sophistication of both regional markets brought with it more global trends for us to cover.

Our profile this month is a case in point. Barclays Global Investors' fixed-income head Peter Knez is leading a radical turnaround of the institutional investor's fixed-income business. Best known for its index-tracking and exchange-traded funds, Knez is taking the firm into alpha-generating long/short strategies in credit for the first time, as the 'derivatisation' of fixed income enables portfolio managers to express a negative view on bonds. BGI's new long/short funds are attracting investment from centres as diverse as London, Moscow and Tokyo.

Indeed, for investors searching for more yield, and bankers on the lookout for more margin, there is a compelling argument to turn to the developing Asian bond markets, and our new globalised coverage will analyse the region in depth. This month, we look at new central bank project, the Asian Bond Fund, which aims to kick-start development of the local currency government bond markets, and hence corporate debt in the region.

I hope you like the new magazine. As always, readers' feedback - positive or 'constructive' - will be gratefully received: you can call me or email me at the address below.

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