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Flood of sovereign debt drowns out corporate bonds

Elevated government borrowing will be a fixture of the credit markets for the foreseeable future, as emergency spending and tax shortfalls heighten state financing needs. But could this excess supply of sovereign debt threaten demand for corporate bonds?…

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Solvency management provides reinsurance opportunity

Testing economic conditions have prompted widespread moves by life insurers to reinsure their liabilities in order to gain capital relief. As the situation eases, will demand for reinsurance fall, or are other factors coming to prominence? Blake Evans…

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Goldman charged over CDO role

The US Securities and Exchange Commission filed a lawsuit against Goldman Sachs in April, alleging the firm misled clients. Some observers suggest the action may not be successful, but criticise Goldman’s behaviour. By Mark Pengelly and Duncan Wood

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The price is wrong

As the basis between Libor and overnight index swap rates ballooned during the credit crisis, banks were forced to reassess methods for pricing collateralised and uncollateralised derivatives trades. The result is a move towards a new market standard in…

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Murky rules mire ODIs

Foreign institutional investors have clashed with the Securities and Exchange Board of India in recent years over the issuance of offshore derivatives instruments. Barclays Capital and Société Générale are the latest institutions to run foul of the…

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People power

Andrew Cherriman, head of operational risk management for wholesale banking at Standard Chartered Bank in Singapore, says his ability to rely on expert staff is the key to operating a sound risk management system across the bank’s many jurisdictions. He…

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Tightening up

Building a robust liquidity risk management system is the top priority at many banks and insurance companies, ahead of the expected introduction of tough new liquidity risk regulations this year and the easing of government support for many financial…

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In transition

Transition management is gaining popularity in Australia, with longer transitions using off-exchange trading platforms becoming increasingly common. But there are plenty of risks associated with such trades. Rachel Alembakis reports

Taj Mahal

Hedging hit hard

The Reserve Bank of India issued draft guidelines last November proposing a ban on reduced-cost derivatives structures – the source of much controversy in India’s corporate market during the past three years. But some corporates are not happy with the…

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Seeking stability

Jong-Goo Yi, commissioner at Korea’s Financial Services Commission, is unusual among Korean regulators as he has a PhD in economics from Stanford University and spent several years working as a lawyer on Wall Street. He speaks with Harry Thompson about…

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Renminbi realignment

The Hong Kong Monetary Authority is staking its claim to become the de facto offshore settlement centre for renminbi amid expectations the Chinese currency will one day usurp the greenback as the dominant medium of exchange in the region. But there are…

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Betting on basis

Large offshore capital raising efforts by Australia’s banks and a relative dearth of activity in the kangaroo bond market has led to a significant widening in the cross-currency basis swap. This imbalance has created a large profit opportunity for fund…

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