Foreign exchange
Challenging the giants
Energy and commodity rankings 2006
The soft parade
Exchanges
Price rise = price risk
Mergers and acquisitions
Getting investors into the comfort zone
CDO equity
Operational risk and compliance
One of the attractions of working on operational risk is the variety of the subject matter that is generally categorised under that heading. Op risk covers a series of diverse risk drivers. Examples are fraud, processing issues, and legal and regulatory…
In defence of Gazprom
The Russian gas giant's recent price dispute with Ukraine has not given it the best start to the year, but the cat calls of political bullying are not deterring Gazprom's European customers, writes Oliver Holtaway
Introduction - New frontiers in credit
Rising energy prices have thrown the issue of credit into stark relief, and credit lines are being used up increasingly quickly. How should credit managers react?
Correlation - The energy price factor
Navneet Arora provides empirical evidence that significant correlations exist between the movements of commodity prices and the credit quality of firms in the energy sector
Questioning dollar cost averaging
When implementing a hedging strategy, the popular dollar cost averaging approach may sometimes be less prudent than the lump-sum method for managing energy risk, writes Tim Simard
At the flick of a switch
Jesper Andreasen and Martin Dahlgren present a regime-switching model for electricity derivatives that incorporates spiky spot-price dynamics and allows for closed-form pricing of forwards, options and swaptions
Europe goes nuclear
Proposals to build new nuclear power plants in the Baltic states and Poland are gathering pace, finds Maria Kielmas
Commodities Count 2006
The recent swell in energy market participants means the battle for dominance has never been fiercer, but the increased competition means ever-more sophisticated product offerings, finds Stella Farrington
A comeback for coal
With gas prices soaring, it seems inevitable that coal - the Cinderella of energy resources - is bound to return to the forefront. But how long will it last? asks Eric Fishnaut
Credit - Energising credit
Traditional credit instruments can be used to mitigate credit risk in the energy sector, despite the unique risk management challenges, says Chris Coovrey
SEC pressed to overhaul rating agency regulation
Evidence at a US Congress hearing slams the current system asrestrictive
Patrick Brennan
NewFinance Capital's senior credit analyst in London explains the benefits of investing in credit via a fund of credit hedge funds
Building a future for Chinese securitisation
China's capital markets are hardly at the cutting edge of global developments: stifling state control and regulation have so far hindered the emergence of a securitisation market. But that may be set to change after landmark issues from two banks. Nadia…
Winner: Telefonica
Every month Credit recognises the most innovative financing solutions in the debt capital markets. This month Telefonica, Axa Investment Managers' Opus CDO I and Oracle Corp
Winter blues hit bond markets as investors get cold feet
Investors wary of LBO risk and shareholder-friendly activity have become more discriminating about new issuance
Market graphic - The argument for short mezz/long index
Anticipating a sharp correction to spreads over the next few years, Andrew Feldstein, senior portfolio manager at BlueMountain Capital Management, puts forward a case for a short mezzanine tranche/long index position
Securitisation market pulls together
Best Practice