Credit markets
GMO's emerging market high-flyers
Bill Nemerever and Tom Cooper, co-managers of GMO's emerging markets debt portfolio, have made their names sourcing cheap debt in unusual locations. Shunning roadshows and local currencies, they barely even travel to the countries they invest in. Dalia…
False dawn for first loss
CDO equity
CDS volumes to top $30 trillion this year
According to Deutsche Bank estimates, the credit default swap market will continue to grow this year - albeit at a slower rate - as a wider pool of investors gain approval to enter the market
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... In the second of a two-part series on credit derivatives, Saul Doctor, analyst at JPMorgan in London, discusses next-level CDS
Italian telco Wind whips up a storm in credit markets with mammoth PIK note
The EUR1.7 billion record-breaking payment-in-kind deal priced well inside guidance levels, but there is concern that investors are underestimating the credit risk of such deals
Ratings shake-up threatens to take the fizz out of buoyant hybrids market
Indications by Moody's that it may downgrade certain types of hybrid securities have perturbed investors still sensitive after the NAIC's recent flirtation with classifying hybrids as equity
Robert Lepone
The head of European loan trading at Morgan Stanley in London discusses issues surrounding the new loan CDS indices
CPDOs: A volatility game
A triple-A rated structure that pays Libor plus 200bp. Who wouldn't be interested in such a product? Perhaps the sceptics warning against the 15 times leverage and the instrument's high exposure to volatility. Laurence Neville reports
A state of equilibrium
Flows in the tranche market have balanced out - at least for now. Our US columnist StreetCred wonders whether valuation discrepancies may soon upset the applecart
Buying in bulk
Features
Joining the party
Inflation
Opening the door to credit
Cover story
A view on 2007
Viewpoint
Maintaining consistency
Credit
The rise of replication
Hedge funds
