Credit markets
Isda to publish rules for European loan derivatives
The International Swaps and Derivatives Association will publish an industry-wide standard contract for trading loan derivatives in Europe by the end of May, according to David Geen, Isda’s European general counsel in London.
CDS market size hits $34.5 trillion, says Isda
The credit default swap (CDS) market has continued its rapid growth, rocketing to $34.5 trillion in notional outstanding by the end of 2006, according to the latest market survey by the International Swaps and Derivatives Association which was released…
Credit Suisse sells $190 million of CCO notes
Credit Suisse has completed its inaugural global issuance of US$190 million AAA-rated collateralised commodity obligations (CCO) notes. The notes are denominated in US dollar, Euro and Australian dollar, across three and five-year tranches.
Credit Suisse issues first long/short CCO notes as Fitch launches CCO rating criteria
Credit Suisse has completed a $190 million issuance of the world’s first long-short collateralised commodity obligation (CCO) notes. The issue followed the April 17 publication of Derivative Fitch’s rating criteria for CCOs.
Derivative Fitch criticises first-generation CPDOs
First-generation constant proportion debt obligations (CPDO) do not deserve AA or AAA ratings, according to a report released yesterday by specialist rating agency Derivative Fitch.
No serious risk to synthetic CDOs from mortgage crisis
US synthetic CDOs will suffer only slight damage from the continuing crisis in US subprime mortgages, according to a report from rating agency Fitch Ratings.
Survey reveals major energy buyers’ views and strategies
A pan-European price forecasting survey of 100 major energy users has revealed that only two fifths of respondents had a risk management policy - seen as essential when developing an energy procurement strategy.
Swiss Re closes European Clean Energy Fund
Global reinsurer Swiss Re has announced the successful close of the European Clean Energy Fund, one of the largest funds of this type in Europe.
OCC reports increase in CDS use by US banks
The US Office of the Comptroller of the Currency (OCC) reported that the notional amount of credit derivatives held by insured US commercial banks rose to $9.0 trillion at the end of 2006. This represents a 55% increase from the $5.8 trillion reported at…
ABCDSreaching their (sub)prime
instruments
Man Group sets sail with Pemba into credit
RMF's European leveraged finance team now goes by another name, swapping the acronymically rich Man Group divisions' monickers for the name of an island in the Zanzibar archipelago, writes David Walker
The missing link
With several countries now developing emissions trading schemes, UN-supervised project-based emissions credits could become the linking instrument that creates a global price signal for greenhouse gas abatement. But greater standardisation in the market…
Impact of ethanol
Increased demand for ethanol in the US has led to predictions that biofuels will have a 30% share of global energy demand by 2030, writes Eric Fishhaut
Engineering change
A new risk management culture is evolving in the Asian clean development mechanism market, which should lower CDM project risk while expanding financing options, finds Catherine Lacoursière
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 ... Markit Group analysts Gavan Nolan, based in London, and Kiet Tran, based in New York, explain how the ABX index works