Structured products
Aviva to launch mutual fund-structured product hybrid
Aviva is launching a fund in the US that operates as a cross between a mutual fund and a structured product, combining liquidity and capital protection
Trade of the month: Non-domestic underlyings
When investors are seeking diversification that includes foreign currencies, there is a choice of methods for approaching currency risk
Irish government considers sovereign annuity bonds
IAPF director insists plan is not a bailout of private sector schemes
ETF issuers confirm tax status
ETF providers in the UK are busy confirming their distributor status, which will allow investors to pay capital gains rather than income tax
Volatility drives UK products towards growth
FTSE and growth products are popular as rising volatility makes income products difficult to structure
Active ETFs need transparency to compete
Active ETFs are changing the way that ETFs are serviced, according to State Street
Lee appointed CEO of SG Private Banking in China
Société Générale promotes Hsiao-Yun Lee to the role of CEO in its private banking arm in China
Vontobel comes back in fashion
The continued success of its luxury goods certificates has inspired Vontobel to come out with version four
Credit Institute event: The outlook for high yield
June’s meeting of Credit Institute gave investors the opportunity to discuss the key themes affecting the high yield market, including the Eurozone sovereign crisis and refinancing risk.
Economic concerns keep credit trading activity flat
Normal service appears to be a long way from resuming in credit, as macroeconomic uncertainty continues to grip the financial markets.
High yield spreads no longer correlated to default rates: Jerry Tempelman column
High yield spreads are more highly correlated to the VIX index than to default rates.
The FDIC’s only safe harbour is from itself: Joseph Mason column
The US Court of Appeals has ruled against the FDIC in a case that gave rise to the regulator’s original safe harbour provisions for securitisation deals.
Is the CFA qualification worth sweet FA? Caveat Emptor column
Chartered Financial Analyst, the qualification that is de rigueur for any aspiring fund manager, fails to address the principles of proper risk management.
Deutsche Bank and Standard Chartered issue lower tier 2 paper
Lower tier 2 issues from Deutsche Bank and Standard Chartered in June proved that demand is there for subordinated paper from financial institutions.
German economy under pressure from bank losses and euro crisis
Bond investors have snapped up German Bunds in recent weeks, with Europe’s sovereign debt crisis triggering a flight to quality. But is Germany really the safe haven it appears? Credit explores potential vulnerabilities in the German economy and assesses…
German agency KfW maintains its €75bn issuance target for 2010
The head of capital markets at KfW, Horst Seissinger, explains how building long-term relationships with investors has helped the bank achieve its funding targets even during periods of extreme volatility in the financial markets.
US credit outlook: Pramerica, BlackRock & Alliance Bernstein
On a recent visit to New York, Credit met up with senior figures at three of the largest fixed income asset managers globally to hear their thoughts on where the US credit market is heading next and what the risks are for investors.
Issuance slowdown raises refinancing fears for high yield borrowers
Corporate bond issuance plummeted in May, with issuers and investors wary of the effects of the ongoing sovereign crisis on the credit markets. Faced with an unprecedented refinancing wall, it may be high yield borrowers who suffer most.
Corporates with emerging market operations prove attractive to bond investors
As growth in developing economies – particularly the Bric countries of Brazil, Russia, India and China – outstrips that of the developed world, companies with sizeable emerging market exposure are looking increasingly attractive to bond investors.
German recovery faces constraints
A constrained recovery
Market Analysis: Hybrid and sub debt risk
Investors in bank subordinated debt and hybrid securities could be exposed to elevated credit risks if regulators push ahead with proposals whereby creditors bear losses before public sector support is given, says Fitch Ratings.