Credit - 2009-04-09
Articles in this issue
FDIC extension gives breathing space to banks
The difficulties banks are facing in borrowing capital are ample justification for extending the TLGP scheme, say observers. Indeed, there are calls for the scheme to become more permanent
Stopping the rot
Noises from leading banks that they may be returning to profitability are failing to mask the painful truth that vast quantities of toxic assets are still causing a stink on banks' balance sheets. Credit looks at the various plans being put forward to…
Heineken
Our regular look at groundbreaking and innovative deals in the primary markets takes in the £400 million unrated Heineken deal, and BP's monster $3.25 billion offering
The price is right
Consensus on the input assumptions that financial institutions use to value structured finance securities is crucial if the market is to reach a universally agreed method of pricing these impaired assets. By Peter Jones of Standard & Poor's
Gary Jenkins: Turner's blank canvas
The FSA's chairman, Lord Turner, has published his much-anticipated recommendations for a shake-up of the regulatory system. Do they go far enough?
Robert Stheeman
The head of the UK's Debt Management Office, the body responsible for administering the wave of recent government issuance, tells Sarfraz Thind that the recent failed auction doesn't spell a death of demand for gilts
Max Bublitz: The great race ... to the bottom
Predicting how long the downturn will last is a fool's game. Past cycles are no useful indicator because we are undergoing a more tectonic shift in the global economic landscape
Ukraine heads list of riskiest sovereign issuers
Central Asian and South American countries dominate the league table of sovereign issuers with the highest risk debt, while northern European nations - plus the US - are among the safest
SEC aims to close the Gaap by prolonging consultation period on accounting rules
The extra 60 days for public comment on the amalgamation of US and international accounting standards does not signify a stalling of the process, says a financial accounting chief
Turbulent times for airport issuers
Europe's airports are tightening their belts as macroeconomic pressures erode balance sheets and credit quality. Alexandre de Lestrange from Standard & Poor's reviews the factors influencing the agency's rating decisions on the 12 airport issuers
Legal spotlight
The global nature of the financial crisis has led to an unprecedented spirit of co-operation amongst securities regulators in different jurisdictions, says Robert Brownlie
On the crest of a wave
Corporate bond volumes have been soaring as companies scramble to meet their funding requirements in the wake of the loan market's demise. Simon Boughey looks at whether this wave of issuance is a temporary phenomenon or whether it heralds a permanent…
Klaas Knot
One of the architects of the Basel II Accord - and a senior Dutch regulator - defends the framework against criticisms that it was ineffectual in the face of the recent banking turmoil
Marketgraphic - European investment grade issuance
High grade corporates have turned to the bond markets for financing given the reluctance of banks to extend loans. Analysis by Michael West and Sabinne Renner of Moody's
Sting in the tail
Credit spreads on highly rated names have blown out to levels that are proving irresistible to many buy-and-hold investors such as pension funds. But tail risk in the form of increased default expectations is still a major consideration. Blake Evans…
Volatility puts credit investors on the defensive
Investors are gravitating towards safe haven sectors such as utilities and telecoms as credit fundamentals on non-cyclicals continue to deteriorate
The great bond buyback
The Bank of England has kicked off its repurchase scheme for sterling high grade bonds, but opinion is divided over whether the subsequent tightening of spreads is down to the government initiative or extraneous factors. Laurence Neville reports