An unsure future

CP195

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According to market gossip, Electricité de France’s €300 million 20-year bond in mid-February was originally meant to carry a longer maturity. But investors baulked at the suggestion and the company was forced to opt for a shorter tenor.

The move, if true, reflects a substantial change in sentiment towards longer-dated paper in the sterling market and could herald a major change in primary market issuance. At the root of the change is consultation paper 195 (CP195) published by the Financial

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Credit risk & modelling – Special report 2021

This Risk special report provides an insight on the challenges facing banks in measuring and mitigating credit risk in the current environment, and the strategies they are deploying to adapt to a more stringent regulatory approach.

The wild world of credit models

The Covid-19 pandemic has induced a kind of schizophrenia in loan-loss models. When the pandemic hit, banks overprovisioned for credit losses on the assumption that the economy would head south. But when government stimulus packages put wads of cash in…

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