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Credit risk

Covenants: crisis of confidence

Financial covenants that rely too heavily on ratios are just not sophisticated enough to predict the likelihood of default, argues Sarah Woo . Loan originators must learn a trick or two from their colleagues in portfolio management and develop…

Straits Lion joins ranks of CDO managers

Straits Lion Asset Management has joined the growing ranks of Singaporean asset managers active in the synthetic collateralised debt obligation (CDO) market, following the launch of an Asian credit-dominated investment grade CDO arranged by Goldman Sachs.

Nord Pool’s back-up

Nord Pool Clearing is the first pure electricity clearing house to obtain capitalsupport through insurance to cover defaults by its trading counterparties. Areenergy companies set to follow suit? Joe Marsh reports

Cutting capital

Across the banking spectrum, new technology is being used to help financial institutions reduce their capital requirements, writes Clive Davidson.

Cross-market valuation

This article takes the guesswork out of what credit margin to use when valuing credit-risky derivatives, and also sheds light on how relative value trading and capital structure arbitrage may be analysed quantitatively.

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