Insurers
UK insurers turn up leverage on structured gilt trades
Par-par asset swaps give way to higher-leverage structures as funding costs increase
NBFIs expanded at twice the rate of banks in 2024
Run-prone funds drive NBFI asset growth, FSB monitoring report shows
US insurers turn to short-dated FX forwards as notionals rise
Counterparty Radar: Trades under three months make up nearly 60% of total positions, up from just a third in 2022
Banks scale back short-dated FX swaps trading, BIS finds
Interbank FX swaps hit by higher short-term hedging and funding costs, while longer-dated forwards activity jumps
Real money rides the hybrid options wave
Insurers follow hedge funds into exotic trades with equity-down, yields-down recession plays
Solvency II proposal may boost insurer CLO investments
But experts question whether European Commission proposal will draw insurers back to other securitised products
The price is tight: UK insurers battle for buyouts
Insurers get creative as traditional pension buyout levers come under pressure
For variation margin payments, cash is no longer king
Dealers are being pressed to accept corporate bonds and even equities as collateral for non-cleared trades
Pension funds hesitate over BoE’s buy-side repo facility
Reduced leveraged and documentation ‘faff’ curb appetite for central bank’s gilt liquidity lifeline
Wells Fargo’s FX strategy wins over buy-side clients
Counterparty Radar: Life insurers looked west for liquidity after November’s US presidential election
Can Europe prepare ground for insurers in securitised products?
Convincing regulators to make investing more viable would be a first step to revitalising insurer interest
SRT markets kick US banks’ caution to the kerb
Market for capital relief trades continues apace despite US banks’ reluctance to offer leverage