Governments and agencies

Misery for municipals

A year on from the collapse of the auction rate securities market, short-term variable-rate financing in the US remains scarce. In 2009, municipal issuers face surging costs and low interest rates most can't access. By Peter Madigan

Beware the Russian bear

The tables have turned on the Russian debt markets. After a splurge of corporate issuance in the last three years, the latter half of this year has proven a tough time for the country's financial markets. Falling oil prices, the Georgian conflict,…

A quiet revolution

Governments have traditionally kept their limited use of derivatives close to their chests. But some sovereigns are now broadening their mandates to encompass a wider array of risks and they are increasingly turning to the derivatives markets. By Navroz…

The German deficit dilemma

German municipalities are turning to the derivatives market to manage the interest rate risks on their massive deficits. Will these instruments relieve their problems or add to them? Rachel Wolcott investigates

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