Credit markets
German focus: Trouble below deck
Despite weathering a number of storms over the past decade, notably reunification and monetary union, the German economy is facing a new threat.
Credit protection for British Energy now trading on an upfront basis only
Credit protection for UK-based nuclear power company British Energy is now trading only on an upfront basis. Rating agency Standard & Poor’s lowered the long-term corporate credit and senior unsecured debt ratings on British Energy to BB from BBB after…
Japan Credit Update: Japanese banks widen on Nikkei drop
Credit protection on Japanese banks widened by about 20 to 30 basis points (bp) this week, as the sharp drop in the country’s equity market put pressure on bank margins and financial ratios.
European credit protection widens in low liquidity
Liquidity in the European credit derivatives market remained weak following the US Labor Day holiday this week, with traders saying spreads "drifted outwards" following yesterday’s poor equity markets performance.
Initial flurry then calm after French agency swap postponement
The European interest rate swaps market reacted relatively calmly to the decision late yesterday by the French debt management agency, Agence France Trésor’s decision to suspend its swaps programme. European swap spreads over underlying treasuries of the…
Job moves
QUOTE OF THE MONTH: - “Regulatory fear is creating a lot of uncertainty, and that fear does impact the financial markets” Jennifer Patterson, energy trading manager at Edison Mission Energy in Australia, arguing at the Australia Risk 2002 conference last…
Growing pains
CDO managers
Forged gold?
News
The price of protection
Covenants
Royal family
CDO managers
Ford: spanner in the works?
Credit of the month
Milan’s new collections
Italian securitisation
Meeting in the middle
Cover story
Man Group
News
Trouble below deck
German focus
CMBS in the Nordic region
Sponsor's Statement
The power of the CDS
Credit default swaps
A demand for yield
Comment
BNP Paribas cancels Asian CLO
New angles
The balance of power
Prime brokerage
Reaping the advantages of Basel II
PRACTITIONER ANALYSIS
Correlation and credit risk
Active development of full credit portfolio modelling continues apace, even though it is not recognised in the proposed Basel II framework. An important issue is the relationship between probability of default and loss-given default. In this last of four…