Credit - Volume 7 / Issue 7
Articles in this issue
John Ryding
The chief US fixed-income economist at Bear Stearns gives his views on the outlook for inflation, the Fed's interest rate policy in the year ahead and how asset markets will react to further rate increases. Interview by Saskia Scholtes
ABN launches ethical fund
The SRI fund will assess companies' ethical policies as well as fundamentals
The eternal quest for returns
In the City
Cash products and derivatives
JPMorgan's derivatives and structured credit know-how keeps it at the top of the tree, but Deutsche Bank and Barclays Capital close the gap
Emerging markets sell-off
Talkingpoint
Winner: Solvay Finance
In our monthly roundup of innovative deals, we pay tribute to Solvay Finance's hybrid securities deal, Barclays Capital's CCO and a catastrophe bond from Swiss Re
Powering up its bond markets
Russia
Rating agencies under fire for conflicts in valuation process
Moody's and S&P methodology flaws could undermine banks' risk management activities
S&P updates CDO Evaluator
The rating agency launches upgrade featuring modified default assumptions
Investment grade
Secondary market liquidity
Taiwan's CDO explosion
Since its launch in 2005, Taiwan's CDO market has been surprisingly buoyant. But with investors reaching saturation point, is the market nearing its natural limits? Hardeep Dhillon investigates
Back to basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask... Rob Pomphrett, head of structured product syndicate at RBC Capital Markets in London, explains how CDOs work
Anton Simon
The head of European high yield at Putnam Investments in London explains why European high yield is still a good news story
Inflation-linked bonds catch on in Europe
Pension funds in the Netherlands are following the lead of their peers in the UK by using more inflation-linked products to achieve liability-driven investment. Alan McNee reports
Isda releases new CDS templates
Bankers welcome standard documentation for CDS on CDOs and on loans
Angela Osborne
Dresdner Kleinwort's head of hedge fund sales in London tells Nikki Marmery why she finds dealing with these clients so rewarding
Investment grade
Secondary market liquidity
Research and strategy
After a year of upheaval on credit research desks, voters reward UBS and Deutsche Bank for their continued commitment to this area
European high yield
Marketgraphic
Credit Spreads: the new horizon
Despite recent volatility in global markets and the prospect of a rising default rate, spreads in corporate debt - particularly high yield - remain tight. Credit talks to four market participants to find out where they see performance for the rest of 2006
Pimco launches long/short CDO
CDO structurers develop long/short transactions in anticipation of spread widening
E-trading and services
Voters recognise MarketAxess for its multi-dealer platform while Lehman takes Best Index Provider. Plus an award for Markit's operational support
Maple bonds take root after Canada pension shake-up
Scrapping of limits on foreign investment by pension funds sparks issuance run
Nervy US investors steer clear of high-grade bonds
Concerns over inflation and event risk hit investment-grade bond allocations
High yield
Secondary market liquidity
Understanding LDI
Selling LDI 'products' can be misleading, warns Peter Knez. Managing liabilities and assets is much more complicated than these 'solutions' suggest
Barcelona summit highlights challenges of ABS growth
Global ABS conference focuses on reporting standards in asset-backed securities market
New Zealand welcomes first retail credit CPPI deal
The $63m Credit Sails deal is linked to the DJ CDX and iTraxx Europe indices
Plan C for Eurotunnel
Deutsche Bank outlines alternative restructuring plan for tunnel operator