Debt
Insurers and pension funds eye emerging market debt
With the deepening crisis in the eurozone, emerging market debt is looking an ever more attractive investment. Blake Evans-Pritchard reports
Market fragmentation "inevitable" if CPI-linked gilts issued, says DMO chief
Key question is to what extent fragmentation could affect liquidity of new instrument, says chief executive of the UK’s Debt Management Office
Eurozone bailouts exacerbating the problem – John Redwood interview
The MP and chairman of the investment committee at Evercore Pan-Asset says bondholders must learn to stomach restructurings of eurozone sovereign debts, and that while the immediate bond market outlook is sluggish, it is emerging markets which offer the…
Greece debt volatility provides openings for basis trading
The bond-CDS basis trade is back with a vengeance, sparked by volatility in the debt of Greece – not to mention that of Ireland and Portugal. But the macro picture for these sovereigns has become so clouded that it takes a strong stomach to consider the…
Dan Fuss interview – Part 2
Loomis Sayles vice-chairman discusses the US credit markets
Restructurings may offer a solution to eurozone debt woes, says John Redwood
MP and chairman of the investment committee at Evercore Pan-Asset says bondholders must reconcile themselves to taking losses in any restructuring plan for Greece and other troubled peripherals
AIB sub debt holders in legal quandary over exchange offer
Subordinated bondholders in Allied Irish Bank are faced with an unappealing dilemma: accept a coercive exchange offer that could see some lose up to 90% of their investments or refuse, and take the matter to the courts. But with the Irish government…
Investec new home for Lloyds leavers
Babington and Smith join corporate debt origination team
CQS Distressed Value Opportunities Fund: CQS
Winner: Best new hedge fund
Bank of Cyprus CoCoCo exchange offer arouses curiosity
The second-largest bank in Cyprus is in the market with an offer to convert shares into convertible contingent capital securities, but is it a curiosity piece or the genuine article?
Investor jitters over Spain affect performance of BBVA five-year bond
BBVA reopened the five-year senior unsecured market for Spanish banks in April, but post-deal spread widening shows the sector remains a challenging sell to investors
Credit investors circle CRE loan market as refinancings loom
Over the next two years, an estimated €670 billion of commercial property loans in Europe will need to be refinanced. While that will undoubtedly cause a headache for the originators of those loans, it could present a sizeable opportunity to investors…
Commodity prices seen as greatest threat to recovery: poll
Rising commodity prices pose the biggest risk to recovery after the 2008 global financial crisis, according to a risk.net poll
US debt vote causing credit market uncertainty, says LGIMA
Legal & General Investment Management America’s head of fixed income, John Bender, says decision on whether to raise debt ceiling could have wider implications
EFSF expansion plans fail to convince credit investors as EU leaders branded ‘indecisive’
Investors hoped European leaders would finally provide clarity on their plans to resolve the Eurozone funding crisis at summit meetings in March. But the solutions offered have done little to dispel unrest in the market
Credit Institute panellists debate Euro debt woes
Latest meeting of Credit Institute focused on difference in opinion between market and policymakers on how to resolve funding problems threatening European currency union
Why transparency isn’t always good for credit: Caveat lector column
Regulators pushing for transparency in all areas of the financial markets fail to understand the unique characteristics of credit
Eurozone countries court Asian buyers for new debt issuance
Asian countries such as China and Japan have publicly shown their support for the Eurozone by taking large allocations of recent deals by the EU and EFSF. This has prompted some observers to speculate that yield-hungry Asian investors could also give…
Inflation rise in Turkey threatens nascent corporate bond market
The development of Turkey’s domestic corporate bond market was coming along nicely until events in the Middle East and North Africa intervened. Now, fears are growing that surging oil prices and a yawning current account deficit could reignite the…
EU confusion over cash collateral rules
Dealers want sovereign clients to start posting collateral in derivatives trades, but European Union reporting rules make that tricky. Raising funds to post collateral would have an impact on national debt figures – and the same is also true when…
UK debt agency considering change to linkers: Robert Stheeman interview
With government budget deficits growing rapidly across Europe and in the US, sovereign debt issuance is facing increased scrutiny. The chief executive of the UK’s Debt Management Office, Robert Stheeman, talks about the challenges his agency faces
US still shows no signs of addressing debt mountain
Mixed messages from the Obama administration regarding the nation’s public debt burden indicate that any immediate commitment to address the deficit may have been sacrificed on the altar of economic growth. Credit looks at the US’s attempts to tread the…
France debt agency, Cades, to ramp up borrowing in 2011 and 2012
The funding requirements of the agency charged with managing France’s social security debt, Cades, will increase significantly this year. Two senior officials outline how Cades plans to meet its objectives in a challenging environment.
Bond investors should remember that haircuts are only a last resort in EC proposals
The EC would explore other avenues of recapitalisation for failing banks, before opting for haircuts.