Credit – Page 14
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News
Strathclyde slashes equities in shift to ‘enhanced yield’ strategies
UK’s largest LGPS moves away from 70% equity allocation to absolute return, hedge funds and debt
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News
Mandate roundup: Dorset County, Wiltshire Pension Fund, Loomis Sayles
Dorset pension fund targets two managers for £480m in global active, smart-beta equity strategies
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LPFA selects four managers ahead of £150m alternative credit push
London local authority fund selects four managers for national framework agreement
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ERAFP selects three managers for €2.5bn of credit mandates
French civil service scheme appoints managers to implement ‘buy-and-hold’ strategy
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News
Resurgent banking market sees Irish SWF shift to junior debt, equity funding
Post-crisis funding gap replaced by ‘wall of liquidity’ coming from bank debt back into Ireland
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Asset Class Reports
Investing In Investment Grade Credit: A widening spread
Joseph Mariathasan finds that the divergence of USD and EUR corporate bond performance tells us a lot about how badly Europe’s economy is lagging that of the US
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Asset Class Reports
Investing In Investment Grade Credit: Problem solving
Forthcoming solvency rules led many insurers away from equities towards corporate bonds just in time to dodge the financial crisis. With yields low and spreads tight, but the Solvency II ghost still at the feast, Joseph Mariathasan looks at what they are doing now
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Asset Class Reports
Investing In Investment Grade Credit : Improved credit rating?
The financial crisis threw the spotlight on rating agencies. In particular, the failures in sub-prime asset-backed securities (ABS) that were seen as the catalyst that unleashed the global maelstrom of 2007-09 called into question their methodologies for rating structured products.
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Asset Class Reports
Investing In Investment Grade Credit: Too much reliance on quick and dirty signals
Ratings agencies were given far too much authority in the era of de-regulation in order to encourage more cross-border and non-professional investment, argue Paolo Di Caro and Belmiro Oliveira. Removing their judgements from financial regulation is a belated recognition of the damage that was caused
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Asset Class Reports
Investing In Investment Grade Credit: New year’s resolution
The end of the de-leveraging cycle could signal a comeback for senior debt issuance in 2015. But Charlotte Moore identifies the new ‘TLAC’ regulation as the truly significant factor for the long-term shape of bank capitaL
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Asset Class Reports
Investment Grade Credit: Securing liquidity
Banks may no longer be able to make markets in non-Volcker-compliant CLOs. We look at what this means and why it could be a particular problem for European structures
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Asset Class Reports
Investment Grade Credit: Set for new trends
Strategy Review, Investment Grade Credit: Martin Steward finds investment-grade credit portfolio managers getting excited about energy sector volatility and a big change to regulation of bank capital structures
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Asset Class Reports
Investment Grade Credit: What’s next for ABS?
While the tone of the authorities has changed markedly over recent months, there are still many anomalies in the way securitisation is regulated in Europe
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NewsGermany's BVK sets up vehicle to finance municipal debt
Eight-figure debt instrument granted to unnamed city in North Rhine-Westphalia.
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News
Pension investors remain unconvinced about role in SME lending
Respondents to IPE survey fail to see institutional investors as major source of financing in 15 years time
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News
Strathclyde boosts New Opportunities portfolio with new mandates
UK’s largest local government fund to move into social infrastructure, renewable energy production
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News
Pension fund for TNO to ramp up exposure to alternative credit
Scheme looks to invest in Dutch mortgage market to benefit from high spreads, low risk profile
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News
Jonathan Hill pledges ‘action plan’ on Capital Markets Union by next year
First major speech by financial services commissioner highlights ELTIF, securitisation and patient capital as key elements of proposed CMU
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Asset Class Reports
Dangerous liquidity
Following another summer of high-yield bond market volatility, Emma Cusworth asks whether ETFs are to blame for credit markets getting riskier
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Asset Class Reports
High-yield Bonds & Loans: Covenants and calls
Joseph Mariathasan and Martin Steward ask whether investors’ traditional protections are getting squeezed out in the convergence of high yield bond and loan markets
