Credit – Page 15
-
Asset Class Reports
High-yield Bonds & Loans: Lien and healthy?
Jennifer Bollen finds booming leverage markets bringing second-lien debt back into vogue in private equity deals – and in Europe, that can mean mezzanine-like risk
-
Asset Class Reports
High-yield Bonds & Loans: Slow but steady progress
While some European countries are making progress with respect to non-bank funding for mid-market businesses, others still have some way to go. Yet there is a growing appetite for the standardisation and transparency required to develop this market, write Alexandra Krief and Taron Wade
-
Asset Class Reports
High-yield Bonds & Loans: Floored argument
More and more loans are being written with interest rate floors, at lower and lower rates. While these were a great feature over the past five years, Charlotte Moore asks whether they weaken investors’ floating-rate protection for the next five years
-
Asset Class Reports
High-yield Bonds & Loans: Low yields, high alpha
With spreads so tight, high-yield has become even more of a bottom-up stockpickers’ market than usual. Martin Steward looks for themes in the top-performing portfolios
-
Asset Class ReportsHigh-yield Bonds & Loans: Revolution from above and below
Few markets outside the emerging world have changed to the extent that European high-yield has over recent years. Joseph Mariathasan and Martin Steward find transformation coming from the massive to the micro, from above and below
-
NewsLPFA seeking alternative credit managers for £100m-plus mandate
Portfolio to hold illiquid and liquid higher-yielding debt
-
Asset Class Reports
Investment Grade Credit: When the flows reverse
Jittery investors at the top of markets and liquidity mis-matches within investment products could exacerbate the current lack of market-maker liquidity in corporate bonds. Charlotte Moore assesses the risk
-
Asset Class Reports
Investment Grade Credit: Worth the weight
Smart beta has taken the equities world by storm in the past three years, and practitioners are now turning their attention to bond markets – including credit. Joseph Mariathasan and Martin Steward look at some of the strategies becoming available
-
Asset Class Reports
Investment Grade Credit: Electronic liquidity taps open up
A recent paper from Pictet Asset Management paints a picture of fast-diminishing liquidity, but also some innovative responses. Martin Steward reports
-
Asset Class Reports
Investment Grade Credit: No bears threaten Goldilocks
After the big spread-tightening, managers warn against the shortest maturities and talk up senior bank debt, bottom-up bond-picking and relative value basis trades David Turner explores opportunities in the euro-zone credit sweet spot
-
Asset Class Reports
Investment Grade Credit: The last bastion of value
Sluggish growth and subdued corporate confidence persuade sterling and euro credit managers that their asset class remains ‘the best house in a bad neighbourhood’, finds Martin Steward
-
Asset Class Reports
Investment Grade Credit: Banks or supermarkets
The world’s banks are cutting debt and repairing balance sheets. The world’s non-financial companies are gearing up to take risk. Joseph Mariathasan explores why the choice for bondholders is not as clear as it sounds
-
Asset Class Reports
Investment Grade Credit: Any life in long-dated bonds
A recent reform announcement could significantly reduce the UK’s annuity market. Joseph Mariathasan asks what the knock-on effect might be for long-dated sterling bonds
-
Special Report
Credit: Loan rangers
The disintermediation of credit markets in Europe is just beginning, finds Rachel Fixsen, and there is no guarantee that interests are aligned well enough to sustain the momentum
-
Special Report
Credit: Not-so-high yield
Investors in the super-hot high-yield market are finding terms and documentation moving significantly against them. Charlotte Moore uncovers the details and looks for signs of a tipping point
-
Special Report
Credit: A third way
Liam Kennedy outlines how Natixis, in partnership with insurers Ageas and CNP Assurance, has created an alternative to direct infrastructure lending and investment through funds
-
Special Report
Credit: Preparing the ground
A latecomer to credit asset classes, the UK’s East Riding Pension Fund has nonetheless built a rich and varied foundation for its longer-term portfolio strategy, finds Martin Steward
-
Special Report
Credit: The waiting game
The big rush of distressed assets anticipated from the financial crisis never materialised. Jennifer Bollen asks if the delayed opportunity is about to come good, and what kind of opportunity it might be
-
Special Report
Credit: Doing what it says on the tin?
A multi-asset approach to credit makes a lot of sense. But, as Emma Cusworth finds, it is easier said than done and the choices are complex and diverse
-
Special Report
Credit: Bridge loans
Debt offers a different set of cash-flow risks for pension fund investors in infrastructure. Lynn Strongin Dodds looks at the variety of assets available and the regulatory background to investment decisions
