Credit – Page 16
-
Special Report
Credit: Don’t bank on it
The disintermediation of Europe’s credit markets is getting everyone excited. But Martin Steward asks how easy it will be for asset owners and managers to reproduce the banking business models
-
Special Report
Credit: A comeback for asset-backed?
While US ABS markets have roared back to life, Europe lags. Charlotte Moore finds that most banks have cheaper ways to get financing at the moment, but that regulation may ultimately play into the hands of pension fund investors
-
Asset Class Reports
Structured Credit: Still to gather steam
Joseph Mariathasan finds investors ready to buy ABS, but the markets frozen by regulators still fearful of their role in the financial crisis
-
Asset Class Reports
Structured Credit: A turning point for European commercial mortgage-backed securities
Commercial mortgage-backed securities (CMBS) have not experienced the same dramatic rally and tightening of spreads as that seen in the market for residential mortgage-backed securities (RMBS). One might expect that their relative cheapness would therefore make the case for investment.
-
Asset Class Reports
Structured Credit: Signs of life return to CLOs
Jennifer Bollen finds a re-birth in Europe’s CLO market, offering better pricing and lower risk – but facing significant obstacles to achieving maturity
-
Asset Class Reports
Structured Credit: Peripheral euro-zone ABS: a liquidity-driven rally
European asset-backed securities (ABS) markets may not be as attractively priced as they were immediately after the financial crisis, but they can still add useful diversification of credit risk and they may still even offer some value.
-
Asset Class Reports
Structured Credit: Wrong to buy?
Europe’s key RMBS markets remain subdued. Lynn Strongin Dodds reports on whether the lack of activity is just about bank stresses – or a more fundamental economic malaise
-
Asset Class Reports
Credit: When the well goes dry
As market markers retreat, Joseph Mariathasan notes that bond portfolio managers are holding more cash, using more derivatives, focusing on primary issues – and preparing for liquidity to get even drier
-
Asset Class Reports
Credit: Signs of exuberance
More high yield, more security, more hybrids. Joseph Mariathasan surveys the changing European credit markets and asks, are they changing for better or worse?
-
Asset Class Reports
Credit: Where credit is due
Joseph Mariathasan finds there is more to credit hedge funds than an inflated fee structure
-
Asset Class Reports
Credit: Smuggling in some spread
Martin Steward finds risk-averse managers picking up spread from asset-backed bonds, subordinated financials and ‘rising-star’ high-yield issuers
-
Asset Class Reports
Structured Credit & Loans: A structural spread
European loans seem to offer compelling value against the US market. But Joseph Mariathasan uncovers some telling structural disadvantages on this side of the Atlantic
-
Asset Class Reports
Structured Credit & Loans: Senior secure
David Gillmor and Taron Wade find Europe’s senior loan market delivering a strong recovery over its first cycle
-
Asset Class Reports
Structured Credit & Loans: It’s a good cop-bad cop thing
Martin Steward speaks with David Creighton of Cordiant Capital on structuring emerging market loans alongside the world’s major development banks
-
Asset Class Reports
Structured Credit & Loans: Collateral damage
Tarred with the same brush as the US securities that sparked the 2008 crisis, Europe’s ABS are shunned by investors and regulators alike. Joseph Mariathasan finds that pension funds might be the key to bringing depth to the market again
-
Asset Class Reports
Structured Credit & Loans: Don’t go it a-loan
Jim Cass outlines the operational challenges involved in investing in leveraged loans – and why outsourcing could be the solution
-
Asset Class Reports
Credit: What’s in a name?
Confusing terminology aside, ‘short-duration high-yield’ looks like a compelling opportunity for low-volatility yield pick-up. Martin Steward assesses the risks, and underlines the importance of defining objectives
-
Asset Class Reports
Credit: Coupons and principles
While corporates increasingly have to turn to capital markets for funding, now is the time for investors to push their ESG requirements, writes Joshua Hughes
-
Asset Class Reports
Credit: The cleanest dirty shirt
Non-financial corporate credit is perfectly poised for the macro environment, but spreads are tight – and other areas of the credit spectrum present considerable risks. Joseph Mariathasan reports
-
Asset Class Reports
Credit: Balancing out the banks
Martin Steward finds corporate bond managers tip-toeing carefully around banks’ capital structures to limit their underweights – and ramping up other sources of risk to compensate
