Credit – Page 16
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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.
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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
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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
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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
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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?
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Asset Class Reports
Credit: Where credit is due
Joseph Mariathasan finds there is more to credit hedge funds than an inflated fee structure
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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
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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
