Credit - 2006-11-01
Articles in this issue
The LDI makeover
For all the hype surrounding liability-driven investing, few UK pension funds have actually taken the plunge and implemented the technique. The London Pension Fund Authority is one notable exception. Nick Sawyer reports
Take your Pik and take your chances
The issuance of payment-in-kind, or Pik, notes has grown in popularity as a means for private equity firms to fund LBOs. But investors must be aware of the unusual risks associated with this form of financing. Jean-Paul Carbonnier reports
The great CDS debate which corner are you in?
Credit default swaps have become the instrument of choice for scores of credit investors - both for risk management and as another way to get exposure to credit. Yet there still remains a hardcore of sophisticated clients who continue to avoid CDS out of…
The third way
Cantor Fitzgerald's fixed-income research team
Winner:NXP
In our monthly look at the credit market's most innovative deals, we focus on NXP's mammoth high-yield issue, the Alcentra CLO and Bouygues' 20-year bond
LBO risk
Market Graphic
Delinquencies on RMBS give investors a headache
Rising levels of defaults on UK mortgages and credit card debts are forcing rating agencies to take a hard look at residential mortgage-backed securities and other securitisations
CDS pricing
Talkingpoint
Unrealised potential
Greece & Turkey
CDS volumes hit new record ... but processing backlog spikes back up
UK regulator, the FSA, talks tough on the backward step in CDS processing that has resulted in unconfirmed trades rising to 20,000 from 16,000
Frédéric Desclaux
The co-head of fixed income and derivatives at Société Générale is swapping his suit for his sou'wester as part of his latest project: sailing across the Atlantic. He talks to Nikki Marmery about his
Agencies feel the hot breath of regulators as reform bill clears Congress
The new rules aim to increase the oversight of rating agencies by the SEC and open up the industry to more competition by making it easier for agencies to gain SEC recognition
New dawn for India's securitisation market
India's structured finance business ground to a halt earlier this year after the introduction of the country's first securitisation guidelines. But with the changes now digested, new issuers are coming to market, says Sarfraz Thind
Back to Basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask ... In the first of a two-part special, Saul Doctor, credit derivatives analyst at JPMorgan in London, looks at the fundamentals of credit…
Investment grade
Secondary market liquidity
HYBRIDS: BACK ON TRACK
The hybrid securities market has recovered from the twin setbacks of excessive volatility in the European market in the spring and a negative regulatory ruling in the US. But what have investors learnt from these hiccups? Laurence Neville reports
