Credit - Volume 11 / Issue 8
Articles in this issue
Aviva Investors recruits fund manager to SRI division
Colin Purdie, formerly of Aegon Asset Management, joins Aviva Investors as SRI credit fund manager.
Janus Capital recruits Threadneedle sales manager
Janus Capital nabs Steven Bilodeau from Threadneedle's Frankfurt office.
Nomura recruits EMEA co-heads of fixed-income sales
Nomura appoints Guy Cornelius and Raffaele Ricci joint heads of fixed-income sales for Europe, Middle East and Africa
Daiwa appoints heads of fixed income and debt capital markets
Vince Purton becomes Daiwa head of debt capital markets for Europe and the Middle East, and Chris Brown becomes deputy head of fixed income, also for Europe and the Middle East
Cat bonds set to become new face of structured credit, say Axa chiefs
Two senior heads at Axa Investment Managers anticipate escalating demand for catastrophe bonds.
Société Générale recruits Richard Wolff from Barclays Capital
Richard Wolff will head French bank's US debt capital markets syndicate.
Morgan Stanley appoints new European ABS head
Cecile Houlot takes up post after 13 years at JP Morgan.
RBS takes on Latin America DCM head from Credit Suisse
Charles Achoa joins Royal Bank of Scotland after 13 years at Credit Suisse.
StormHarbour appoints new managing principal
Thierry Sciard, previously head of alternatives at Fortis Investments, joins StormHarbour.
Pimco recruits chief for Asia-Pacific office
Ki Myung Hong joins the asset manager from Bank of America Merrill Lynch.
Deutsche Bank nabs Mayer and Cai from UBS
Jeffrey Meyer will become new head of global markets for North America, while Cai takes responsibility for corporate and investment banking in Asia.
Brownstone names investment grade director
Sean Richter arrives from Stifel Nicolaus.
BlueBay recruits Deutsche’s Mark Dowding
Former head of European fixed income for DWS Investments hired to build government bond franchise.
Morgan Stanley is buyer of Natixis CDS portfolio
US bank believed to have purchased bulk of $8.6 billion credit derivatives portfolio.
Spanish banks tap ECB for record €130bn in funding
Increased borrowing reflects fears on country's banking sector.
Banks face suit over mis-sold subprime loans
Cambridge Place Investment Partners accuses 15 banks of mis-selling.
Bank funding blow from ECB repo withdrawal
As the European Central Bank winds down its repo facility, there are fears that traditional avenues of securitisation issuance are still not viable.
Distressed debt expert sees opportunities from global recession
The head of special situations at Alcentra says distressed debt investors should head for Europe if the global economy slumps again.
Iraq woos bond investors as sovereign debt tightens
Iraq is beginning to open its doors again to international investors. With the country needing to raise capital to develop the infrastructure required to exploit its energy reserves, Credit looks at the role bond issuance could play in Iraq’s future.
Eurozone a 'slow-motion train wreck' – senior economist
Larry Brainard, chief economist at political risk consultancy Trusted Sources, argues that until Eurozone policymakers shift the emphasis of remedial action from sovereign debt and onto the banking sector, the region will continue to struggle.
Global economic imbalances may lead to 'bond trap' for investors
US-led efforts to rebalance the global economy are in danger of foundering on Europe’s fiscal retrenchment drive. The result, warn economists, may be a global bond trap, whereby surplus liquidity is channelled into safe government debt, freezing…
Tiger or pussycat? The emergence of China's sovereign wealth fund
Ever since its launch in 2007, China Investment Corporation, China’s sovereign wealth fund, has attracted widespread fear and suspicion. But its potential to move markets may have been overplayed.
Repayment fears over China's local government debt
China’s local governments have channelled their debt through off-balance sheet financing vehicles that leave creditors little recourse to repayment in the event of default. Calls to reform this system could result in the formation of a municipal bond…
China bond laws 'a problem' for investors
Economic reforms in China have gathered pace in recent years. But the country’s bond markets remain hampered by significant structural problems, including state-administered interest rates and a murky legal system subject to government interference.
Special report: China
Special report: China
Repricing of sovereign debt would be an 'earthquake' for financial markets – chief economist
The chief economist at Independent Strategy, Bob McKee, explains why a repricing of sovereign debt and defaults of advanced economies would be “logical” outcomes in the next stage of the financial crisis.
Fixed income investors look to ethical funds – but do they pay?
Of all asset classes, fixed income has been one of the slowest to embrace ethical investment. Thanks in part to the growing influence of sovereign wealth funds, this may be set to change. But for many, lingering questions about whether constraining your…
Financial regulators tighten grip on banks with series of rule changes
July saw amendments to Basel III, the signing of the Dodd-Frank reform bill, and the results of stress tests on European banks. Credit assesses how investor sentiment towards the banking sector has been affected by this activity.
LBO companies face debt restructuring risk – Pimco's Jessop
The executive vice-president and portfolio manager at Pimco talks about the asset manager’s plan to broaden its high yield offering, and where he sees the current risks and opportunities in that market.
Credit investors up in arms over lax covenants
Investors are complaining that documentation for high yield bond deals has become increasingly opaque and poorly structured, making it difficult to gauge the level of risk. Will the glut of high yield supply that is set to hit the market over the coming…
Indosat $650m bond success augurs well for Indonesia issuers
A $650 million bond from Indonesian telco Indosat, issued last month, was a record 16 times oversubscribed. What was it about the deal that attracted investors in such numbers?
Low liquidity is the new norm for portfolio managers: Caveat Emptor column
Portfolio managers accustomed to building books in neat blocks of $50 million may struggle to unwind such positions in the new liquidity-starved secondary markets.
Lovelier the second time around? Marty Fridson column
Private equity firms are sitting on $1 trillion of uninvested capital. That’s why they are buying ‘second-hand’ companies with questionable value potential from other private equity firms.
Bund yield drop gives secondary market the jitters
After last month’s sell-off of risky assets, traders say positive technical factors could push real money investors back into the market before long.
Talking triggers: Rob Davies column
Regulators have given governments the freedom to decide at what point triggers should cause debt to be written off, giving investors a headache