Corporate bonds
Opaque bond documentation a risk to high yield investors
Market participants have warned an increasing number of European high yield bond offerings are accompanied by unclear – even misleading – documentation.
Solvency II poses bigger danger to economic stability than bank refinancing
Refinancing risk dwarfed by Solvency II’s impact on insurer appetite for corporate debt
China's bond laws remain a 'quagmire' for foreign investors, warns advisory firm
Investors in Chinese corporate bonds may struggle to recover their money in the event of a bankruptcy, according to FS Asia Advisory.
Robeco: Bond ETFs hampered by low liquidity
Illiquidity in corporate bond markets make it hard for firms to generate index-like returns
German agency KfW maintains its €75bn issuance target for 2010
The head of capital markets at KfW, Horst Seissinger, explains how building long-term relationships with investors has helped the bank achieve its funding targets even during periods of extreme volatility in the financial markets.
Market Analysis: Hybrid and sub debt risk
Investors in bank subordinated debt and hybrid securities could be exposed to elevated credit risks if regulators push ahead with proposals whereby creditors bear losses before public sector support is given, says Fitch Ratings.
Economists fear 'global bond trap'
Economists warn fiscal belt-tightening in Europe may exacerbate imbalances in the global economy, leading to sluggish growth and excess liquidity in government bonds.
Sovereign debt and CDSs: a collection of articles from Risk.net
The world is watching nervously as sovereign debt is rocked by fiscal and economic crises in the eurozone.
BP oil spill “frightening reminder” of tail risk, say analysts
As oil continues to spill into the Gulf of Mexico, analysts have warned there is little investors can do to hedge against the risk of disasters on the scale of the Deepwater Horizon incident.
Australian inflation market boosted by linker issuance
Linker limitations
German economic strength 'a fallacy': Charles Dumas interview
The Lombard Street Research chairman tells Credit the German economy is far weaker than has been supposed.
How to pick crisis-proof credits
The credit bull run of 2009 is a footnote in history. But discerning fund managers are finding there is still value to be had in credit; the challenge is picking the right names.
Korean bonds stay strong, despite rising tensions
Sound economic fundamentals have meant South Korea’s sovereign bond yields have remained low despite the political standoff on the Korean peninsula.
Eurozone contagion fears hit eastern Europe as investors seek safe havens
Bond investors are looking to the relative safety of Poland and the Czech Republic as the Eurozone debt crisis takes toll on eastern Europe’s smaller economies.
Naked shorts to be allowed ahead of bund auctions
Dealers reassured that Bafin short selling ban will not prevent pre-hedging of debt purchases
Fiscal austerity measures could hit corporate credit, analysts warn
As governments across Europe announce austerity measures designed to rein in deficits, sovereign and corporate bond investors are divided over the scale and timing of the cuts.
Bond syndication process cheats investors
New issue distribution is not a fair deal for bond investors because the syndication process is so opaque
Looming junk bond glut threatens high yield returns
US high yield issuance has soared in the past year, but an imminent wall of refinancings is raising longer-term concerns.
Reconsidering the fixed-floating mix
Yield curves for sterling, the euro and the dollar are the steepest they have been for well over a decade, leaving companies with outstanding fixed-rate debt and large amounts of cash on balance sheets facing significant negative carry. Many corporates…
Collateral replacement
At the height of the financial crisis, manufacturers were quick to mitigate mounting counterparty risk concerns by deploying products issued by collateralised special purpose vehicles. But now, as the yield junkies return and retail appetite for…