Credit – Page 16
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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: 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
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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
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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
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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
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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
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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
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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
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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
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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
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Asset Class Reports
Structured Credit: Alphabet soup: a second helping
Joseph Mariathasan takes a look at the structured credit and loans markets and finds a surprising abundance of reasons to tuck back into the alphabet soup, even after significant spread-tightening
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Asset Class Reports
Credit: A topsy-turvy world
The financial crisis has re-arranged the contours of credit risk, writes Joseph Mariathasan. Deciding what represents low risk is the greatest challenge
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Asset Class Reports
Credit: Different dimensions of style
Joseph Mariathasan reports on a new set of indices that add a defensive/dynamic dimension alongside market cap and value/growth
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Asset Class ReportsGlobal fixed income: Outward bound
European investors are breaking free of local markets and global benchmarks in the search for yield, writes Joseph Mariathasan
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Asset Class Reports
A new taxonomy
Market dislocation and unpredictable government interventions have re-ordered the natural environment of credit. Joseph Mariathasan asks if the old taxonomies are still fit for purpose
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Asset Class Reports
Dazed and confused
The causes and impact of the convulsions that have rocked the bond market for the last couple of years will be the subject of doctoral theses for generations to come. Joseph Mariathasan sketches out a first draft
