Monetary policy
BIS GM cites recent financial volatility as reason to remain vigilant against threats to financial stability
Malcolm Knight, the general manager of the Bank for International Settlements (BIS) discussed the implications of market volatility and uncertainty over asset price movements and inflation risks at the BIS’s annual general meeting on Monday.
Sponsor’s article > Pan-European Credit Data Consortium Case Study: Credit Data Pooling by Banks for Banks
Institutions seeking to apply the internal ratings-based (IRB) approach under Basel II are required to provide accurate estimates of their credit risks. However, most banks do not have enough internal data on default and recovery to calculate reliable…
Knowledge is power
The first year of European carbon trading came to a bumpy end in May. But now the market finally has hard data about emissions, the ride should get smoother. Oliver Holtaway reports
Abstract assets
Securitisation based on new, previously unexploited assets, is a growth industry, expected to double in size by the end of 2006. Sarfraz Thind reports on how issuers are getting smarter at applying existing tools to new areas
How the state allocates
France's FRR is making far-reaching changes to its asset allocation strategy. What kind of funding analysis lay behind the decision and what are other state pension reserve funds doing? Aaron Woolner reports
CDO equity returns
Given the tightness of mezzanine spreads, equity returns in structured finance CDOs are getting narrower. Does investment in CDO equity still make sense?
Japan's budding asset class
Commodity prices continue to scale new heights, and Japanese investors who used to avoid the asset class are now looking to invest in commodity products to get better returns and diversify their portfolios
Buying in bulk
A number of firms are preparing to enter the UK bulk annuities market, but the new players face asset/liability and risk management challenges. By Laurence Neville, with additional reporting by Hann Ho
CDS boost for pensions
Pension fund managers have traditionally shied away from credit derivatives. But in the current climate of ultra-narrow spreads, trying to outperform the market without using credit default swaps could prove to be a major handicap
Special Report - Case study - Made to measure
Deutsche Essent tailors its approach to German energy markets. Will its bespoke strategy succeed where others have failed?
A versatile instrument
CPPI offers investors the security of knowing their principal is protected and the flexibility of different leveraged strategies. So in the current low-return environment, with fears of a turn in the credit cycle, has CPPI's time come? Hardeep Dhillon…
CDS boost for pension funds
Pension fund managers have traditionally shied away from using credit derivatives. But in the current climate of ultra-narrow spreads, trying to outperform the market without using credit default swaps could prove to be a major handicap, as Sarfraz Thind…
Talkingpoint - M&A in the utilities sector
With M&A activity among US and European utility companies on the up, Credit asks market participants what are the major drivers behind this trend
Germany's balancing act
German companies are changing the way they fund their defined benefit pension plans by moving exposures off balance sheet
India - Capital-protected investments - Playing it safe
India's benchmark stock market index, the Sensex, scaled new heights last month on the back of a long bull run. With equities performing so well, why are product producers so keen to push capital-protected investments?
Hedge funds play it safe
Expecting hedge funds and private equity players to invest in second-lien loans and mezzanine financing is a bit like expecting a Ferrari to run on diesel. But in an environment where performance is hard to come by, such an approach seems to be gaining…
The new man at the helm of the US economy
Fed chairman Ben Bernanke's maiden testimony in February reassured the bond markets with soothing tones of continuity with the Greenspan era. But with question marks still hanging over his inflation policy, and how much of an impact his personal style of…
City of New York
The man responsible for determining the liabilities of New York City's public sector pension system wants to move to market-based valuation, but the move may be controversial. Nicholas Dunbar reports
Pushing protection
India's benchmark stock market index, the Sensex, scaled new heights last month on the back of a long bull run. But with equities performing so well, why are product producers keen to market capital-protected investments?
Winner: Telefonica
Every month Credit recognises the most innovative financing solutions in the debt capital markets. This month Telefonica, Axa Investment Managers' Opus CDO I and Oracle Corp
Technology: Unravelling the tech trends
Software vendors have had difficulty selling their pricing models to top-tier investment banks and have targeted second-tier or regional investment banks instead. But greater product sophistication could mean this is about to change, while vendor…
The implication of inflation
Last year saw post-Katrina oil prices hit a record high, and energy and other commodity prices soar. Now, with the imminent departure of the Federal Reserve's chairman Alan Greenspan, Saskia Scholtes details the concerns over the outlook for inflation in…
A matter of state
As continental Europe moves away from providing salary-linked state pensions, we look at Adair Turner's long-awaited recommendations for improving the UK's provision. Aaron Woolner reports
Assicurazioni Internazionali di Previdenza (AIP)
Italian provider AIP stands at the forefront of efforts to reinvent the country's approach to life insurance. Nicholas Dunbar reports