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Bond specialists sceptical that auctions can yield better results than bookbuilding
Viswas Raghavan’s move to Citi from JP Morgan 18 months ago has shaken up both institutions and provoked an intense Wall Street rivalry
New firm mine. aims to build 'institutional memory' for borrowers
When staff complain, they deserve a fair hearing, not a wall of silence
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The surging rally in credit markets since the start of the month hit an impasse this week, as trader caution set in ahead of key policy decisions by the Bank of Japan on Friday and the Bank of England next week. -
An auction to settle credit default swaps referencing Portugal Telecom International Finance returned a low final price, but slightly higher than had been indicated by secondary bond and CDS levels despite greater physical settlement interest to sell.
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Moody’s has devised a systematic way to incorporate environmental risks into its ratings, and now offers special Green Bond Assessment grades. Michel Madelain, vice-chairman of Moody’s, tells Jon Hay green bonds cannot do all the heavy lifting for the green transition — conventional financing will have to help too.
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Persistent dislocations between the CDS and cash bond markets are only likely to continue, because of the increased cost of regulations, limited balance sheet capacity at banks, and relative illiquidity in the cash bond markets, according to a staff report from the New York Federal Reserve.
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Standard Chartered has made a new hire in its Europe DCM team who will be focused on corporates.
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In the heady days of 2004-2007, before the Great Moderation came to a shuddering halt, it seemed set in stone that European investment grade credit default swaps traded tighter than their North American counterparts.
