Pre-migration untagged articles

The Middle East has decoupled from the global credit markets, but is still not entirely shielded from its storms. In the second half of 2007, issuers had to offer investors something special — whether generous pricing or a compelling credit story — to ensure success. Joanne O’Connor reports.

The covered bond market looked set to excel in 2007, first by conquering the US and then by taking up the RMBS market’s slack. Instead, it was paralysed by problems with interdealer market-making. Yet its strengths should stand it in good stead this year. Neil Day reports.

January is traditionally a busy month for the Swiss franc market. But with few financial issuers testing the market since summer 2007 a repeat performance seems unlikely in 2008. Joe Carstairs reports on what Swiss investors can expect at the start of this year and what could help boost issuance.

Unlike many previous crises — Latin America, Asia, Russia — the woes of 2007 were caused by the financial markets’ own practices, with little help from outsiders. Outside the US, the pain has so far remained in the financial sector. Toby Fildes and Jon Hay analyse how so much went wrong in a remarkable year, what went right, and the risks facing the markets in 2008.

Until July 2007, originating and securitising mortgages was an irresistible business for investment banks. The credit crunch has all but shut down the exit — ABS of any kind are hard to place and principal finance deals are particularly out of favour. Chris Dammers considers the recovery options.

Joe Carstairs looks at how the credit crisis revealed niche currency opportunities and where 2008’s hotspots will be.

The Bear Stearns-sponsored squash Tournament of Champions began last week at Grand Central Terminal and runs through Wednesday.

GSO Capital Partners closed on a permanent capital vehicle, Abingdon Finance Ltd., a $100 million managed closed-end, Guernsey-based fund.

-- Bennett Goodman, co-founder of GSO Capital Partners, talking about the current collateralized loan obligation market.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.

Novelty was a feature of the covered bond market this week, with debut jumbo issues from Deutsche Postbank, Skandinaviska Enskilda Banken AB (SEB) and the world’s first shipping Pfandbrief from HSH Nordbank.