IShares readies ETF that buys BB-rated bonds | Video: Defaults raise concerns in China's credit markets | Investors returning to synthetic CRE
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July 17, 2018
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Credit Markets
Spain increases deficit forecasts for 2018-19
The Spanish government estimates a 2.7% public deficit relative to GDP in 2018, up from a previous forecast of 2.2%, Economy Minister Nadia Calvino says. Spain also expects a deficit of 1.8% in 2019, up from a previous estimate of 1.3%, as increasing oil prices eat into growth expectations.
Bloomberg (tiered subscription model) (7/13) 
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IShares readies ETF that buys BB-rated bonds
BlackRock's iShares has filed with the Securities and Exchange Commission for approval of an exchange-traded fund that buys bonds with rates ranging from BB- to BB+. The iShares BB Rated Corporate Bond ETF would select investments from the BofA Merrill Lynch US High Yield Constrained Index.
ETF (7/12) 
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Video: Defaults raise concerns in China's credit markets
China is on track to see record-high corporate bond defaults this year. The country will release its GDP numbers this week.
Bloomberg (tiered subscription model) (7/13) 
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Investors returning to synthetic CRE
Investors are finding more opportunities in synthetic commercial real estate, according to reports. Data from the fourth quarter of 2017 indicate synthetic CRE is attracting many investors already in the CRE space.
Structured Credit Investor (U.K.) (7/13) 
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EU's Tusk calls on Trump to restore global order
EU's Tusk calls on Trump to restore global order
Tusk (Jack Taylor/Getty Images)
European Council President Donald Tusk has urged US President Donald Trump to restore international order and to turn away from trade disputes, while Trump has called the EU a "foe," citing its stance on trade. "The architecture of the world is changing," Tusk says, and Europe, China, the US and Russia have responsibility to ensure the change is for the better.
Bloomberg (tiered subscription model) (7/16) 
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Regulatory and Accounting Issues
Prop trading a possible risk in US Treasury market
Advisers to the Federal Reserve Bank of New York warn the growing presence of proprietary-trading firms might leave the US Treasury market susceptible to shocks.
Bloomberg (tiered subscription model) (7/13),  Financial Times (subscription required) (7/12) 
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Regulators: Work to live without Libor moving too slowly
US and UK regulators, as well as global standard-setters, are warning market participants to prepare faster for the day Libor no longer exists. J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, said the fact that Libor will disappear from many markets "is a certainty," and Andrew Bailey, who heads the Financial Conduct Authority in the UK, also indicated his agency could shut down Libor.
MLex (subscription required) (7/19),  Risk (subscription required) (7/13) 
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Foreign banks: Fed should cut capital rules further
Foreign banks operating in the US want the Federal Reserve to reduce capital requirements more than an amount proposed in April. The Institute of International Bankers says the Fed should also postpone implementation of rules for total loss-absorbing capacity applicable to global systemically important banks.
MLex (subscription required) (7/19) 
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BoE adds buffers to stress tests
The Bank of England has announced plans to add the systemic risk buffer to its upcoming stress tests. The buffer requires banks to hold extra capital as a fail-safe against losses in an economic crisis.
City A.M. (London) (7/12) 
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IACPM News
IACPM offers credit portfolio workshop in Singapore, July 25 -- Register now
The IACPM and the Risk Management Institute of the National University of Singapore (RMI) are jointly sponsoring a Workshop on Credit Portfolio Management on July 25. The workshop provides an essential full-day course on risk and credit portfolio management with specific focus on developments in Asia-Pacific, including: Implementing IFRS 9, Using Insurance to Mitigate Risk, Counterparty Risk and CVA, Risk Management in Practice - Approaches Balancing Multiple Constraints, and Perspectives on the Asian Development Bank's Private Sector Portfolio.

IACPM will also be organizing sessions on Assessing Emerging Risks in the New Environment in RMI's Policy Forum on July 26. For additional information, please visit IACPM's website at www.iacpm.org or contact Dani Gelband with any questions.
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The IACPM is an industry association established to further the practice of credit exposure management by providing an active forum for its member institutions to exchange ideas on topics of common interest. Learn more at www.iacpm.org.

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