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February 19, 2013
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  Credit Markets 
 
  • Research finds little merit in EU's naked CDS ban
    A pan-European ban on naked credit default swaps is unlikely to have any effect on sovereign-default risk or governments' cost of borrowing, according to research from New Imperial College. "CDS spreads are the symptoms, not the cause, of a country getting into trouble," said Paul Crean, co-founder of Finisterre Capital. Structured Credit Investor (U.K.) (2/15) LinkedInFacebookTwitterEmail this Story
  • SNS Reaal bond seizure spreads worry among investors
    The Dutch government's seizure of subordinated bonds for SNS Reaal and subsequent announcement that it will not pay them back has stoked concern that investor confidence in European bank debt will be shaken. The seizure makes it difficult for credit default swaps holders to receive payout. "This could lead both to a reduction in demand for bank sub debt and to increased illiquidity if investors conclude they cannot rely upon the value of protection," said Matt King, Citigroup's global head of credit strategy. The Wall Street Journal (2/17) LinkedInFacebookTwitterEmail this Story
  • China opens OTC market to more investors
    The Chinese National Equities Exchange and Quotations has published rules giving individual investors more access to the over-the-counter market. Additional classes of institutional investors as well as retail investors with at least 3 million yuan in securities and more than two years of investment experience will have access. Reuters (2/18) LinkedInFacebookTwitterEmail this Story
  • SMEs are a bad covered-bond collateral idea, BlackRock says
    Loans to small- and medium-sized enterprises should not be used as collateral in covered bond markets, according to BlackRock. "We should be very protective of the covered bond market because it's had certain features for so many years, including the resilience of the collateral, and it's a very safe asset class," said Jozef Prokes, a fund manager at BlackRock. "We don't think these are covered bonds." Bloomberg (2/18) LinkedInFacebookTwitterEmail this Story
CreditSights is the premier provider of independent credit research in the Capital Markets, producing analysis that is globally respected for its integrity and quality. Our analysis spans 40 industries and is focused on U.S. & European High Grade/High Yield issuers and in the last six months we have begun to roll out Asian companies coverage. Click here to learn more.
  Regulatory and Accounting Issues 
  • Questions remain about regulation after FSA is replaced
    After overseeing Britain's financial sector since 1997, the Financial Services Authority will pass into history in a few weeks, replaced by new agencies created in response to the 2008 credit crunch and the economic downturn that followed it. The new agencies taking over for the FSA have promised more aggressive regulation, but it's unclear exactly what that means. Risk.net (subscription required) (2/12) LinkedInFacebookTwitterEmail this Story
  • Barnier chides U.S. for not being more cooperative
    EU Internal Market Commissioner Michel Barnier is criticizing U.S. financial regulators for not cooperating better with counterparts on the other side of the Atlantic. Specifically, he wants Europe and the U.S. to be able to rely on each other's supervision of banks doing business in both areas. "If we choose to part ways, this will send the wrong signal to markets and to the rest of the world," Barnier said. "It would increase the cost of capital and reduce growth prospects." Bloomberg (2/15), Reuters (2/15) LinkedInFacebookTwitterEmail this Story
  • U.S. certain to adopt Basel III, Barnier says
    Michel Barnier, European commissioner for internal market and services, said the timing of its implementation may be uncertain but that the U.S. will adopt the Basel III framework for bank regulation. He was given assurance of this by Federal Reserve Chairman Ben Bernanke and Fed board member Daniel Tarullo, Bernier said. Risk.net (subscription required) (2/18) LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
You will become as small as your controlling desire; as great as your dominant aspiration."
--James Allen,
British author


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The IACPM is an industry association established in 2001 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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