US high yield sell-off: A long time coming
The liquidity mismatch that has built up in sub-investment grade credit meant it was only a matter of time before the market blinked
View ArticleTensions mount in repo market
Often overlooked and taken for granted, the repo market is crucial to the flow of cash and collateral through all other financial markets, so talk of a coming meltdown is troubling.
View ArticleGCC liquidity: Islamic advantage
Islamic banks in the GCC may have two advantages over their conventional counterparts at a time of weak liquidity: loyal retail money and the ability to tap two investor markets
View ArticleCEE: Lost in transition
It shows how far expectations have fallen for CEE that its most exciting prospect is now Romania.
View ArticleSouth Africa: Zuma’s failings
The South African president’s recent erratic changes in the ministry of finance highlight his flailing leadership.
View ArticleLatin America: Ditching the left, right?
International investors will swiftly return to Latin America if they see clear evidence of economic progress.
View ArticleChina GDP scepticism upends trading strategies
Distrust in official data coincides with hedge-fund closures, including Nevsky Capital.
View ArticleJPMorgan’s results a warning to investment bank shareholders
Shareholders should be as worried by modest returns at the American market leader as by outright losses at Deutsche and other struggling European investment banks.
View ArticlePortugal problem stumps Isda
Unable to agree on whether or not a credit event had occurred, Isda has had to turn to outside help to determine what has happened at Novo Banco.
View ArticleItaly’s bad bad bank
Europe’s plan for a bad bank in Italy, it turns out, is to not have a bad bank at all.
View ArticleRise of the asset manager
It might not be sexy, but everyone wants in now. After all, money has to be managed.
View ArticleBrazil loses monetary lever
The Central Bank of Brazil is facing a credibility struggle, making it even harder for investors to predict when country’s turnaround will come.
View ArticlePoland should have heeded Hungary’s lesson
Even robots can be made to learn from experience nowadays. Given what happened to Hungary, Poland’s downgrade should be no surprise.
View ArticleAT1: Banks suffer a fundamental sell-off
It’s easy to blame technical factors and investors’ misunderstanding of the new AT1 market for February’s sharp sell-off across the bank sector, but investors may have a firm grasp of the fundamentals.
View ArticleBailing out bail-in
Whether they were birth pangs for a nascent asset class, or regulatory ripples, the latest woes in bank capital reveal the unresolved problems of the new bail-in regime.
View ArticleEM credit’s stress test
There is no need for panic. Emerging market credit is outperforming US high yield and the investor base is stable.
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