Sovereign debt is no longer the easily defined sector that it used to be. As investors run scared of many developed governments' debt and turn instead to the 'true' sovereigns of emerging markets, uncertainty and volatility reign in an area that was once so simple. Joanne Hart reports.
Peaks and troughs
Sub-sovereign debt feels the pressure
December 8, 2010With developed world governments strapped for cash, many hope the sub-sovereign or municipal bond markets can take on more of the local funding load. It may not work out that way. In Europe, sub-sovereign issuance has grown but it remains a fragmented and loan-driven market. In the US, the municipal market is huge but issuers are under increasing strain. Geraldine Lambe reports.
High times for high-yield offerings
December 8, 2010After several false starts dating back to the dot-com boom and bust of 2000, high-yield underwriters are hopeful that the European market is now set for a prolonged period of steady growth, writes Michael Marray.
Securitisation takes slow road to redemption
November 24, 2010In early October, it was revealed that Alliance Bernstein's asset-backed securities funds had returned 23% in 16 months. The US asset-management firm was benefiting from the recovery of the US asset-backed securities market. David Wigan asks whether the European market is following suit.