Latest articles from Markets

KfW innovates with equity-linked bond

March 7, 2005

Germany’s KfW is once again breaking new ground, this time with an uridashi exchangeable bond. Edward Russell-Walling explains.
The word ‘unique’ is often used less than scrupulously. Yet as banks go, Germany’s state-owned Kreditanstalt für Wiederaufbau (KfW) really is one of a kind. As a vehicle for the country’s economic and social policy, it has become the largest financial issuer in Europe.

Equity derivatives spur growth

March 7, 2005

Asset management-related business is growing in volume and diversity as the search for yield and protection widens. Geraldine Lambe interviews Calvin Redlick, head of FIG for northern Europe at BNP Paribas.

Fair value pushes pensions to take a longer route

March 7, 2005

Few disagree that regulatory change in the Netherlands and Sweden will see pension funds increase their exposure to longer-dated bonds. As Chris Newlands finds out, the debate is about how big the shift will be.
When European regulators start revising pension solvency requirements, dealers and issuers tend to sit up and take note. Legislative efforts to increase pensioner protection and decrease exposure to market risk have historically led to large sums of money being directed into bonds.

Charles Murphy

March 7, 2005

Deutsche Bank’s European head of FIG, Charles Murphy, explains to Geraldine Lambe why the bank decided to beef up its financial institutions capability and what the main challenges have been.

Search for yield unearths new dangers in credit markets

March 7, 2005

Credit specialists have risen to market challenges with new products. However, the recent fashion for longer-dated synthetic CDOs could present more risks than investors realise. Natasha de Teran asks how concerned we should be about this latest trend.

Hedge funds happy at distressed debt

February 2, 2005

Whatever economic crisis our beloved policymakers cook up, you can be sure there will be some business at the end for distressed debt buyers.

Regulators move in, innovators move out

February 2, 2005

Regulation, regulation, regulation. Following corporate scandals in the US and mis-selling cases in the UK financial sector, bankers are so loaded down with rule books they can hardly move.

Complex operation leaves insurer in rude health

February 2, 2005

HSBC financial institutions group’s capital-raising transaction for health insurer Bupa was complicated – but that did not faze the team in its efforts to coax bondholders out of old stock and into the new, writes Edward Russell-Walling.

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