Latest articles from Markets

As easy as ABCP

January 2, 2003

The asset-backed commercial paper (ABCP) market, which started modestly as a way for banks to move assets off their balance sheet, using special purpose vehicles known as conduits, is today among the most innovative and complex financial sectors, often supporting entirely synthetic transactions. But its very success is arousing concern among some close observers.

Battle for the benchmark

October 2, 2002

The fight to sell government euro bonds has never been fiercer. The French and Germans are battling it out for benchmark status while other eurozone countries are increasing liquidity and issuance size. Troubled equity markets make it all very attractive to investors.

Is the PFI about to hit the buffers?

August 2, 2002

Forget worrying about corporate collapses. The growth of PFI financing is playing havoc with public money. Eventually an Enron-style disaster will be rerun on a sovereign balance sheet.

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