Matt King News
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Senior bank debt is being priced as the riskiest relative to junior bonds in almost six months as Cypriot plans to impose losses on higher-ranking investors roils credit markets.
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Greece’s struggle to fix its budget crisis may signal to other governments that it’s easier to default than cut spending, putting bondholders’ investments at risk, said Citigroup Inc. credit strategist Matt King .
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The nationalization of SNS Reaal NV constitutes a restructuring credit event that will trigger payouts on derivatives insuring the debt, according to the International Swaps & Derivatives Association.
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Aon Corp., the world’s largest insurance brokerage, is marketing debt as cash flows into global bond funds at the fastest pace on record.
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The chains of loaned securities being pledged and re-pledged in the so-called wholesale money markets are growing shorter, as collateral piles up at central banks where it can’t generate additional borrowing.
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Paradise, says the frazzled family man played by George Clooney in “The Descendants,” can go hang itself.
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European finance chiefs hunted for ways to cut Greece’s debt burden, floating ideas from bond buybacks to a temporary default in an overhaul of a strategy that has failed to contain the debt panic.
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Individual investors, who hold more sway over the corporate bond market than ever, are allocating the least amount of cash this year to U.S. high-yield mutual funds in a signal that sentiment may be shifting.
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Avoca Capital Holdings is planning to use a record cash hoard to buy high-yield debt that has plummeted 8.4 percent since July, the co-founder of the 6 billion-euro ($8 billion) fund said.
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Societe Generale SA, which yesterday plunged 15 percent, is among banks being targeted by investors because of its perceived dependence on short-term funding, according to analysts at Royal Bank of Scotland Group Plc.
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