Posts tagged 'sovereigns'

The naked derivative exposures of banks to sovereigns

Lisa joined FT Alphaville in September 2011 after a tour of duty through the guts of the financial industry, having worked as an analyst at a bank and for a financial data company.

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| Nov 16 2011 17:15 | Comment |

As spreads of all colours blow out due to the perpetually unresolved sovereign crisis in Europe, FT Alphaville has been wondering what non-fundamental factors are driving these moves. The bond market is in some places broken and in other places potentially being driven by regulation.

To the extent that the market for credit default swaps influences the bond market, we ponder the technicals of these derivatives that reference it. Here we look at the role played by trades directly between banks and sovereigns. Read more

How dare you, I’m a sovereign

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| May 27 2011 18:18 | Comment |

Don’t mess with a non-US sovereign. They still have the power, even if they have deficits.

Risk reported reported in April that US regulators were proposing to make collateral-posting for sovereigns compulsory. Read more

How sovereign bonds should be rated

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| May 24 2010 15:33 | Comment |

What happens when you attempt to derive the value of sovereign bonds as indicated by their credit default swap levels? Analysts at Standard Chartered have tried to find out, and FT Alphaville has their results. Teaser: ‘Asian sovereigns generally appear to be rated below where they ‘deserve’ to be, given where the market currently quotes their respective CDS.’ Read more

Sacrebleu! Mon rating est (encore) AAA

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Mar 30 2010 17:00 | Comment |

Hot off the ratings wire on Tuesday: Fitch has affirmed France’s sovereign rating at AAA.

Quel soulagement.  Read more

Goodbye to the risk-free rate

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Feb 22 2010 16:48 | Comment |

Morgan Stanley’s Graham Secker has put out an interesting note on the rising cost of capital on Monday.

And it’s not a cheery read if you happen to be a sovereign issuer, given the shift of private-sector debt into the public sector. Read more