Anyone monitoring the risks in the global financial system knows that those of us who lend to banks are increasingly asking for some kind of security in order to do so. Issuance volumes for covered bonds have increased and more…
Category Archives: default
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The “safety race”: the systemic implications of the bank asset grab
- Topics
- Bank of England, banking, credit risk, default, Uncategorized
Posted April 26th, 2012
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The news of the Greek default hardly came as a massive surprise, having been years in the making (see Stefan’s blog from 2010) but we have certainly learned a few things, such as the privileged position of the ECB with…
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Back in March we wrote about Iceland’s response to the banking crisis, and how it differed to other countries that stepped in to support their banking systems. This week, Paul Krugman commented about Iceland’s exit from its IMF programme. The…
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Last weekend the voters of Iceland said no to honouring claims made against their nation by the British and Dutch governments. These claims originate from the failure of “IceSave” saving accounts. Many depositors in these accounts were based in the…
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The original ‘Bond Vigilantes’ were the bond investors who reacted to authorities’ loose monetary or fiscal policies by forcing sovereign bond yields higher, thus punishing central banks or governments by increasing the cost of issuing further debt. Right now, the…
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Tonight's TV, get Rosenberg for free, and low default emerging market loans
- Topics
- default
Posted September 1st, 2009
There are a couple of interesting things on TV this evening, both on More4. At 10pm it’s True Stories: The Shock Doctrine, a film based on Naomi Klein’s book which looks at the way far right economists have used disasters…
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Moody’s this week released their expectations for their global speculative grade default rate. Their default model is now (rather belatedly) indicating that there is to be a surge in defaults through this year, with the global speculative grade (ie ‘high yield’)…
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In March last year we wrote a blog comment explaining how the trend for so called ‘covenant lite’ deals would result in marginally lower default rates, but would result in recovery rates being lower when a company did actually go…
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Sunday night’s TV showing of The Aviator told the remarkable story of Howard Hughes, who as well as being an engineer, Academy Award winning film director, and a little nuts, was also one of the world’s richest men. It covers…
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First Man Utd drops points to Arsenal, and then Man U’s shirt sponsor AIG admits that losses on credit derivatives were $4.88bn in October and November, four times worse than the company had previously stated. AIG’s auditor, PricewaterhouseCoopers, found “material…
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