We rarely go into individual corporate rating actions on the blog, but bear with me. Today Heineken was rated Baa1, BBB+ by Moody’s Investor Service and Standard & Poor’s respectively. Not exciting, and a non-contentious rating. So why is it…
Tag Archives: risk
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Refreshing the credit markets: Heineken finally receives a credit rating
- Topics
- credit rating, Europe
Posted March 7th, 2012
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The outlook for fixed income after the summer of discontent
- Topics
- economic factors
Posted September 14th, 2011
What a summer we have had in bond markets! The US and French bank downgrade, limited policy flexibility, aftermath of the Japan earthquake, rising commodity prices and sovereign and banking concerns already had markets on edge. A further deterioration in…
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Recent selling of risk assets into traditional haven government bonds has taken their yields back near their all time lows. Will people continue to buy them in a risk off trade? We are almost certainly nearer the beginning than the…
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A lot of the cash that’s been created over the past few years is sloshing around the world trying to find somewhere to hide. There has been a huge bid for anything deemed a safe haven asset, a bid that…
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Guest contributor – Tamara Burnell (Head of Financial Institutions/Sovereign Research, M&G Credit Analysis team) The Bank for International Settlements (BIS) recently released some fascinating data on the country risk exposure of global banks. For the first time we got some…
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Haircut 100 – how is the burden shared when a banking system goes bust?
- Topics
- corporate bonds
Posted February 11th, 2011
When investing in credit, you perform a cost benefit analysis by weighing the risks you are taking against the spread you receive over risk free securities. This excess yield spread is easily observable, and from it you can work out…
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The risk free rate is a concept beloved of micro-economists and bond math geeks. It’s the building block of Modern Portfolio Theory and an input into option pricing models. It’s supposed to represent the interest rate available in the market…
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The behaviour of the US Dollar over the past few days has left investors a bit stumped, and the FT have been asking the same question in today’s Short View column. Friday of last week saw the biggest rally in…
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Value at Risk – a new way to compare risks across funds
- Topics
- investment grade
Posted March 19th, 2007
Value at Risk, or “VaR”, is a relatively new risk measure for the asset management industry, but is one that is rapidly becoming a benchmark for risk. The Investment Management Association (IMA) has already ruled that “sophisticated funds” (funds using…
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Apologies for the low number of posts this week – we’ve been preparing for Friday’s (8th December) launch of the new M&G Optimal Income Fund, run by Richard Woolnough. This is our first “specialist” bond fund to utilise UCITS III…
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