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UKAR – the biggest mortgage lender you’ve never heard of

U.K. Asset Resolution (UKAR) was established in late 2010 as a holding company for Bradford & Bingley (B&B) and the part of Northern Rock that was to remain in public ownership (NRAM).  Unlike other rescued institutions – RBS and Lloyds – whose progress we are kept well abreast of in the media, UKAR has flown under the radar somewhat. To give an idea of scale of the rescue; despite neither enti…

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The centaurs are back! Hybrid bond issuance in the news again

Hybrid bond issuance has started to grab headlines again. The last month has seen a few companies start to issue the centaurs of the bond world again. But are they a good investment?

We wrote about hybrid bonds back in April, suggesting that they could potentially be a good source of alpha if investors do their homework. Hybrid securities have features of both equities and bonds, and like equit…

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Fixed interest markets performance review year to date – some interesting results

We have now passed the halfway mark of 2010 and we thought it would be interesting to put together some figures to show how various bond indices have performed year-to-date (as at July 13). BofA Merrill Lynch provide an excellent download service via Bloomberg which has allowed us to extract the data in the following table. Interestingly, in this perceived world of risk on/risk off, performance…

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