Download PDF Introduction While interest rates were still stuck at historic lows in Europe, news broke in June 2022 that Credit Suisse was about to issue a contingent convertible bond at a yield level of close to 10%. The peculiarity with this type of security is that it is converted Read more…
Download PDF Introduction: Fixed Income Markets Performance High inflation and rising interest rates have governed the credit markets in 2022. Year-to-date, high yield bonds are down approximately 16% and investment grade bonds are down approximately 23%. The 2022 macroeconomic environment has wiped away the strong recovery seen by the credit Read more…
Download PDF Abstract While the literature investigating risk premia driving the cross section of stock returns is extensive, fewer studies analyze corporate bond returns. We set out to understand which factors and firm characteristics command a premium in terms of expected returns on corporate bonds, both in the investment grade Read more…
Download PDF Introduction Structured products are complex OTC derivatives which offer a glance into some of the deeper aspects of pricing; they are hedged with vanilla products where possible, almost always leaving basis risk, the management of which is the art of making markets in SPs. These products are very Read more…
Download PDF Introduction Private credit denotes any debt or extended to privately held companies. It comes in many different forms, but often involves non-bank firms making loans to private companies or purchasing their debt on the secondary market in a variety of ways. To be more specific, Private credit, also Read more…
Private Equity Industry Overview Private equity is like home flipping, but with large corporations instead of dilapidated houses from the 1970’s. Only rather than having profits in the tens of thousands, it’s in the tens of millions. The private equity industry, pioneered in the 1970’s by the likes of KKR Read more…
The past summer has been quite hot: we saw unexpected Brexit, Turkish failed coup, the presidential campaign in the US is on the peak, and EMs are bursting out of inflows. On the backdrop of all these events, one very interesting trend may have left out of the scope of Read more…
1. What’s Going On In Greece 1.1 Global Financial Crisis, Sovereign Debt Crisis and the Troika Greece is a country that witnessed big changes in the last years. 2008 was the year when the Global Financial Crisis exploded, changing the world for all of us. 2009 saw the burst of Read more…