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Credit

Credit Snapshots – April 2018

April 28, 2018 by Jonathan Rochford

Credit Shapshots

Covenant Lite You know it’s late in the credit cycle when credit investors give away their key protections in return for just a little more yield. This acquiesce comes in different forms, including higher levels of leverage, longer dated debt, subordinated debt and weakened or eliminated covenants commonly referred to as “covenant lite”. This risk […]

Filed Under: Credit Tagged With: Anbang Bailout, Covenant Lite, Credit Snapshots, High Yield Defaults

Credit Snapshots – March 2018

April 1, 2018 by Jonathan Rochford

Credit Shapshots

Bite size updates on the Libor spike, Toy’s R Us, franking credit changes and the Banking Royal Commission

Filed Under: Credit Tagged With: Banking Royal Commission, Franking, Libor, Liquidation, U.S. Dollar

Credit Snapshots – February 2018

February 28, 2018 by Jonathan Rochford

Credit Shapshots

Bite size updates on US government debt, Chinese margin lending and bank capital

Filed Under: Credit Tagged With: Snapshots

Credit Snapshots

December 6, 2017 by Jonathan Rochford

Credit Shapshots

Bite size updates on high yield spreads, Puerto Rico, Venezuela and China.

Filed Under: Credit Tagged With: High Yield Spreads, Snapshots

The Truth about Liquidity for Debt Securities

July 9, 2015 by Jonathan Rochford

Liquidity

This article corrects much of the current discussion about liquidity for debt securities and puts forward the key things to focus on.

Filed Under: Credit Tagged With: Debt Security, Liquidity

Why Volatility Matters for Credit Investing

April 23, 2015 by Jonathan Rochford

This article discusses why credit investors should consider the potential volatility of the companies they lend to with examples provided of good and bad risks

Filed Under: Credit Tagged With: Credit Investing, Credit Volatility

Four Dangerous High Yield Credit Myths

December 17, 2014 by Jonathan Rochford

This article debunks four common high yield credit myths and explains the actual triggers and warnings signs of a downturn in credit markets

Filed Under: Credit

Is a Debt Bonfire Building? (Issues with the Quality and Quantity of Debt Outstanding)

November 10, 2014 by Jonathan Rochford

This article summarises three major pieces of research that highlight potential issues with the quality and quantity of debt outstanding, and the implications for investors.

Filed Under: Credit

Are Bonds Liquid?

October 20, 2014 by Jonathan Rochford

This article examines proposals to improve the liquidity of bonds and explores why liquidity is important to many investors and fund managers.

Filed Under: Credit Tagged With: Bond Liquidity

The Beginner’s Guide to Peer to Peer Lending

October 11, 2014 by Jonathan Rochford

This article covers the development of P2P lending, its future prospects and recommendations on how potential lenders should analyse loan risks.

Filed Under: Credit Tagged With: beginners guide, Peer to Peer Lending

The Perils of Preference Shares

July 2, 2014 by Jonathan Rochford

This paper analyses the weaknesses of preference shares, using recent Australian examples to illustrate the issues.

Filed Under: Credit Tagged With: Preference shares

Taking the Heat Out of Home Lending

June 4, 2014 by Jonathan Rochford

This article details specific measures banks should take beyond current prudential guidelines to de-risk their home lending operations in advance of a potential fall in house prices.

Filed Under: Credit Tagged With: Home Lending, House Price Drop, House Price Fall, House Prices

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