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Italian derivatives opera

10 February 2021Articlesinterest rate swaps, litigation, sovereign debt, swaptionsNick Dunbar

Italian courts are prosecuting former officials involved in derivatives terminated by Morgan Stanley nine years ago. But the US bank actually did Italy a favour, unlike the country’s other sovereign counterparties.

Revenge of the minnows

24 November 2020FundsNick Dunbar

Rampant gigantism in the stock market took a blow recently as small-cap stocks enjoyed a run of outperformance. Is this the return of value?

Playing chicken in the high yield market

19 October 2020Creditbankruptcy, corporate bonds, high yield bonds, restructuringNick Dunbar

In 2020, junk bondholders have to choose between painful restructuring and pushing for a repayment that might kill a company

The corporate bond market on 18 March 2020

20 March 2020CreditCovid-19Nick Dunbar

An interactive visualisation of $12 trillion of corporate bonds showing the impact of the Covid-19 pandemic. Free to registered users.

How Covid-19 infected the corporate bond market

20 March 2020Creditairlines, central banks, coronavirus, Covid-19, high yield bondsNick Dunbar

The coronavirus outbreak has infected the corporate bond market as economies grind to a halt. Can trillions of emergency central bank measures keep borrowers alive?

Risky Finance – review of the decade

31 December 2019ArticlesDevil's DerivativesNick Dunbar

A review of the top ten articles published in the last ten years

Smart Beta and Dumb Optimisation

28 June 2019FundsNick Dunbar

Portfolio optimisation has transformed investing in recent decades. But according to a new paper, naive application of such modelling can lead to extreme or unstable trading strategies.

Inside China’s real estate bond boom

21 June 2019ArticlesNick Dunbar

As trade tensions worsen, dollar-denominated bond issuance by Chinese real estate companies is at a record high, while credit spreads have tightened.

Leveraging the Powell put in US M&A markets

21 June 2019ArticlesNick Dunbar

With a softening approach from central banks, borrowing-driven M&A is being rewarded

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