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The adventures of CECL in banking land

27 May 2020Banks, Risk CommentaryAccounting, CECL, corporate loans, IFRS 9, loan loss provisions, retail loansNick Dunbar

Should accounting be independent of bank supervision? The arrival of IFRS 9 provisioning at the height of the Covid-19 crisis has exposed a three way tussle between auditors, regulators and bank management.

How Covid-19 infected the corporate bond market

20 March 2020Credit, Risk Commentaryairlines, 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?

How JP Morgan broke the repo market

17 December 2019Banks, Risk CommentaryFederal Reserve, JP Morgan, money market funds, repo lendingNick Dunbar

The Fed relied on JP Morgan to lend out cash into the repo market. But that was before the too-big-to-fail giant made a pivot out of cash into securities.

Giants of the S&P500 and the inequality backlash

20 November 2019Economics, Risk Commentaryinequality, wealthNick Dunbar

The S&P 500 index added $5 trillion of market cap this year, led by its biggest members. The trend is accelerating wealth inequality.

BNP Paribas piles on the senior tranches

8 October 2019Banks, Risk CommentaryCLOs, credit ratings, securitisationNick Dunbar

The French banking giant more than doubled its securitisation exposure in the past 12 months, filings show. Does the ballooning CLO portfolio pose a risk?

Inside China’s real estate bond boom

21 June 2019Articles, Risk CommentaryNick 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 2019Articles, Risk CommentaryNick Dunbar

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

Handicapping Goldman’s 1MDB liabilities

30 January 2019Banks, Risk CommentaryGoldman Sachs, operational riskNick Dunbar

The 1MDB scandal may result in a record legal settlement for Goldman Sachs. Risky Finance visualises the expected loss and explores how life-changing it might be for Goldman.

Revenge of the minnows
Rampant gigantism in the stock market took a blow ...
How Covid forbearance gav...
To keep banks operating smoothly during the pandem...
Playing chicken in the hi...
In 2020, junk bondholders have to choose between p...
The great corporate bond ...
Outstanding corporate bonds grew by $500 billion b...