How CoCo bonds became indispensable for banks

9 May 2024BanksAT1, bank capital, Basel rules, CoCo bonds, corporate bonds, Credit SuisseNick Dunbar

A year on from Credit Suisse, AT1 securities remain an essential part of bank Tier 1 capital, as our corporate bond tool preview shows

Corporate debt bar chart race

29 December 2023Creditcorporate bondsNick Dunbar

How have the world’s biggest corporate borrowers changed since 2016?

Charting China’s real estate bond meltdown

29 August 2023Credit, Risk CommentaryChina, corporate bonds, distressed debt, real estateNick Dunbar

Our corporate bond tool shows that dollar-denominated Chinese real estate bonds are collectively worth just 12% of their total value two years ago. By analysing iBoxx departures and distressed prices, we firm up this analysis and look at the wider implications for China’s troubled economy.

Spares and heirs in the capital markets

18 January 2023Creditcorporate bondsNick Dunbar

At first sight, corporate bonds did badly in 2022, but aside from a handful of exceptions, this was the result of the sell-off in government debt, our analysis shows. With yields of 4-5%, investment grade bonds are now an attractive asset class.

Descending the debt mountain

17 June 2022Creditcorporate bonds, inflationNick Dunbar

Inflation-busting is likely to involve a recession, and companies are starting to reduce debt built up during the pandemic. What’s the best way to do it?

Inflation and the corporate debt hangover

25 March 2022Creditcorporate bonds, inflationNick Dunbar

Inflation is supposed to be good for corporate bond issuers, because the real value of repayments is eroded. But what if a company’s ability to repay debt from earnings is eroded even faster?

Building on sand

15 September 2021Credit, EconomicsChina, corporate bonds, regulationNick Dunbar

Distress is building in corners of the Chinese offshore corporate bond market. What does this tell us about the nation’s relationship with foreign capital and investment?

A servant of two masters

17 June 2021Bankscentral banks, corporate bonds, leverage ratios, SLR, TLACNick Dunbar

Caught between a wall of QE cash and a web of capital rules, what is left for bank CEOs to do? The evidence from securities holdings, bond issuance and TLAC.

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