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Cheyne Capital Management sold one of the largest-ever European arbitrage CLOs last month via Nomura. The €1 billion Cheyne Credit Opportunity CDO 1 incorporated several structural features to overcome problems that could arise from its relatively large size. In contrast to typical CLOs, which are normally half the size, 40% ramped up at launch and have around a year to complete sourcing loans, Cheyne Credit Opportunity has a two-year time period to ramp up fully. This extra flexibility will be particularly useful. The competition for leveraged loans will be greater than ever, given that an estimated 35 CLOs are operating this year, compared with about 25 last year.

Dave Tait has not only had a long and successful career in the FX market, but he has also climbed some notable peaks outside of the trading environment.

The FSA took a couple of years but the UK regulator has finally accepted the concept of covered bonds; the Netherlands will be next.

Hedge fund managers are increasingly shopping around and using more than one prime broker at the same time.

Latin America’s development bank has to change tack as countries in the region rely less on dollar funding.

Regulators outnumbered the regulated at a meeting at the Federal Reserve Bank of New York on February 16. Representatives of 15 bank and securities regulators and exchanges were relieved to hear that the world’s 14 largest credit derivatives dealers had fulfilled their promise, made last October, to cut by 30% the number of credit derivatives trades remaining unconfirmed for 30 days or more by January 31 2006. The backlog, which arose from high-velocity trading and assignment by hedge funds in a market with underdeveloped systems for initial confirmation of trade details, had sparked widespread alarm across the industry. More good news: electronic confirmation has risen to 62% of trade volume, from 46% in September 2005.

The rapid influx of new managers to the CDO market is a staffing headache for established players.

It’s the time of the year, with the bonus season over, when people moves are back in swing. So far, several have caused a bit of a stir.

The UK government’s commitment to imminent PFI transactions appears to be wavering. Have critics of the funding strategy won the argument?

“Probably a good idea” was how a leading market participant described the news that the International Capital Market Association (Icma), the International Swaps and Derivatives Association (Isda) and The Bond Market Association (TBMA) have formed a Global Capital Markets Board (GCMB).

Financial sponsors now account for an important chunk of advisory fees, but not all banks are cashing in.

Oil producers strike it rich, but long-term issues remain

The high price of oil highlights the fact that many economies are too reliant on raw materials exports, with governments creating unfavourable conditions for foreign investment through neglect or for political reasons. Florian Neuhof looks at the main drivers behind Euromoney’s latest country risk poll.