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  • A reveiw of 13 years of country risk, region by region. Emerging markets are now established as part of the fabric of international investment. But don't be fooled into thinking that the increased flow of investment follows a decline in risk. Research and analysis by Chloe Hayward.
  • Zeti Akhtar Aziz reforms Malaysia's financial markets; Fukui achieves much by doing llittle in Japan.
  • Despite previously criticizing ABS, the new regime can't ignore benefits
  • %3CBODY%3E%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3EPeople%20moves%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Ian%20Bell%20is%20the%20new%20head%20of%20structured%20finance%20at%20Standard%20%26%20Poor%27s%20following%20the%20departure%20of%20Kurt%20Sampson.%20Bell%20was%20previously%20the%20head%20of%20the%20legal%20team%20at%20S%26P%20across%20the%20EMEA%20region.%20Sampson%2C%20who%20was%20with%20S%26P%20for%2020%20years%2C%20has%20joined%20ABS%20Exchange%2C%20a%20structured%20finance%20analytics%20company%20set%20up%20last%20November%2C%20as%20CEO.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3ETime%20up%20for%20Italian%20government%20RFP%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20After%20sending%20out%20requests%20for%20proposal%20with%20a%20deadline%20of%20the%20end%20of%20August%2C%20the%20Italian%20government%20has%20received%20submissions%20from%20various%20consortiums%20for%20a%20securitization%20by%20Gestore%20della%20Rete%20Trasmissione%20Nazionale%20%28GRTN%29.%20The%20company%20runs%20electricity%20transmission%20in%20Italy%2C%20and%20could%20raise%20A1.5%20billion.%20The%20next%20government%20ABS%20from%20Italy%20will%20be%20SCIP%203.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%A0%0D%0A%3C/p%3E%0D%0A%09%3Cul%3E%0D%0A%09%09%3Cli%3E%0D%0A%09%09%09%3Cstrong%3ECorrelation%20dealers%27%20exposure%20is%20key%20to%20CDO%20issuance%3C/strong%3E%0D%0A%09%09%3C/li%3E%0D%0A%09%3C/ul%3E%0D%0A%09%3Cp%3E%0D%0A%20%20The%20correlation%20market%20is%20recovering%20some%20of%20its%20pre-crisis%20characteristics.%20At%20the%20end%20of%20July%2C%20the%20base%20correlation%20curve%20was%20heading%20back%20towards%20its%20early-May%20shape.%20By%20late%20August%20equity%20tranches%20had%20tightened.%20But%20it%20doesn%27t%20follow%20that%20issuance%20will%20recover%20to%20first-quarter%20levels.%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20%22Absolute%20spreads%20in%20the%203%25%20to%207%25%20tranche%20went%20from%20202%20to%2071%2C%20and%20are%20now%20widening%20out%2C%20so%20value%20is%20moving%20back%20to%20the%20mezzanine%20part%20of%20the%20capital%20structure%2C%22%20Robert%20McAdie%2C%20Barclays%20Capital%27s%20global%20head%20of%20credit%20strategy%2C%20said%20in%20the%20firm%27s%20global%20credit%20perspective%20briefing%20last%20month.%20%22The%20issue%20is%20the%20size%20of%20exposure%2C%20especially%20of%20dealers%20who%20are%20short%20mezzanine.%20Hence%20the%20lack%20of%20substantial%20CDO%20issuance.%22%0D%0A%3C/p%3E%0D%0A%09%3Cp%3E%0D%0A%20%20Issuance%20is%20focused%20at%20seven%20years%2C%20and%20further%20up%20the%20term%20structure%20at%20super-senior%20level%2C%20as%20a%20hedge%20against%20short%20mezzanine%20positions.%20In%20May%2C%20dealers%20were%20short%20by%20about%20%2430%20billion%20and%20could%20only%20use%20hedge%20funds%20to%20offset%20part%20of%20that%20risk.%0D%0A%3C/p%3E%0D%0A%3C/BODY%3E%0D%0A
  • Well done to the estimable Rowan Staines of Dresdner Kleinwort Wasserstein's media relations team.
  • Northern Rock's first-loss product marks a new step in capital management from large-scale RMBS issuers
  • Euromoney does not seek to encourage improper behaviour but we have to share news of one of the hottest websites sweeping the City of London.
  • Deutsche Bank has set itself high standards when it comes to entertainment. In previous years, its annual credit derivatives conference, held in Barcelona every July, has featured veteran rocker Rod Stewart and pop princess Kylie Minogue, to name but two.
  • Greater transparency is essential for ABS to be used as repo collateral