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...This exposure has increased by £800mn over the past year, which the company told the Financial Times was primarily because of the “inflation indexing” of the bonds it has insured....
...The investors owned additional tier 1 bonds, or AT1s, a form of bank debt that can be converted into equity or written down when a bank runs into trouble....
...The price of Altice France’s unsecured bonds fell more than 20 percentage points during the bondholder call, to trade at less than half their face value....
...Among the money Warrington has invested with Robinson’s firm was £10mn into an Altana corporate bond fund in 2018....
...The move to raise $500m in art-backed securities comes at a moment of deep distrust of Drahi in the bond market, however....
...Some of these bonds are trading at little over 70 pence in the pound, as investors have grown more nervous about the potential for deep impairments....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Friday interview: Harley Bassman Almost all of what fixed-income options traders do on Wall Street today, Harley Bassman did first....
...Send me your thoughts: robert.armstrong@ft.com. Can spreads ever be too tight? To the extent that markets people are worried about an overheated market, their concerns are focused on US stocks....
...The model, in which Thames Water’s cash flows service different tiers of debt, tends to result in higher investment-grade ratings for top-ranked bonds than standard corporate bonds at companies with similar...
...That’s why this new paper from Stephen Choi, Mitu Gulati, Ugo Panizza, Robert Scott and Mark Weidemaier caught our eye....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...To put it mildly, “that really would be a problem for the equity market”, said Robert Alster, chief investment officer at Close Brothers Asset Management....
...Kemble’s £400mn bonds are trading at little over 15 per cent of their face value, indicating debt investors are braced for a near-total wipeout....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. The inflation narrative could flip fast Jay Powell is worried about inflation again....
...The bonds were issued by Kemble Water Finance, which sits above the nearly £15bn of debt at the Thames Water utility companies that should be unaffected by the move....
...Most investors buy utilities for their dividend yields, as a bond substitute. But since the pandemic began, bond yields have risen, and utilities’ yields have not....
...We know how to compute the yield to maturity on bonds....
...Email Robert at robert.shrimsley@ft.com Follow @FTMag to find out about our latest stories first and subscribe to our podcast Life and Art wherever you listen...
...cent is much healthier than a market with a T-bond rate of 1.5 per cent....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. How much inflation is priced in?...
...Send me your sob stories: robert.armstrong@ft.com....
...You tell us: robert.armstrong@ft.com and ethan.wu@ft.com. No, higher rates are not (very) inflationary Here’s a theory that’s been making the rounds....
...Details of Macquarie’s continuing involvement in Thames Water, which were first reported in the Times, have emerged after Kemble defaulted on a £400mn bond on Friday....
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