The bespoke tranche market had a great 2018, and 2019 is off to a strong start. But what is tempting new investors into the space, and can issuance really keep up this pace? And as the first wave of 2.0 bespokes mature we ask how those earlier deals have performed, and what lessons on execution the market can take forward.
Discussion – Can we trust single name CDS again?
The Hovnanian manufactured credit event shook faith in the value of single-name CDS, but a new proposal from trade-association ISDA looks to remove the threat of narrowly tailored credit events. Will the proposed changes fix the problem, and restore full confidence in single-name CDS, and the bespoke tranches based on them?
Discussion – Who should really be buying zero default rate tranches?
Whether you call them non-standard index tranches, or zero default rate tranches, this obscure product has gained a determined following as a “simpler” tranche product. But that success has raised potential red-flags about the product being sold to unsophisticated investors. This frank discussion addresses the growth of the product, the risks associated with it and who the product is actually suitable for.
Presentation – Regulation round-up
A host of changes to the global regulatory landscape are coming. What impacts will Basel 4, the FRTB and NSFR changes and revisions to the European Securitisation Framework have on demand and capacity for structured synthetic credit?
Panel – QIS comes of age
Last year we explained the basics of Quantitative Investment strategies to you in one of the most talked about sessions of the day. This year we get serious as QIS comes of age and investors look in detail at this alternative to traditional credit trading approaches.
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