MARKETS|MARCH 15, 2011
Hedge Funds Had Bets Against Japan
Even Before the Disaster, Big Investors Were Wagering on Economic Problems
By GREGORY ZUCKERMAN And TOM LAURICELLA
The catastrophe in Japan has placed renewed focus on the country's already fragile economy—and brought unexpected profits to investors who have long bet that the nation eventually will be dragged down by its debt problems.
Monday, March 14, 2011
S&P: Korea's Oil Refining And Marketing Sector: Why Credit Quality Should Hold Up In 2011
Korea's Oil Refining And Marketing Sector: Why Credit Quality Should Hold Up In 2011 (00:08:39 min)
Korea's oil refining and marketing sector is likely to get another lift as the recovery in refining margins continues into 2011. In this podcast, Sangyun Han, Standard & Poor’s Associate Director of Asia-Pacific Corporate Ratings, explains why we expect the credit quality of the three major companies in the sector, SK Innovation, GS Caltex, and S-Oil Corp, to improve. Han also discusses the risks facing the sector.
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Korea's oil refining and marketing sector is likely to get another lift as the recovery in refining margins continues into 2011. In this podcast, Sangyun Han, Standard & Poor’s Associate Director of Asia-Pacific Corporate Ratings, explains why we expect the credit quality of the three major companies in the sector, SK Innovation, GS Caltex, and S-Oil Corp, to improve. Han also discusses the risks facing the sector.
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S&P: What's Behind New Recovery Assumptions For U.S. Speculative-Grade Oil Refining Companies
What's Behind Standard & Poor's New Recovery Assumptions For U.S. Speculative-Grade Oil Refining Companies (00:07:54 min)
We recently introduced new assumptions for our recovery methodology to the debt of U.S.-based, speculative-grade-rated oil refining companies. In this CreditMatters TV segment, Standard & Poor's Associate Director David A. Kaplan, CFA, addresses key questions raised by these adjustments. Topics include a summary of the new valuation assumptions, what's spurring the assumptions, the treatment of refinery operations expected to be shut down or converted to storage terminals, and potential rating implications.
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We recently introduced new assumptions for our recovery methodology to the debt of U.S.-based, speculative-grade-rated oil refining companies. In this CreditMatters TV segment, Standard & Poor's Associate Director David A. Kaplan, CFA, addresses key questions raised by these adjustments. Topics include a summary of the new valuation assumptions, what's spurring the assumptions, the treatment of refinery operations expected to be shut down or converted to storage terminals, and potential rating implications.
Watch
Saturday, March 12, 2011
S&P: This Week In Structured Finance: The CMBS “Leading Indicators” Index
This Week In Structured Finance: The CMBS “Leading Indicators” Index (00:06:12 min)
In this CreditMatters TV segment, Howard Esaki, Head of Structured Finance Research, discusses the new CMBS “Leading Indicators” Index, which quantifies credit risk in U.S. CMBS. Ted Burbage, Head of Investor Relations, conducts the interview.
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In this CreditMatters TV segment, Howard Esaki, Head of Structured Finance Research, discusses the new CMBS “Leading Indicators” Index, which quantifies credit risk in U.S. CMBS. Ted Burbage, Head of Investor Relations, conducts the interview.
Watch
Thursday, March 10, 2011
S&P: Middle East Unrest's Credit Impact: Inflation Is Returning To Europe Sooner Rather Than Later
Middle East Unrest's Credit Impact: Inflation Is Returning To Europe Sooner Rather Than Later (00:08:14 min)
In this podcast, Jean-Michel Six, Standard & Poor's chief economist, Europe, discusses how political unrest in the Middle East is affecting economic conditions in Europe. Topics include rising inflation, the potential for a new oil shock, and geopolitical risks.
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In this podcast, Jean-Michel Six, Standard & Poor's chief economist, Europe, discusses how political unrest in the Middle East is affecting economic conditions in Europe. Topics include rising inflation, the potential for a new oil shock, and geopolitical risks.
Listen
S&P: January 2011 Credit Card Quality Index: What’s Behind The Trends
Standard & Poor’s January 2011 Credit Card Quality Index: What’s Behind The Trends (00:09:20 min)
Standard & Poor’s monthly credit card quality index (CCQI) aggregates pools of credit card receivables. In this podcast, Director Ildiko Szilank discusses some of the trends reported in our January CCQI, such as improved credit card performance, declining receivables, and low issuance. Other topics include our forecast for credit card losses in 2011, the correlation between losses and unemployment, regulation, and asset-backed security issuance.
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Standard & Poor’s monthly credit card quality index (CCQI) aggregates pools of credit card receivables. In this podcast, Director Ildiko Szilank discusses some of the trends reported in our January CCQI, such as improved credit card performance, declining receivables, and low issuance. Other topics include our forecast for credit card losses in 2011, the correlation between losses and unemployment, regulation, and asset-backed security issuance.
Listen
Fortress Unveils Asia Macro HF
Fortress Unveils Asia Macro HF
03-10-2011 | Source: emii.com
People & Companies in the News
Fortress Investment Group
Daniel Mudd
Fortress Investment Group has started an Asia-focused macro hedge fund that aims to grow to $500 million, Bloomberg reports. The Fortress Asia Macro Fund has begun trading with the firm’s own money and that of a few clients.
03-10-2011 | Source: emii.com
People & Companies in the News
Fortress Investment Group
Daniel Mudd
Fortress Investment Group has started an Asia-focused macro hedge fund that aims to grow to $500 million, Bloomberg reports. The Fortress Asia Macro Fund has begun trading with the firm’s own money and that of a few clients.
WSJ: Moody's Downgrades Spain
EUROPE BUSINESS NEWS | MARCH 10, 2011, 3:57 A.M. ET
Moody's Downgrades Spain
By EVA SZALAY And TERENCE ROTH
LONDON—Moody's Investor Service Inc. on Thursday downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, triggering sharp declines for the euro and European bond prices in early European trading.
Moody's Downgrades Spain
By EVA SZALAY And TERENCE ROTH
LONDON—Moody's Investor Service Inc. on Thursday downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, triggering sharp declines for the euro and European bond prices in early European trading.
WSJ: Inflation in Asia Strikes at Core
ASIA NEWS | MARCH 10, 2011
Inflation in Asia Strikes at Core
It's Not Just Food Prices Anymore; Too-Fast Growth Strains Countries' Capacity, Raises Labor Costs
By PATRICK BARTA
SINGAPORE—Fears are growing that Asia's recent troubles with inflation could go deeper than initially expected as countries bump up against labor shortages and other problems commonly seen in times of too-fast growth.
Inflation in Asia Strikes at Core
It's Not Just Food Prices Anymore; Too-Fast Growth Strains Countries' Capacity, Raises Labor Costs
By PATRICK BARTA
SINGAPORE—Fears are growing that Asia's recent troubles with inflation could go deeper than initially expected as countries bump up against labor shortages and other problems commonly seen in times of too-fast growth.
Wednesday, March 9, 2011
S&P: To Preserve Credit Quality, U.S State And Local Governments Face Hard Choices
To Preserve Credit Quality, U.S State And Local Governments Face Hard Choices (00:09:11 min)
Standard & Poor’s expects U.S. state and local governments to maintain medium to high investment-grade ratings in 2011. However, difficult economic and revenue conditions could result in severe budget conditions, requiring tough choices by government officials. In this CreditMatters TV segment, Standard & Poor’s Managing Director Steve Murphy and Director Gabe Petek discuss the dynamics shaping the municipal markets, how the U.S. economy could affect state and local governments, state budget decisions, and pensions.
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Standard & Poor’s expects U.S. state and local governments to maintain medium to high investment-grade ratings in 2011. However, difficult economic and revenue conditions could result in severe budget conditions, requiring tough choices by government officials. In this CreditMatters TV segment, Standard & Poor’s Managing Director Steve Murphy and Director Gabe Petek discuss the dynamics shaping the municipal markets, how the U.S. economy could affect state and local governments, state budget decisions, and pensions.
Watch
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