All credit risk articles – Page 2
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FeaturesTRW drives up high-yield credit allocation
Trustees for the pension plan of automotive company TRW have added to the scheme's high-yield credit allocation, but opinions on the outlook for this asset class are divided.
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OpinionThe best way to harness illiquidity
Pension schemes are facing tough times. In June, the Pension Protection Fund reported that 74 per cent of defined benefit schemes were in deficit, and this situation has been exacerbated by a prolonged low interest rate environment.
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FeaturesLeics sees opportunity in bank loans investment
Leicestershire County Council Pension Fund has committed to a new capital release fund investment as part of its growing opportunity pool allocation, as banks look to free up capital.
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FeaturesCornwall agrees new private credit allocation
The Cornwall Pension Fund is set to make an allocation to private credit, an asset class increasingly popular among schemes as tightened bank regulation has opened up a new range of investment options.
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NewsDairy Crest churns up a new investment strategy
The Dairy Crest Pension Fund has derisked while restructuring its investment portfolio by moving away from UK investment grade credit and ‘going global’, as schemes continue to reassess the purpose of their credit exposures.
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OpinionWhere to look for global credit investments
The year could end as it began for bond markets: amid a wave of event-driven volatility. Following the presidential election, the US market has rushed to price in the risk of successful reflationary policies and concomitant tightening of monetary policy.
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OpinionThe search for yield: Opportunities in private debt
From the blog: As global markets have taken a beating since June 24, pension funds are likely to be wondering where they should look for safer returns that answer the search for yield.
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OpinionThe promise of European private placements
Mid-market companies in Europe are turning to the private placement markets to raise money in ever greater numbers, joining forces there with investors seeking to diversify risk and improve yield, says S&P Global Ratings’ Alexandra Krief.
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FeaturesMarket effects of possible Brexit throw up investment questions
Analysis: Trustees must consider how growing uncertainty over the UK’s future in the European Union could hit their holdings, consultants have said, identifying both headwinds and opportunities en route to the referendum.
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OpinionPrivate market investing – what schemes need to know
With funding deficits touching record highs earlier this year it is clear that pension funds need to do something differently to meet these challenges.
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Opinion
Choosing the right door to enter EMD
EMD survey: While reports abound of big-name emerging market specialists taking a severe hit in the summer sell-off, investors elsewhere are asking themselves how they can capitalise on the hysteria.
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Features
Lancashire drops bonds in favour of equity, credit and infrastructure
While everyone acknowledges the incredibly high price of gilts in the current environment, which is wreaking havoc with pension scheme funding levels, few have taken the controversial move of getting rid of their allocation to bonds altogether.
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NewsChurch of England targets US private loans in bid to divine 7% returns
The Church of England Pensions Board is “on the cusp” of making an allocation to private credit in the USA, as it seeks returns uncorrelated to equities.
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News
Should your scheme be seeking growth via income?
Schemes should increase their focus on income in the search for returns, experts have said, but some have raised doubts about the opportunities currently available in the credit sector.
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Opinion
Lock into lending for rich rewards
When ancient Sumerian farmers needed tools they leased them from local officials. And when the officials dutifully noted down who had borrowed what and when, they unwittingly created the first recorded lease agreements.
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News
Essex latest pension fund to commit to direct lending
Essex Pension Fund has become the latest to introduce an allocation to direct lending into its alternatives portfolio, as scheme interest in the asset class ratchets up.
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OpinionEditorial: Confronting liquidity risk
Appraisals from audience members exiting the auditoriums at last week’s National Association of Pension Funds’ investment conference was that the sessions were ‘interesting’ or ‘insightful’ – for some, so much so that they were fizzing with enthusiasm.
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Opinion
Editorial: Lessons learned
This is my last editorial for Pensions Expert and the last edition in which I have played a part, as I have moved on to fellow FT title Investors Chronicle.
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News
Lloyds scheme turns to alt credit as it shrinks equity risk
Lloyds Bank’s larger defined benefit pension fund has ditched a proportion of its equity holdings in favour of credit and hedge fund strategies, as pension funds widen their search for diversified sources of return.
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Opinion
How to build your multi-asset credit portfolio
Multi-asset credit is a diversified strategy that aims to capture credit risk premium on a global basis, using the entire credit quality spectrum to secure superior yield to a government, local or investment grade-only strategy.
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