A model of corporate behaviour
Haejun Jeon and Michi Nishihara propose a credit risk model based on a borrower's option to invest. It helps explain the small gap between high yield and investment grade spreads

Tracking Europe’s high yield funds
High-yield bonds and loans are proving to be resilient in Europe as Creditflux starts to track funds dedicated to investing in these markets

Managers on the breadline
New business has dried up, deals are in trouble and fees are being slashed. In these hard times, CLO managers face tough choices. Should they quit, expand or stick it out for the long run? Our analysis of industry fee income may help them weigh their options

Brokers: Welcome to the new Street
Wall Street and Canary Wharf are dead. Full-service investment banks are broken. And credit sales people are flocking to a new tier of firms. Laura Jones meets the key players. Rarely has a great industry declined so fast. It was not just the demise of Bear Stearns and Lehman Brothers last year that marked the end of a particular age for the financial markets. It was also the dramatic fall in risk appetite at the remaining "bulge-bracket" firms and the wholesale exodus of staff.