Monolines, CDS Feature in CreditSights’ Top Reports of 2008
CreditSights’ list of its most frequently downloaded reports so far this year makes interesting reading.
As might be expected, subprime and broader credit-crunch topics dominate, but of note is the number of reports on bond insurance. This probably reflects not only the gyrations of the credit default swaps market and the unraveling of the monoline insurers, but also the complexity of this formerly little known corner of the credit markets, together with CreditSights’ independent expertise.
The top two reports were on credit default swaps and monolines. Most of the popular articles were on broad topics, with only a handful on specific companies and the likely suspects at that: Fannie Mae/Freddie Mac, Bear Stearns/JPMorgan, Bank of America/Countrywide, Merrill Lynch and CIT.
Only one of the top posts was not directly related in some way to the credit crunch: a guide to airline bankruptcy, and even in that case there is a link.
The complete list follows:
1. Credit Default Swaps: Will They Change the Course of Bankruptcy
2. Monoline Contagion Revisited: The Case for a Bail-Out (and Bail-In)
CDS and Monolines – More Exceptions Than Rules
3. The Loan Market Interviews: A Forced Selling Fracas
4. GSEs: Fannie and Freddie Under Fire – Where Do Bondholders Stand?
Fannie/Freddie Follow-up: Weighing Scenarios – Debt Default Unrealistic
5. JPMorgan Buys Bear Stearns: Fed Referees a Systemic Problem – Shareholders Lose, Bondholders/CDS Can Win
Bear Stearns: Liquidity Lifeline from JPMorgan, Bridge to?
6. Deleveraging, Systemic Risk and the Credit Crunch
7. Monoline Monitor: MBIA & Ambac GIC Shtick, FGIC & SCA Spiraling Towards Rehab
8. 2008 U.S. Financials Outlook: Part I – Portfolio Manager Playbook
U.S. Financials 2008 Outlook: Part II – Valuation- Bonds/CDS & Stocks
U.S. Financials 2008 Outlook: Part III – Dirty, Sexy, Money
9. U.S. Financials: Monoline Good Bank, Bad Bank Implications
10. Warm-Up for 2008: The Crises Theme Continues
11. From A Point of UnBearable Strain, Where Do We Go From Here?
12. CIT Group: Sink, Swim, or Sell?
CIT: Second Take – Ticking Takeover or Time Bomb?
13. Volatile Credits We Like In a Market We Don’t
14. Ambac Financial: Situation Critical and Options Limited
15. What’s In Your Covenant Package? The Bounds Of Fair Play
16. 2008 Credit Outlook: Part 1 – Weighting or Waiting?
2008 Credit Outlook Part II: High Grade Banks vs. Industrials
17. BofA/Countrywide Merger: Catching a Falling Tomahawk Missile?
18. The Loan Markets Looming Comeback: The Potential “New Par” And What Rises First
19. Monolines and the Markets – Hints, Allegations, and Things Better Left Unsaid
20. Airline Bankruptcy Guide
21. Defensive Credits We Like In a Market We Don’t
22. Mortgage Mess Stress Test: Prime Pummelling – How Bad?
23. Merrill Lynch: Clearing CDO Cobwebs, Can Investors be Constructive?
24. Monoline Bank Line Review: Don’t Count on Getting Paid
Monoline Monitor: Waiting for the Next Aftershock
25. Credit Default Swaps – Debunking the Myths and Affirming the Truths Around OTC Derivatives
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