One of the most persistently used formulas in fixed income markets is the relationship Credit Spread = (1 – Recovery...
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Vodafone Group PLC: Default Risk is Down Sharply But Value Ranks in the Bottom 10% of Bonds
We last reviewed Vodafone Group PLC (VOD) on April 15, 2014. Since then, the European Commission has approved Vodafone Group...
American International Group Inc. Bonds: A Reward to Risk Ratio Twice as High as the Median Bond Issue
American International Group Inc. (AIG) was one of the largest beneficiaries of U.S. government supportduring the credit crisis,...
AT&T Inc. Bonds: Ten Times the Risk of IBM and Below Average Value
We last reviewed AT&T Inc. (T) on April 23, 2014, prior to its announcement that it intends to acquire DirecTV (DTV). In...
International Business Machines: An Updated Bond Market Ranking
International Business Machines Corp. (IBM) and Apple Inc. (AAPL) announced on July 15, 2014 that they would work together to...
Transocean Ltd. Bonds: High Risk, Low Return
Transocean Ltd. (RIG) helps customers find and develop oil and natural gas reserves. On July 15, Transocean Ltd.’s fully...
The Walt Disney Company Bonds: Very Low Default Risk at a “No Brand” Price
The Walt Disney Company (DIS) ranks 17th on the Forbes ranking of the world’s most valuable brands. In this note, we turn to the...
Brazil, Italy, Spain, Credit Default Swaps and the European Commission Short Sale Ban, 2010-2014
Trading volume in the bond and credit default swap markets, particularly the sovereign credit default swap market, is one of the...
Bank of America and MBIA Lead U.S. Bank Credit Default Swap Trading Volume, 2010-2014
A number of authors have suggested that credit default swap pricing be used as a basis for setting deposit insurance premiums...
Banco Santander, S.A. Tops International Bank Credit Default Swap Trading Volume, 2010 to 2014
We previously analyzed the trading volume of credit default swaps on international bank reference names on February 11, 2014 for...
Forward Fixed Rate Mortgage Yield Jumps 0.06% and Value of Mortgage Servicing Rights Drops This Week
Kamakura Corporation projections for U.S. Treasuries and fixed rate mortgages this week show that the implied forward yields for...
J. C. Penney Leads Non-Bank Corporate Credit Default Swap Trading Volume
This analysis is the second in a series analyzing the trading volume in single name credit default swaps for the 207 weeks ended...