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Making sense of a changing world
What should credit investors do in a world where electorates are unpredictable and the nature of the lending business is changing?7 years ago -
Each month Creditflux harvests the tastiest morsels of bank credit research and buy-side commentary here is our pick of the best from 20167 years ago
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Euro credit should outperform, says SocGen, as central banks ramp up
7 years ago
Central bank bond buying programmes matter much more to credit markets than pronouncement by Fed officials, says Societe Generale -
Buy credit payers to take advantage of September volatility, says BAML
7 years ago
Primary credit markets and volatility both usually increase in September: investors can take advantage by buying September payers on iTraxx main -
Chasing rates in opposite directions
7 years ago
The interest rate dog is wagging the credit tail. While the ECB and Bank of England drive rates and credit ever tighter, rising US Libor could hit CLO equity returns -
Dealers fall silent as banks get to grips with communication rules
7 years ago
Dealers in Europe have spent the past month scrambling to implement new rules regarding how they pass on trade ideas to their clients -
Making sense of brexit and credit
7 years ago
The UK’s vote to walk out of the European Union in June topped last month’s agenda for credit research and commentary. Views were divided about its impact on credit. -
Let’s all start buying again
7 years ago
As market rebound, pundits and managers turn bullish. Last month’s sell-side research and buy-side commentary contained many positive views along with a few bearish trade ideas -
Points up front: don’t put on this big short
8 years ago
Citi says it has fielded a lot of calls from hedge funds on shorting auto loan securitisations lately -
Credit index play offers Brexit protection, says Societe Generale
8 years ago
Buying Crossover protection while selling Main protects against both Brexit and peripheral weakness -
Switch into off-the-run IG bonds for a spread pick-up, says Barclays
8 years ago
The illiquidity premium is back in US investment grade bonds, argues new Barclays research -
Trading ideas for volatile times
8 years ago
Turmoil in the credit markets last month prompted a wide range of views and recommendations. Here is our pick of the most eye-catching research -
Don’t put your big short on auto ABS, warns Citi
8 years ago
There has been explosive growth lately in hedge funds looking to short auto ABS, according to a note put out by Citi yesterday -
Sabre tops list of CDS-hedgeable loans, says Barclays
8 years ago
The recent loan market sell-off has created growing opportunities to put on positions in loans hedged with unsecured credit default swap protection, says Barclays -
Go up the curve in European IG, says BAML
8 years ago
European high grade credit investors should consider swapping their medium-term holdings for long-dated debt -
Barclays picks J Crew, Teck and Fortescue as best of the stressed
8 years ago
A spike in the number of credits that are trading at stressed prices has created opportunities, says Barclays -
Barclays suggests DirecTV convergence trade with AT&T bonds
8 years ago
Barclays pinpoints DirecTV bonds as a good way to get exposure to AT&T with a spread pick-up -
Sell high yield straddles, suggests Citi, as implied vol stays wide
8 years ago
Volatility implied by North American credit options is high relative to spreads, according to research published by Citi last week -
Buy Chaparral, says Barclays
9 years ago
Bonds from energy companies Key Energy, Enquest and Chaparral Energy are the most undervalued in the US high yield market, analysis by Barclays suggest -
Citi touts long-short credit trade in index tranches
9 years ago
Citi says it is a good time to go long mezz tranches of the North American investment grade index and hedge unexpected single name moves by buying protection on the high yield index -
Switch from euros to dollars for an IG pick-up, suggests Barclays
9 years ago
Investors can pick up 89 basis points by switching from euro-dominated bonds issued by Glencore into dollar securities from the same borrower, notes Barclays -
European CDS underperform bonds as US CDS tightens
9 years ago
European investment grade credit default swaps have underperformed bonds in recent sessions, while US investment grade CDS have outperformed, leading to a widening of the 'basis spread' between the two markets to the most in a year. -
The corporate bond secondary market is broken, says BlackRock
9 years ago
Asset management giant calls bond standardisation to slash the number of outstanding bond issues and increase liquidity -
Seven-year Main is the best credit long, says Citi
9 years ago
Investors looking for long positions in credit should sell seven-year protection on the Markit iTraxx Europe index, says Citi -
Oversupply could hit spreads of yankee bank bonds, says SocGen
9 years ago
Societe Generale's US credit research report suggests switching into US bank debt out of that of European rivals
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