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Talen bond squeeze brings low auction pay-out for protection holders
1 year ago
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper -
DC explains Russian credit event ruling - but not sole member opposition
1 year ago
Factors backing Russian Federation’s credit event trigger have been outlined by the Credit Derivatives Determinations Committee, but without giving any explanation for Citi’s decision to vote against the decision -
Dealers gear up to settle first CDS auction of 2022
1 year ago
A credit event auction this week to settle Talen Energy Supply CDS will have 13 deliverable obligations, with the Credit Derivatives Determinations Committee having published its final list -
Russia triggers failure-to-pay credit event
1 year ago
The Russian Federation has triggered a failure-to-pay credit event on sovereign bonds, the Credit Derivatives Determinations Committee has ruled – marking an historic moment that caps off a long run of deliberations on the country’s international debt since it invaded Ukraine on 24 February -
Talen Energy CDS deliverables list shortens on lack of docs
1 year ago
A credit event auction next week to settle Talen Energy Supply CDS could have fewer deliverable obligations than previously indicated, with three from the preliminary list not having made it onto the Determinations Committee’s initial list -
Telco bucks market sell of with network merger boost
1 year ago
It is an off day for most borrowers in the European credit market, but one telco has bucked the trend with a sharp move tighter after unveiling network integration plans -
Russia oil ban accord unites markets in sell off
1 year ago
EU leaders’ compromise agreement on banning Russian oil imports by sea has presented a united front few may have thought possible only days ago. But financial markets have not reacted positively, with risk assets selling off as the euro slumps and oil hits its highest level since March -
Asia sets pace for Europe as rally extends in US absence
1 year ago
Credit market investors have resumed their optimistic stance on Monday, buoyed by a weaker US dollar and China reopening its economy after lengthy covid-19 restrictions -
Dealer list builds for year's first credit event auction
1 year ago
A credit event auction next week to settle Talen Energy Supply CDS contracts looks set to have 10 participating dealers, with two banks having been added to the regular list -
Fund outflows extend despite sharp improvement in credit performance
1 year ago
This has been a much better week for credit and equity market performance than last, but that has not stopped the tide of investors looking to withdraw their money from funds for such risk assets -
Retailers, travel cos and Italian banks lead charge as market rally accelerates
1 year ago
Retail companies have been resurgent on Thursday as the credit market’s relief rally gathered pace, with Europe seeking to catch up with the US following its strong surge -
Talen credit event auction deliverables point to 47 cent recovery
1 year ago
Talen Energy Supply’s credit event auction looks set to have 16 bonds deliverable, including senior unsecured notes that are priced much lower than its senior secured, according to a preliminary list published by the Americas Determinations Committee -
Russia default claims resurface to shorten timeline to possible credit event
1 year ago
Russia is back in the spotlight amid renewed sovereign debt default claims, with the Credit Derivatives Determinations Committee asked once again to rule whether the country has triggered a failure-to-pay credit event -
Bespoke bond baskets on the rise as investors seek targeted portfolio trades
1 year ago
High yield index replication and accessing illiquid exposure are two factors building momentum for a new investment approach that bundles bonds into a single risk piece -
Property giant takes a tumble as European fortunes diverge
1 year ago
Adler Group, the German real estate giant, is once again coming under intense pressure in the credit market amid reports the country’s financial watchdog has begun a criminal investigation into its dealings -
DC rejects Yandex credit event question
1 year ago
Yandex will not be weighed as a credit event, with the Credit Derivative Determinations Committee having rejected the query it received on the matter -
Credit off to stronger start as dollar longs get squeezed
1 year ago
Financial markets are off to a better start this week, with risk assets repairing some of their recent damage as the US dollar eases back from the highs it has hit against other currencies -
Credit fund bleed out looks hard to stem, as hawks ignore macro gloom
1 year ago
Ever more investors are running to safety as risk assets tally up another rough week, with strategists warning there is no end in sight for credit fund outflows while central banks hold their course on rate hikes -
Yandex posed to DC as restructuring credit event
1 year ago
Yandex, the multinational internet and search engine company that serves Russian language users, has been posed to the Credit Derviative Determinations Committee as a restructuring credit event -
Bond / CDS basis in play as heavy market rout extends
1 year ago
The rout of financial markets has resumed at pace on Thursday, with sizeable moves that add to relative value disparities between cash and synthetic credit -
US retailers hit hard as inflation and dollar spark big sell-off
1 year ago
Inflation worries and a strengthening US dollar have once again upended the credit market’s fragile confidence, taking spreads on a violent lurch wider with the US underperforming Europe -
Sunac CDS must be physically settled, says DC
1 year ago
No credit event auction is required to settle CDS contracts referencing Sunac China Holdings, the Asia Ex-Japan Credit Derivatives Determinations Committee has ruled -
CLO managers in the mix for first US credit event auction since 2020
1 year ago
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently -
Investors hold tight amid Chinese slowdown and Nordic affront to Russia
1 year ago
Financial markets are opening the week on a cautious tone, as Chinese economic data weakens the global growth outlook and new Nato applications intensify the stand-off with Russia -
Credit retreats from wides, but worrisome test levels remain in view
1 year ago
Another rocky week for markets is ending with credit finding a firmer tone. But big questions remain unanswered about relative value and the levels some sectors could test
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