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Early Christmas for credit longs as US inflation delivers huge rally
1 year ago
Credit markets have rallied sharply after the latest US reading of inflation came in lower than had been largely anticipated -
Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
1 year ago
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone -
US lags as midterms, dollar and global slowdown weigh against broader rally
1 year ago
European and Asia outperformance over the US is extending at pace at the start of the week, with a strong improvement in spreads coming ahead of the New York market open -
Bears carry market into weekend as Germany adds to recessionary swirl
1 year ago
Germay posting its biggest ever rise in producer prices has not helped the market mood, at the end of a week in which investors have already had to reckon with the hawkish insistence of the US Federal Reserve, spiralling European gas prices and a 10.1% UK inflation print -
Relief rally lifts markets despite Italy turmoil adding to ECB headache
1 year ago
Financial markets look to be heading to the weekend on a slightly firmer tone, as investors ease back from their bearish positioning of recent sessions -
Euro markets slump against US after slowdown signals drive sell off
1 year ago
European credit is once again underperforming the US, after data pointing to economic slowdown sent the euro to a 20-year low against the dollar -
Credit rally gathers momentum as Fed pitches for credibility
1 year ago
European credit’s relief rally has extended on Tuesday, with US stock futures pointing in a positive direction on return from the country’s holiday and the US dollar slipping a touch against the euro -
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 -
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 -
Skew in focus for second day as single names move sharply against index
2 years ago
Credit indices are trading out of sync with their underlying constituents for a second day this week, with single names broadly widening despite investors seeking to maintain flattish macro positioning -
Russia CDS won't be orphaned in credit event but could pay big, say investors
2 years ago
Contrary to a flurry of recent media reports, Russian Federation CDS contracts are highly likely to have deliverable bonds in the event the country triggers a credit event - and this could come soon with high pay outs for protection holders -
Performance dispersion hits index equity correlation
2 years ago
Volatility at the start of the year has intensified moves in iTraxx and CDX index tranches, with traders pointing to growing dispersion in performance among constituents as a theme that will bring more focus on equity correlation in 2022 -
Credit indices hit impasse after US high yield returns to pre-covid tights
2 years ago
Credit improvement looks to be taking a breather on Thursday after the compression play in CDS indices took US high yield index CDX HY to its tightest prints since February 2020, before the outbreak of covid-19 began to blow out spreads -
French equipment rental firm gets big lift on Q1 results
2 years ago
Loxam, one of the widest trading names in the iTraxx Crossover universe, is leading index constituent tighteners on Wednesday after posting first quarter results showing improvement in revenue and ebidta -
Credit underperformance resumes as equity turns corner
2 years ago
Credit markets are pushing wider once again on Wednesday, even though stock markets look to regaining some composure following Tuesday's steep sell off -
China contagion fears linger as Huarong rebounds
3 years ago
China Huarong Asset Manager, the state-owned bad debt manager, is back on a path to improvement after shocking markets by delaying its annual report. But questions remain over the extent of government support and the ripple effects to the wider credit market -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
Credit touches November levels as nerves fray on France and Fed
3 years ago
Fears of a third national lockdown in France and the risk of disappointment from Wednesday's US Federal Reserve meeting have pushed credit wider along with a sell off in stocks -
Spread compression resumes with US passing key milestones
3 years ago
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe -
Compression plays out as HY and European CLO double Bs outperform
3 years ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
Single name shorters get improved entry point after conviction test
3 years ago
Returning market optimism has taken credit spreads back to ultra-tight levels. But for bears, this posits a better entry level for short trades, and the recent blow-out may have given strong pointers where to target them -
Selecta CDS settles with final price above bonds
3 years ago
Selecta Group CDS contracts have settled at a final price higher than where bonds were trading and above the credit event auction's initial market midpoint -
Selecta auction on course for mid-range CDS recovery
3 years ago
Selecta Group CDS contracts look set to generate a pay-out for protection buyers about midway in their range the months running up to today's credit event auction -
High yield shorts and basis trades abound as borrowers race to issue
3 years ago
Discrepancies between high yield bonds and CDS could be a rich mine of activity in the coming months, say investors, with volatility set to rise while defaults and late cycle signals avail trading opportunities -
Selecta CDS auction date set with revised deliverables process
3 years ago
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations
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