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BNP Paribas adds big-name buy-side tranche trader
5 months ago
BNP Paribas has hired a new CDX Tranche Market Maker from the buy-side -
CSO momentum builds as focus turns to fundamentals
Collateralised synthetic obligations (CSOs) have proved to be a bright part of the credit market in 2022. And participants are daring to dream the coming year will be one of the asset’s busiest. -
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 -
Soft mood music abruptly dashed as Fed and BoE rile markets
1 year ago
The credit market’s strong run of improvement has come to an end this week, with the US Federal Reserve and Bank of England delivering a reality check to hopes of a more dovish path forward on interest rates -
Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
1 year ago
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform -
UK credit spreads rally for Rishi
1 year ago
UK credit spreads have rallied sharply on Monday with the victory of Rishi Sunak in the contest to become the country’s third prime minister of the year -
Deutsche hires credit strategy head from rival bank
1 year ago
Deutsche Bank has hired a new head to oversee European and US credit strategy -
US-led sell off shifts index roll technicals with key rates decisions looming
1 year ago
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run -
Spreads gap wider with UK inflation adding to cocktail of concerns
1 year ago
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday -
Relief rally extends despite US and EU sending mixed signals on recession
1 year ago
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession -
Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
1 year ago
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions -
Wide yields mean high times again for corporate hybrids
1 year ago
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022 -
Macro drivers set to give lift to CDS tranche trading
1 year ago
Credit index tranches look to be on course for a busy year, with volumes robust so far in 2022, despite key relative value trading themes having not delivered so far -
LCH extends credit index option product to buy side
2 years ago
BNP Paribas and JP Morgan are the first banks to offer client clearing of credit index options through LCH CDSClear -
Traders eye expensive options as they look to get creative
2 years ago
Credit market volatility trades may look exceptionally expensive, but that is not stopping them being a prized tool for investors on a number of fronts — from hedging longer-term macro risks, through pre-March index roll positioning, to cross-asset relative value plays -
Ucits at a glance: Robus claims top spot in 2021 after tight race
2 years ago
Ucits funds have ended 2021 on a high as 62% made positive returns in December -
Credit awash with volatility in first week but investors load up
2 years ago
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds -
Banks and loans to benefit in 2022 as safe havens dwindle
2 years ago
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes -
ESG template fires up hopes of CSO issuance
2 years ago
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022 -
Points up front: Correlation between CDS and mixed martial arts
2 years ago
BNP Paribas clinched a big-name hire to its credit derivatives division in New York last month after poaching managing director Patrick Vickers from Credit Suisse. -
Leisure and retail companies improve despite UK rates and travel rule noise
2 years ago
Easing of market tensions around the omicron covid variant have allowed traders to broadly mark single name credit spreads tighter on Wednesday, despite caution returning to indices over central bank policy and travel restrictions -
There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
2 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
Zais and BNP Paribas strike ESG breakthrough with climate change CSO
2 years ago
The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions -
Banks soak up selling pressure ahead of key ECB meeting
2 years ago
Banks - and particularly those in Italy and Spain - are among the main underperformers in credit as the market cautiously awaits messaging from this week's meeting of the European Central Bank -
Credit Rendezvous: Credit spins full circle
2 years ago
The third quarter was massive in terms of volumes with CLOs, high yield, leverage loans and private equity registering record issuance. But credit spreads were up and down as inflation fears, crackdowns in China and rising coronavirus cases became catalysts for risk-off sentiment in July and September
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