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Investors lean towards tranches and options
7 years ago
Tranches referencing the investment-grade CDX index have almost doubled in 2016 -
Hedge funds move quickly for bespoke deals
7 years ago
Several full-stack synthetic bespoke deals priced in a brief window of opportunity in November -
Citi gives investors tools for pricing bespokes with new CSO initiative
7 years ago
The August lull has been in full effect in the bespoke tranche market with very few new deals and relatively few trades -
Citi brings Bravo bespokes portfolio to Europe
7 years ago
Citi has expanded the range of its synthetic bespokes pricing service -
Structured credit trader joins Axa IM after leaving large bank in London
7 years ago
A structured credit trader, who managed a correlation book in her previous role, has resurfaced at Axa IM -
Traders switch to high yield as index tranche volumes surge
8 years ago
Yesterday was the busiest day in many weeks for index tranches -
Equity index tranches widen on energy risks
8 years ago
Idiosyncratic risk in the energy space is beginning to bring some normalisation to the tranche market by widening equity spreads -
Brevan Howard recruits CLO trading chief in structured credit push
8 years ago
The former head of European CLO trading at a major bank is one of two top-level hires made by Brevan Howard -
Credit fund takes profits on tranche trades and puts on flatteners
9 years ago
Credit fund starts 2015 with 1.1% return, and begins monetising its correlation trades -
Credit dispersion catches out junior tranche investors
9 years ago
Structured credit investors who jumped on the long equity tranche bandwagon have been caught out by a sharp rise in spread dispersion -
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 -
Crossover mezz proves a hit with investors
9 years ago
Three weeks following launch, Crossover tranches are beginning to see a rise in trading activity -
Big equity tranche move boosts short hedge funds
9 years ago
Hedge funds that have been paying away the upfront cost of equity tranche protection were rewarded for their patience last month -
New Crossover tranches attract trades across the capital structure
9 years ago
Tranches on the iTraxx Crossover index completed their full day of trading on Tuesday, with investor taking positions across the full capital structure, albeit amid thin trading, according to dealers. -
Portfolio manager exits BlueMountain Capital in London
9 years ago
Portfolio manager leaves credit manager after overseeing correlation book wind-down -
UBS agrees terms on $1 billion correlation book
9 years ago
A credit hedge fund with a big interest in legacy structured credit is in the frame to take on dealer's CDO portfolio -
Credit hedge fund jumps into short tranche play
9 years ago
A US credit hedge fund spots value in equity tranches -
Banks plan tranching as Crossover grows
10 years ago
Dealers plan to start trading tranches on the Markit iTraxx Crossover as soon as the number of names on the index rises to 75 -
New-style iTraxx tranches attract strong demand
10 years ago
Trading desks in London reported strong demand from directional players for new format tranche on the iTraxx Main -
Credit equity tranche performance tails off after two-year rally
10 years ago
A two-year rally in equity tranches of iTraxx indices appears to be running out of steam, with expected losses flattening out and base correlations starting to decline in recent trading. -
Pricing conundrum may stop trading on new index
10 years ago
The roll of the Markit iTraxx Europe index into Series 21 in March is seen by dealers as a chance to move liquidity into a new benchmark -
Star correlation trader boosts Bank of America profits
10 years ago
Credit correlation trading is turning back into a major profit centre for banks -
European equity tranches surge on demand for leverage on credit
10 years ago
European index base correlation hit the highest level since July, as demand for equity tranches surged. -
Credit hedge funds make tranche gains from conduit unwind
10 years ago
The first redemption auction for MAV II notes has resulted in a trading gain for some credit hedge funds -
Senior credit risk takers lose out as equity tranches keep rallying
10 years ago
A sharp widening in the European credit index equity-senior tranche basis in recent sessions rewarded investors going long equity risk, as sellers of senior tranches lost money.
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