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Down in the hole: investors hedge their bets ahead of pivotal Powell
1 year ago
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell -
Euro IG credit outperforms as US inflation measure fuels euphoric rally
1 year ago
Hopes of the US economy having passed peak inflation have driven global markets on an emphatic rally, beginning on Wednesday and carrying over to the Thursday trading session -
Market rides out China-US fray with oil, rates and jobs back in focus
1 year ago
US and European credit markets are exhibiting a firmer tone on Wednesday, with investor focus having shifted from Taiwan concerns to Opec+ oil supply. But a looming Bank of England rate hike and US jobs data mean caution remains the watchword -
Italian rout gathers pace as credit relationships warp well beyond historical norms
1 year ago
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment -
Euro credit drives wider as currency hits parity with dollar
1 year ago
Caution ahead of the latest US inflation numbers, weakening commodity prices, and the euro falling to within touching distance of the dollar have taken financial markets on another downwards push, with European credit again an underperformer -
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 -
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 -
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 -
German property co hits new wides as investors scrutinise investigation report
2 years ago
The bearish momentum that gripped financial markets on Friday has spilled over the weekend into Monday's session, with an especially big move in the debt of one German real estate borrower taking it to worrisome spread levels -
Market whipsaws tighter as west holds out on Russian sanctions
2 years ago
Extreme market volatility is extending into the weekend, with a big gap tighter in spreads on Friday as the credit market see-saws due to Russia’s invasion of Ukraine and the uncertain response of both western countries and China -
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 -
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 -
Wirecard triggers first European CDS credit event of 2020
3 years ago
Wirecard has triggered a bankruptcy credit event, the Determinations Committee has ruled, making it the first European CDS name of 2020 to require settlement at auction -
Algebris leads monthly returns in new world matrix
3 years ago
Algebris Macro Credit's return submission for May was among the best non-CLO/ABS fund performers out of those Creditflux tracks, adding to a strong turnaround for the strategy -
Argentina auction deliverables list points to lower recovery than CDS
3 years ago
Over 30 bonds have made it onto an initial list of deliverable obligations for an auction next week to settle Argentina sovereign CDS. These notes are mainly denominated in US dollars and euros, but some also in Japanese yen and Swiss francs -
Argentina rallies sharply as DC sets credit event auction date
3 years ago
An auction to settle Argentina sovereign CDS will take place next week, the Americas Determinations Committee has said -
Morgan Stanley joins bidders for Frontier CDS auction
3 years ago
Morgan Stanley has been added to the list of participating bidders for a credit event auction this week to settle Frontier Communications CDS -
CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
3 years ago
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event -
CDX HY and tranches hit as Whiting protection buyers win big pay-out
3 years ago
Whiting Petroleum CDS have settled at a final price of just seven cents, meaning a 93 cents pay-out to buyers of protection on the Denver headquartered exploration firm -
Whiting CDS heads to auction, with Morgan Stanley joining bidders
3 years ago
The credit event auction to determine Whiting Petroleum CDS takes place today, with Morgan Stanley added to participating bidders and the pay-out to protection buyers expected to be as much as 90 cents in the dollar -
Credit keeps its own rhythm amid oil crash and EU clash
4 years ago
As another week of worry and disappointment ends, the most optimistic thing that can be said for credit is the new peak spreads are lower than those that went before - suggesting a more manageable level of volatility is starting to characterise the market -
Date set for Whiting Petroleum credit event auction
4 years ago
Dealers will hold a credit event auction on 29 April to settle CDS referencing bankrupt US firm Whiting Petroleum, the Americas Determinations Committee said -
Whiting chapter 11 hits new CDX HY series but misses CLOs
4 years ago
The Americas Determinations Committee has accepted a request to rule on whether Whiting Petroleum has triggered a bankruptcy credit event, after the Denver headquartered exploration firm filed for chapter 11 protection -
McClatchy whacks out killer headline as CDS pays 98 cents
4 years ago
A month ago, when US newspaper company McClatchy triggered a bankruptcy credit event, sellers of CDS protection may have consoled themselves they were only looking at paying out around 27 cents on the contracts. But yesterday’s credit event auction set the final price at just two, meaning a whopping 98 cent windfall for protection buyers
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