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Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
5 years ago
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary -
Mizuho appoints US and European credit trading heads in leadership shake-up
5 years ago
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading -
Border to Coast pension seeks exposure to UK investment grade credit
5 years ago
Border to Coast Pensions Partnership is set to begin a manager selection process, seeking UK investment grade credit and global multi-asset credit funds -
Credit traders' kickstand: grave times for UK banks and corps as May goes away
5 years ago
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd -
Credit traders' kickstand: widening catalysts gather force with focus on financials
5 years ago
Credit markets are once again ending the week on a negative tone, having regained some posture over previous sessions following last week’s tariff-driven sell-off. Credit index spreads appear inclined to trade within a range, but potential catalysts for that range to shift wider outweigh any obvious reasons to return to the tight prints of last month -
Market making begins in German bank senior preferred CDS
5 years ago
Dealers will today begin making markets in senior preferred CDS of German banks, following the implementation of a protocol created by the International Swaps & Derivatives Association -
Ice seeks consensus with credit risk analytics service
5 years ago
Intercontinental Exchange (Ice) has launched ICE Credit Risk, a suite of analytics it will provide in collaboration with financial risk assessment company Credit Benchmark -
High beta's time to shine in next leg of rally, says BAML
5 years ago
High-beta credits have yet to reward expectations they would lead the market rally in 2019, but this is about to change, according to a research note by Bank of America Merrill Lynch -
Deutsche and Commerzbank CDS provisions amended as German protocol hits delay
5 years ago
The Determinations Committee has amended its statement on the seniority of Deutsche Bank and Commerzbank obligations following a delay to implementation of a German bank CDS protocol -
Triple B fightback has begun, says BNP Paribas
5 years ago
Fallen angel risk – the possibility that a wave of triple B credits could be cut by rating agencies to sub-investment grade – should begin to decline, according to strategists at BNP Paribas -
CIFC launches CLO fund with investment grade mandate
5 years ago
CIFC Asset Management is back in the market with yet another CLO-focused fund – this time, aimed at investment grade opportunities -
HSBC boosts single name CDS and index trading with experienced hire
5 years ago
HSBC has added a former index trading head to its credit team in London -
CDS sell-off brings profit-taking opportunity for basis trade players
5 years ago
Profit-taking on basis trades between CDS and cash bonds has begun, with the strong run for credit markets since the start of the year having hit a bump yesterday -
Ziggo CDS protection buyers get a lift as DC votes for successor
5 years ago
Holders of credit default swap protection on Ziggo Bond Finance have received a boost, with the EMEA Determinations Committee ruling that contracts structured under the 2014 Isda credit derivative definitions have a successor – dispelling fears they would be orphaned. -
Credit spread improvement is calm before the storm, warn strategists
5 years ago
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider -
Credit pickers will win as high yield spreads widen in 2019, predicts Citi
5 years ago
After a volatile 2018 in the credit derivatives market, there are reasons to be optimistic this year for the best credit pickers, according to Citi’s global credit derivatives outlook -
Robeco looks to align macro fixed income with credit as it makes senior hire
5 years ago
Robeco has hired Jamie Stuttard as co-head of the global fixed income macro team and fixed income strategist -
Cash-CDS basis set for comeback after "falling knife" mishap, predicts BNP Paribas
5 years ago
The beginning of 2019 should revive interest among credit investors to trade the basis between cash bonds and credit default swaps, according to BNP Paribas strategists – following what they term “falling knife” dynamics in this year’s fourth quarter -
Los Angeles pension fund plans $3.7 billion allocation to credit
5 years ago
Los Angeles City Employees' Retirement System, the $17 billion pension fund, is allocating to credit in 2019 - it's looking to put $2.44 billion to work in core-fixed income, $800 million into emerging markets debt, $235 million into high yield and a similar amount into a bond/loan hybrid fund -
Axiom puts tranches at core of push into synthetic credit
5 years ago
Axiom Alternative Investments is set to target both index and bespoke tranches with the launch of Axiom Synthetic Credit Opportunity Fund. -
Brexit disruption risk for derivatives is uncomfortably high, Nicky Morgan tells ISDA conference
5 years ago
Brexit cast a long shadow over the International Swaps and Derivatives Association’s Europe Conference in London this week, as keynote speaker Nicky Morgan, chair of the UK’s House of Commons Select Committee, said the likelihood of a no-deal scenario is over 50% and warned about the disruption this would cause to derivative markets -
T Rowe's fixed income head Wiese to step down
6 years ago
T-Rowe Price Group’s fixed income head Ted Wiese is to step down from his role as at 1 May 2019. The firm has announced that Andrew McCormick will replace him -
Investec AM announces leadership succession plan
6 years ago
Investec Asset Management has announced its leadership succession plans following the retirement of Investec Group's chief executive officer and managing director -
Funding costs continue to fall as EJF prices latest trups CDO
6 years ago
The transaction was arranged by BAML and is set to close on 26 October, according to market sources -
Transport and logistics: heavy debt leaves transporters in jam
7 years ago
With logistic specialists getting a rough ride, debt restructuring could be the next stop for asset-light companies
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