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US loan trading: McDermott downgrade leads to CLO outflows as managers board rail road firm
4 years ago
US freight railroads operator Genesee & Wyoming allocated its $2.55 billion term loan in November, making it the most popular issuer in the month. And CLO managers were sceptical of the outlook for McDermott Technology - signalled by $185.9 net outflows - after Moody's downgraded its corporate family rating from B3 to Caa2 -
Euro loan trading: CLO managers find a home for building specialist's downsized loan
4 years ago
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan -
Credit traders' kickstand: convergence trades rewarded as financials outperform
4 years ago
Compression is the watchword in credit at the start of the year, with the market’s navigation of post-crisis tight prints bringing an outperformance of financial names over corporate borrowers and US over European indices -
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
4 years ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July -
Credit traders' kickstand: volatility puts paid to primary, but pays out for relative value buyers
4 years ago
The persistence of credit market choppiness has brought into focus CDS/bond basis plays, options positioning, high yield dispersion and peripheral European weakness - but mainly the volatility rash has put a block on borrowers' primary market aspirations -
Credit traders' kickstand: tighter and tighter we go, as outlook gets 'worse and worse'
4 years ago
It’s a strange world, where the president of the European Central Bank can say the economic outlook is “getting worse and worse” as credit markets surge into new territories of tightness -
Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
4 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 -
Credit traders' kickstand: nervous equilibrium gives way to weakness as earnings and tariffs weigh
4 years ago
Healthy fund inflows, European and US holidays, and a thinning primary market helped sustain credit spreads this week, but a weaker turn today shows this is a fragile equilibrium and company earnings misses are starting to be punished more severely -
Credit traders' kickstand: grave times for UK banks and corps as May goes away
4 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
4 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 -
Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs
4 years ago
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week -
Debtwire euro ABS round-up: variety of deals enter the pipeline
6 years ago
The European ABS pipeline contains a variety of transactions, according to a report by Debtwire -
Debtwire euro ABS round-up: Dutch RMBS takes centre stage in primary
6 years ago
All eyes are on a Dutch RMBS, which is the lone transaction in the immediate pipeline in the European ABS market this week -
Debtwire CMBS round-up: Credit Suisse looks to add to its US trading team
6 years ago
Credit Suisse is looking to further expand its secondary CMBS trading business by hiring a trader to its existing four-person trading team, according to a report on Debtwire -
Debtwire ABS round-up: euro RMBS spreads reach new tights
6 years ago
Spreads have been tightening across the structured credit market; a weekly round-up by Debtwire highlights how an RMBS deal, Residential Mortgage Securities 30, priced at the tightest levels since the financial crisis
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