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Thomas Cook looks set to fly solo as default in outgoing Crossover series 31
4 years ago
The Determinations Committee has accepted a request to rule on whether Thomas Cook Group has triggered a bankruptcy credit event, after the UK-based travel company filed for chapter 15 protection in New York -
Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
4 years ago
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS -
Date set for long-delayed Steinhoff auction, with two deliverables
4 years ago
An auction to settle CDS referencing Steinhoff Europe will take place on Wednesday next week – six months after the Determinations Committee ruled that the retailer had triggered a failure-to-pay credit event -
Credit traders' kickstand: ECB rocket boosts Europe's outperformance of US
4 years ago
Investment grade credit index iTraxx Europe has reopened a 5bp differential with US counterpart CDX IG, boosted by the European Central Bank’s stimulus plan -
China ambitions checked in final roll lists for iTraxx and CDX indices
4 years ago
The index roll lists for iTraxx Europe, iTraxx ex-Japan and CDX EM, have all undergone a rethink since IHS Markit published provisional lists earlier this week, with final lists showing name changes -
Axiom makes big name correlation hire for credit opportunity fund
4 years ago
Axiom Alternative Investments has boosted its platform with the hire of synthetic credit veteran as a portfolio manager -
Draghi sends European credit to 2019 tights, as Trump demands Fed response
4 years ago
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus -
US spreads reconverge on Europe as traders hold breath for ECB
4 years ago
Credit markets are finely poised ahead of today’s meeting of the European Central Bank in Frankfurt today, with some positivity around US-China tariff talks allowing US spreads to gain ground as European expectation remains tempered by German recession fears -
iTraxx and CDX roll provisional lists reveal effects of index overhauls
4 years ago
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products -
CDS data snapshot: central bank positioning and index rolls drive flows
4 years ago
Welcome to the inaugural run of what will become a weekly insight into credit derivatives trading. Each week, Creditflux will highlight trends and dynamics from most recently available market data. We welcome feedback on measures of the market readers would like to see here in future -
DC makes inverted engagement with Top Gun CDS auction amid settlement challenges
4 years ago
The EMEA Determinations Committee has reconsidered its decision not to hold an auction for CDS referencing Top Gun Realisations 61, after market participants complained of challenges in settling transactions on the defaulted entity -
Credit traders' kickstand: Financials lead compression as pre-ECB and index roll bulldozers flatten spreads
4 years ago
Caution does not appear to be an operative word in financial markets ahead of next week’s key European Central Bank meeting, with financial names leading the way as credit spreads return to this year’s tightest levels and stocks ascend towards post-crisis peaks -
Four sectors most favoured by bullish resumption of QE, say BAML strategists
4 years ago
Autos, healthcare, media and real estate bonds are likely to be the biggest initial beneficiaries if the European Central Bank reinvigorates its corporate sector purchase programme (CSPP) next week, say Bank of America Merrill Lynch credit strategists -
Five-year bespokes movement leads to managed CSO talks
4 years ago
Longer dated synthetic bespoke tranche business could soon receive new impetus, with dealers and investors ramping up talks about re-establishing managed portfolios as a common feature of the CSO market. -
Return to quarterly rolls advocated as CSOs hit dry patch
4 years ago
A marked drought of synthetic bespoke activity since July largely results from caution ahead of the September CDS roll, say investors, with some suggesting a return to quarterly rolls for single name contracts should be considered. -
Top Gun triggers credit event, but there's no debt in the barrel
4 years ago
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, has triggered a bankruptcy credit event, the EMEA Determinations Committee has ruled. But no CDS auction will follow since the reference entity has no debt outstanding -
Esma publishes final guidelines for alternative and Ucits fund liquidity stress-test
4 years ago
Fund managers have just over a year to comply with liquidity stress test final guidelines published yesterday by the European Securities and Markets Authority (Esma) for alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (Ucits) -
LCH's French unit adds first Japanese clearing member
4 years ago
Mizuho has signed up as the first Japanese clearing member of LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group -
Credit traders' kickstand: Europe ascendant as high yield pipeline returns
4 years ago
The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months -
Determinations Committee to rule on maverick bankruptcy credit event
4 years ago
Top Gun Realisations 61, a New Look retail group private limited company that was previously named New Look Bondco I, is under consideration for a bankruptcy credit event trigger, after the Determinations Committee accepted a request to rule on the matter -
Steinhoff credit event auction finally in sight after restructuring concludes
4 years ago
A long-awaited auction to settle CDS referencing retailer Steinhoff Europe has moved a step closer, with the EMEA Determinations Committee noting the restructuring effective date has happened and the company voluntary arrangement (CVA) has been fully implemented -
Credit traders’ kickstand: it’s a tough time to go short
4 years ago
Credit derivative indices are ending the week back at very tight levels, with a re-convergence of spreads, with little appetite to bet against presumed central bank dovishness or the upcoming CDS rolls in September -
Traders eye high yield CDS b-wics as index rally opens up skew
4 years ago
The rally back of credit derivative indices over recent sessions has caused the skew with their underlying CDS constituents to open up, leading some dealers to posit single name CDS b-wics could be on the way -
Italian job bombshell doesn't blow doors off financial CDS outperformance
4 years ago
Senior financial CDS have been among the best performing credits today as the market pushes tighter, with seemingly little anxiety about yesterday’s resignation of Italian prime minister Giuseppe Conte -
Credit traders' kickstand: Basis and CDS curves take focus with long wait ahead for central bank direction
4 years ago
With almost a month to wait before the European Central Bank and US Federal Reserve hold their next decisive meetings, a bumpier and seemingly directionless road continues in credit markets as investors show little inclination to do anything more adventurous than just hold on tight
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