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Barclays rehires high yield credit trader from Goldman Sachs
4 years ago
A high yield specialist has become the second credit trader in as many months to rejoin Barclays from Goldman Sachs -
US and European basis trades in play as bonds lag CDS rally
4 years ago
A recent outperformance of CDS indices versus cash bonds has opened up basis trade opportunities on both sides of the Atlantic, say credit strategists -
CDX IG and iTraxx back to level pegging as oil and trade weigh heaviest
4 years ago
Credit markets, along with stocks, enter the week on a flattish tone with focus once again on the next developments between the US and China over trade tariffs. This follows European credit faring better than the US last week as the mood strengthened around Italian and UK risks, say strategists -
Financials lead charge as dovish Fed stokes rally
4 years ago
Financial companies are some of the biggest movers in CDS amid a positive surge of credit and equities. This follows yesterday’s meeting of the US Federal Reserve and anticipates the European Central Bank pre-announcing on Thursday the terms of its lending plans for banks -
Trump tariffs and oil slip dent Europe vs US credit decompression trades
4 years ago
Underperformance of US credit derivative indices at the end of last week has created a trading entry point for those still convinced that Europe has more problems. But bearish factors continue to coalesce on both sides of the Atlantic -
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 -
Arrival of five-year bespokes draws in CLO investors
4 years ago
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019. -
Investors regain nerve to trade the curve
4 years ago
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results. -
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 -
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 -
The resolution of narrowly tailored credit events is a leap forward for the CDS market
5 years ago
Isda is replacing the mechanistic determination of a failure-to-pay credit event with a more subjective rule -
Credit Suisse adds special situations trading head among raft of hires
5 years ago
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business -
Tabula launches ETF to capture iTraxx Crossover and CDX HY volatility premia
5 years ago
Tabula Investment Management, a European fixed income exchange traded fund (ETF) provider, has launched a product aimed at capturing the volatility premium embedded in index options on iTraxx Crossover and its US counterpart CDX HY -
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 -
Short resets take CDS indices wider at March roll
5 years ago
CDX and iTraxx credit derivative indices are rolling into new series today, with short position resets taking the incoming series 31 of the Europe main index wide of where series 30 closed yesterday -
The Last Tranche: Podcast episode 1
5 years ago
Creditflux takes on Las Vegas, b-wics and Welshcake, among other credit topics in the inaugural episode of the Last Tranche podcast -
CDS relative value traders shift their bets as Europe trades inside US
5 years ago
Credit derivative markets have hit a point of position cutting and resetting, with the iTraxx Europe index having dipped inside its US counterpart CDX IG for the first time since December even as the European Central Bank’s new funding programme underwhelmed financials traders -
Demonised triple Bs could outshine angelic neighbours
5 years ago
There has been a stampede to denounce triple B corporate credit, but investors ditching this rating band may not only miss solid returns but find bigger problems up the spectrum, investors and analysts tell Creditflux. -
Isda tables plans to rid CDS market of narrowly tailored credit events
5 years ago
After lengthy deliberation, a working group of major firms is today set to publish proposals aimed at ridding the market of ‘narrowly tailored credit events’, whereby borrowers are persuaded to default on debt payments in order to trigger pay-outs for CDS holders -
Don't worry about CDS, CLOs or excess leverage - it's a day of celebration
5 years ago
The market cycle is going to turn and something will go badly wrong. But guaranteed it won’t be any of the things in credit you keep reading about -
US and UK sound post-Brexit derivatives regulatory accord
5 years ago
The US Commodity Futures Trading Commission (CFTC) and the Bank of England have issued a joint statement assuring derivative market participants of continued access to trading and clearing after the UK’s exit from the European Union -
So lacking in transparency are CDS that they cloak themselves with standardised docs and definitions
5 years ago
A glance through mainstream media reports confirms that credit default swaps are as sinful as the media thinks they are, says our columnist Welshcake -
CDS lives to bring more fights as it steers past Ziggo and Sears
5 years ago
Credit default swaps have navigated two big tests of their rules, holding up to scrutiny on Ziggo Bond Finance (ZBF) and Sears Roebuck Acceptance Corp (SRAC), despite warnings they could weaken the product
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