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IG tranches look 'boring' after distressed names ejected at roll
3 years ago
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers. -
Europe/US high yield gap re-opens with roll, but raises fair value questions
3 years ago
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated -
Curves steepen as roll shifts risk from the front end
4 years ago
CDS index curves have steepened with the September roll, with the reformulation of iTraxx and European portfolios having a noticeable impact on the front end of the curve -
Fallen angels and financials feel heat as CDS indices roll
4 years ago
CDS indices are rolling into new contracts today, with outgoing series of iTraxx Europe and Crossover widening sharply from the market’s open on technical as well as fundamental factors -
Credit fundraising: distressed keeps in favour but CLO ETFs emerge
4 years ago
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies -
Fund performance: Credit funds post double-digit gains
4 years ago
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category. -
Ucits at a glance: Ucits recover lost ground
4 years ago
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier. -
Saba launches new credit hedge fund
4 years ago
Saba Capital has raised at least $165 million for a new credit hedge fund, -
Credit traders' kickstand: market whipsaw throws tranche trades and index rolls into focus
4 years ago
Credit's relief rally was unlikely to last long, but hopes of reaching the weekend are dashed on today's sharp reversal, right as CDX HY and CDX EM roll into new series -
Jump-to-default risk collapses after Senate backs biggest ever US relief package
4 years ago
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves -
Credit market hits new wides as government outbreak measures intensify
4 years ago
Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak -
Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
4 years ago
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence -
Curve inversion for airlines and freight as Trump travel ban sparks sell-off
4 years ago
Airlines, travel firms and shipping companies are among some of the credits hit hardest by US president Donald Trump’s imposition of a ban on travel from mainland Europe, a move that sent the iTraxx Crossover index back to its widest level since October 2012 -
Credit traders' kickstand: this is not a drill
4 years ago
Freefall in financial markets has brought one of the credit market’s most volatile sessions on record, as coronavirus cases globally near 100,000 and the WHO has warned governments are not doing nearly enough. iTraxx Crossover one-day volatility is up with the 2008 global financial crisis and 2011 European sovereign crisis -
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
4 years ago
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off. -
IHS Markit mulls CDX EM growth and iTraxx ESG screen
4 years ago
Increasing the portfolio size of CDX EM and consulting on an ethically-screened version of iTraxx Europe are among the projects index administrator IHS Markit has been working on ahead of the 20 March roll. -
Covid-19 outbreak rattles carry traders
4 years ago
The coronavirus panic hitting financials markets at the end of February has been a strong driver of relative value trades, with CDS underperforming both cash bonds and equity, while financial names felt the heat more than corporate borrowers as geographical risk came into play. -
Credit traders' kickstand: trade troubles threaten volatility "sooner than you think"
4 years ago
Most of the credit market goes into the coming week in a more nervous mood than it began this week, with hopes for the resuming US-China trade talks tempered by the US’s opening of a new front with Europe on trade -
Commonfund seeks to diversify manager pool with new portal
5 years ago
Commonfund will launch an online 'diverse manager portal' designed specifically to receive due diligence materials from women and minority-led managers investing in equities, fixed income and credit, real estate and hedge funds -
iTraxx and CDX roll provisional lists reveal effects of index overhauls
5 years ago
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products -
Muzinich poaches Neuberger Berman MD for top fund distribution role
5 years ago
Muzinich has hired a global head of distribution, according to an announcement today, picking up the role previously held by Joshua Hughes, who left for CIFC Asset Management in May -
Hermes launches £185 million unconstrained credit fund
6 years ago
London-based Hermes Investment Management has launched a new Ucits-compliant unconstrained credit fund - which will include pricing ESG risks
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