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It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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Credit touches November levels as nerves fray on France and Fed
3 years ago
Fears of a third national lockdown in France and the risk of disappointment from Wednesday's US Federal Reserve meeting have pushed credit wider along with a sell off in stocks -
Ucits at a glance: Year-to-date returns head for double figures
3 years ago
Ucits funds generally performed well in October as 75% achieved positive returns -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
Spread compression resumes with US passing key milestones
3 years ago
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe -
Compression plays out as HY and European CLO double Bs outperform
3 years ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
Single name shorters get improved entry point after conviction test
3 years ago
Returning market optimism has taken credit spreads back to ultra-tight levels. But for bears, this posits a better entry level for short trades, and the recent blow-out may have given strong pointers where to target them -
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. -
Fallen angels push off-the-run index 25bp wide of CDX IG
3 years ago
A gap of over 25 basis points has formed between US investment grade CDX IG and its recently off-the-run predecessor series 34. At Credit Dimensions, Creditflux’s synthetic credit event, panellists highlighted a major shift in composition between index series that has opened up relative value plays between them -
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
3 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
3 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
3 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 -
Wirecard shows that in an era of ESG analysis, governance still gets relatively short shrift
3 years ago
Wirecard’s spectacular collapse raises questions for auditors, regulators and agencies -
Fund performance: Credit funds post double-digit gains
3 years ago
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category. -
Fund manager accused of using fake CLO to run multi-million Ponzi scheme
3 years ago
The co-founder of an investment management company who has been charged with fraud by the securities and exchange commission for setting up a multi-million dollar Ponzi scheme is alleged to have raised a CLO trust backed by fraudulent trade finance loans -
Ucits at a glance: Ucits recover lost ground
3 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
3 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 -
ESG-compliant CDS index roll-out postponed on operational challenges
4 years ago
A new version of the iTraxx Europe index screened for environmental, social and governance standards will not begin trading tomorrow as planned, with adminstrator IHS Markit delaying the launch due to 'extreme market volatility' -
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
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