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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 -
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 -
Barclays financials credit trader jumps to another bank
4 years ago
A Barclays senior financials credit trader in London has left the firm and is heading to another bank, say market sources -
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 -
Market making begins in German bank senior preferred CDS
4 years ago
Dealers will today begin making markets in senior preferred CDS of German banks, following the implementation of a protocol created by the International Swaps & Derivatives Association -
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 -
High beta's time to shine in next leg of rally, says BAML
5 years ago
High-beta credits have yet to reward expectations they would lead the market rally in 2019, but this is about to change, according to a research note by Bank of America Merrill Lynch -
Barclays re-hires credit structurer
5 years ago
A credit structurer in London has returned to Barclays after taking a career break from the bank -
Deutsche and Commerzbank CDS provisions amended as German protocol hits delay
5 years ago
The Determinations Committee has amended its statement on the seniority of Deutsche Bank and Commerzbank obligations following a delay to implementation of a German bank CDS protocol -
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 -
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 -
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 -
Generali seeks high yield analysts in Milan as credit research head builds team
5 years ago
Generali Investments’ head of global credit research has relocated within the firm from Paris to Milan and is seeking hires to build a team in the Italian city -
European sub-financials shake-off Santander AT1 shock, outperforming senior fins and corps
5 years ago
Santander’s decision yesterday not to call a €1.5 billion additional tier one (AT1) bond shocked investors in the asset class. But while this may have been expected to bring a wider reverberation of pain, investors and strategists have noted a firming up of the European financial bond sector today -
HSBC boosts single name CDS and index trading with experienced hire
5 years ago
HSBC has added a former index trading head to its credit team in London -
Deutsche plots single name CDS return and index push with two senior hires
5 years ago
Deutsche Bank has made two senior credit trading hires to its London office, with sources saying these portend a revival of its CDS market-making business -
CDS sell-off brings profit-taking opportunity for basis trade players
5 years ago
Profit-taking on basis trades between CDS and cash bonds has begun, with the strong run for credit markets since the start of the year having hit a bump yesterday -
Ziggo CDS protection buyers get a lift as DC votes for successor
5 years ago
Holders of credit default swap protection on Ziggo Bond Finance have received a boost, with the EMEA Determinations Committee ruling that contracts structured under the 2014 Isda credit derivative definitions have a successor – dispelling fears they would be orphaned. -
Credit spread improvement is calm before the storm, warn strategists
5 years ago
European and US credit markets have begun 2019 with a more buoyant tone than they ended 2018, but strategists warn that bearish factors still outweigh and suggest the overall direction of spreads this year is likely to be wider -
Creditex obtains CFTC swap execution facility exemption
5 years ago
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility -
Credit sell-off has room to run and pricing is out of whack, says BNP Paribas
5 years ago
The credit market sell-off could have further to go despite recent widening and is “in the process of a late-stage business cycle unwind”, according to a strategist note seen by Creditflux
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