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Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
1 year ago
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone -
Financials offer relative value opportunities after synthetic credit overshoot: BNP Paribas
1 year ago
A technical squeeze, driven by investor risk appetite but also short covering, has taken some parts of the synthetic credit to a point where cash bonds look to offer better relative value -
Soft mood music abruptly dashed as Fed and BoE rile markets
1 year ago
The credit market’s strong run of improvement has come to an end this week, with the US Federal Reserve and Bank of England delivering a reality check to hopes of a more dovish path forward on interest rates -
Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
1 year ago
With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform -
UK credit spreads rally for Rishi
1 year ago
UK credit spreads have rallied sharply on Monday with the victory of Rishi Sunak in the contest to become the country’s third prime minister of the year -
BNP Paribas and LFIS join forces on QIS fund
1 year ago
BNP Paribas’ quantitative investment strategies unit has partnered with LFIS Capital for a market neutral fund -
Deutsche hires credit strategy head from rival bank
1 year ago
Deutsche Bank has hired a new head to oversee European and US credit strategy -
US-led sell off shifts index roll technicals with key rates decisions looming
2 years ago
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run -
Spreads gap wider with UK inflation adding to cocktail of concerns
2 years ago
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday -
Relief rally extends despite US and EU sending mixed signals on recession
2 years ago
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession -
Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
2 years ago
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions -
Wide yields mean high times again for corporate hybrids
2 years ago
Prolonged disruption in financial markets has painted an ever-bleaker picture for credit fund returns and flows in 2022 -
Ucits at a glance: Robus claims top spot in 2021 after tight race
2 years ago
Ucits funds have ended 2021 on a high as 62% made positive returns in December -
Credit awash with volatility in first week but investors load up
2 years ago
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds -
Banks and loans to benefit in 2022 as safe havens dwindle
2 years ago
Safe havens and sector pitfalls are among some of the top considerations for portfolio managers this year, as a consensus forms that credit could suffer versus other asset classes -
ESG template fires up hopes of CSO issuance
2 years ago
2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022 -
Leisure and retail companies improve despite UK rates and travel rule noise
2 years ago
Easing of market tensions around the omicron covid variant have allowed traders to broadly mark single name credit spreads tighter on Wednesday, despite caution returning to indices over central bank policy and travel restrictions -
BNP Paribas bolsters credit business with European strategy head hire
2 years ago
BNP Paribas is looking to strategy to help drive growth in its credit business and has hired a head of European credit strategy from UBS -
There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
2 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
Zais and BNP Paribas strike ESG breakthrough with climate change CSO
2 years ago
The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions -
Banks soak up selling pressure ahead of key ECB meeting
2 years ago
Banks - and particularly those in Italy and Spain - are among the main underperformers in credit as the market cautiously awaits messaging from this week's meeting of the European Central Bank -
Credit Rendezvous: Credit spins full circle
2 years ago
The third quarter was massive in terms of volumes with CLOs, high yield, leverage loans and private equity registering record issuance. But credit spreads were up and down as inflation fears, crackdowns in China and rising coronavirus cases became catalysts for risk-off sentiment in July and September -
Options investors look to medium-term market normalisation
3 years ago
Credit index options trading has been heating up, with investors looking to take views on future market volatility well beyond the customary three-month horizon as Europe and the US grapple to keep a lid on rates. -
Corp hybrid popularity mounts, but strategist outlooks diverge
3 years ago
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance -
Yield rise is buying signal for bonds, says BNP Paribas
3 years ago
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists
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