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Credit grind pushes back volatility bets
2 years ago
With recent weeks having all-but crushed volatility from the market, uncertainty about the timing of future risk triggers is leading credit options traders to spurn traditional horizons to focus on longer-dated expiries -
Credit slumbers in departure lounge as airline equities take off
2 years ago
Credit and equity markets have been in a balancing act on Tuesday between the positive and negative implications of surging oil prices and Germany opting to relax travel restrictions -
Chicken supplier takes courage from earnings improvement
2 years ago
Boparan, one of the riskiest companies in the European high yield credit market, is among the biggest movers in bonds and CDS on Wednesday, as the market resumes its rally to the tightest prints of the year -
Triple Bs in the firing line as Fed turns hawkish, says BofA
2 years ago
Triple B and long duration credit are likely to be casualties of tightening central bank policy, Bank of America strategists have warned. But high yield and cyclical investment grade sectors could fare better -
Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
2 years ago
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply -
No labels mean CLO triple As refuse to budge as mezz rallies
2 years ago
Senior European CLO spreads are stuck in the mid 80s as mezzanine tranches rally, with market participants bemoaning the lack of depth in the triple A investor base relative to ABS products -
Past returns: Having a whale of a time in tranches
2 years ago
In Creditflux 10 years ago we reported on JP Morgan’s “little known prop book” making waves in index tranches -
Credit grind makes it five days out of five in bullish week
2 years ago
Credit markets are heading into the weekend on a fifth straight day of improving spreads, amid signs of returning economic confidence and appetite to invest in the asset class -
French equipment rental firm gets big lift on Q1 results
2 years ago
Loxam, one of the widest trading names in the iTraxx Crossover universe, is leading index constituent tighteners on Wednesday after posting first quarter results showing improvement in revenue and ebidta -
Financials and high yield outperform as rally gathers momentum
2 years ago
Credit spreads are enjoying a second day of improvement to regain some of the ground they lost last week, with Italian banks, commodity traders and higher yielding borrowers among outperformers in a broad rally of both indices and single name borrowers -
Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
2 years ago
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed -
BNP Paribas hires senior European CLO trader from asset manager
2 years ago
BNP Paribas has expanded its CLO trading team -
Control position in strong 2018 Axa CLO on sale today
2 years ago
$29.2 million of Allegro VII, a 2018 CLO managed by Axa Investment Managers, is on sale today in an all US CLO equity b-wic at 10am EST (3pm UK time). The bond is the fifth US CLO majority equity position to be listed on a b-wic this year -
CLOs come up smelling of roses
2 years ago
The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020 -
BofA and State Street divided over CLO convertibles
2 years ago
A split has emerged in the approach between the two big buyers of triple A-rated CLO tranches that are structured as loans -
ESG factors show up in leveraged loan pricing in US
2 years ago
Environmental, social, and corporate governance factors are filtering through to the US CLO market and influencing loan prices -
First Eagle CLO notches up highest control equity trade on b-wic since at least 2017
2 years ago
The fourth control position in a US CLO was listed yesterday at 12pm EST (5pm UK time) as $33.43 million of Wind River 2017-4, a First Eagle managed CLO, was up for sale along with two other US CLO equity items -
Record-breaking Apollo and Blackstone European CLOs make first distributions
2 years ago
Two 2020 CLOs managed by Blackstone Credit and Redding Ridge (Apollo) that set equity cover records in the secondary CLO market earlier this year have made their first payments -
Saipem moves sharply on Mozambique moans
2 years ago
Saipem, the Italian energy engineering group, was a big underperformer in a flattish credit market on Wednesday, as uncertainty over a project in Mozambique weighed on first quarter results and its outlook for the year -
Global CLO trading lab: secondary volumes inflate and easily get absorbed
3 years ago
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice -
French foodco CDS jumps on bond offering
3 years ago
Picard, the French frozen foods company, is a big underperformer in credit markets on Monday, as it limbered up to bring a triple-tranche bond deal -
Citi and BofA to bring others on board with groundbreaking CLO/loan b-wic platform
3 years ago
Further details have emerged of Citi and Bank of America's multi-dealer trading platform for CLOs and loans, nicknamed project octopus, with officials at Citi telling Creditflux that they are accelerating talks with dealers to join the initiative -
Morgan Stanley hires European CLO trader from buy side
3 years ago
Morgan Stanley has added to its European CLO trading team, bringing in an official who previously worked at a CLO fund manager -
BofA and Citi unveil multi-dealer platform for CLOs and loans
3 years ago
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics -
Travel company CDS soars wider as bond issue converts to concern
3 years ago
TUI, the Anglo-German travel operator, is under pressure in credit and equity markets just it has launched an offering of convertible bonds
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