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European ABS and CLOs rally on Fed rates forecast
4 months ago
Trading activity in European ABS and CLOs was strong on Thursday after the Federal Reserve signalled it would cut rates in 2024 -
ABS rallies on better-than-expected inflation prints
5 months ago
The European ABS market has rallied over the last two days on news of rapidly falling inflation in both the US and the UK -
European structured finance market constructive on rates pause — market snapshot
5 months ago
European ABS and CLOs had a constructive week in the secondary market, reflecting better sentiment in broader credit -
Structured finance secondary market quiets down as volatility intensifies
6 months ago
Secondary market activity in European structured finance was subdued this week, in the wake of further market volatility sparked by the Israel-Hamas war -
Hedge fund profit-taking prompts ABS sales as spreads soften in deteriorating macro conditions
6 months ago
More European ABS and CLO BWICs were on offer this week, as some hedge funds are selling their positions with a view to take early profits before the market widens further. -
ABS spreads hold up in spite of September issuance deluge, while CLOs soften
7 months ago
Trading activity in European ABS has slowed down, as the market absorbs one of the busiest months for issuance for years -
Secondary activity ramps up as post-Barcelona rally continues
10 months ago
BWIC activity across European ABS and CLOs increased this week as investors and asset managers look to take some risk off heading into the summer -
CDS volume jumps by 50% as investors seek new ways to do business
1 year ago
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product -
Sofr away from me – basis puts new CLO triple As in dire straits
1 year ago
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business -
Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
1 year ago
Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays -
One-year CSOs come to fore as investors predict widening
1 year ago
With credit spreads entering the fourth quarter at much the same elevated levels they began Q3, investors are increasingly looking to bespoke tranches as a way of taking advantage while mitigating the market’s tail risks. -
Dispersion picks up as candidates for distress emerge
1 year ago
Dispersion will be a concern for all parts of the global credit market in the fourth quarter, say traders who are focused on relative value -
"Kwasi Kwarteng’s ‘mini budget’ will be remembered like a forklift truck disaster video"
1 year ago
Welshcake sees the funny side as bunga bunga returns -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Position cutting tames market rally and strategists warn on primary impact
1 year ago
Caution is the watchword across financial markets on Tuesday, with the strong recent run giving way to hedging and position cutting ahead of a much-anticipated US inflation reading on Wednesday -
Short duration CLOs are putting reset risk in the post: Barclays
1 year ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
CSO equity investors line up deals amid dispersion threat
1 year ago
Synthetic bespoke tranche issuance has hit an impasse in recent months, denting projections for overall 2022 business at the mid-year point. But unlike the covid sell-off of 2020, wider spreads have created a queue of buyers ready to drive deals if condition -
Euro double As and US triple As offer best value in CLOs: BNP Paribas
1 year ago
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists -
CLO spreads are not pricing in recession: JP Morgan
1 year ago
CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts -
Bespoke bond baskets on the rise as investors seek targeted portfolio trades
1 year ago
High yield index replication and accessing illiquid exposure are two factors building momentum for a new investment approach that bundles bonds into a single risk piece -
Credit Rendezvous: Pass masters
2 years ago
Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them... -
German property co hits new wides as investors scrutinise investigation report
2 years ago
The bearish momentum that gripped financial markets on Friday has spilled over the weekend into Monday's session, with an especially big move in the debt of one German real estate borrower taking it to worrisome spread levels -
"Faltering oil supply is lamentable at a time of strategic and moral shortfall"
2 years ago
We need to accept the pain and cut dependence on Russian oil today -
CLOs look attractive after corporate rally - but not all tranches: Barclays
2 years ago
Rallying corporate cash credit spreads over the past two weeks have widened the basis with CLOs and made these products look attractive again, according to Barclays strategists
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