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Big push wider for credit index spreads as traders navigate challenging roll
2 years ago
The roll of CDX and iTraxx credit indices is proceeding, with traders scrambling to respond to a big shift in relative dynamics between the US and Europe following London's long weekend -
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 -
US CLO trader set to join Citi
2 years ago
An experienced CLO trader is joining Citi, sources say -
Euro credit hits new tights against US after months of underperformance
2 years ago
The gap between European and US credit has closed, with indices trading at their tightest relationship for several months, after US economic data introduced a fresh bout of volatility -
Identity of sellers emerges as CLO equity blocks change hands
2 years ago
Two majority equity positions have changed hands in the secondary market over the last two days, with details behind the cover price and sellers coming to light -
Three control CLO equity positions hit market with another to follow
2 years ago
Three anchor US CLO equity positions were listed on the secondary market yesterday in what was a busy day for investors -
Spreads trace worryingly familiar arc as investors take good news as bad and bad new worse
2 years ago
Credit spreads are pushing ever closer towards the year’s peak levels, continuing Wednesday a sell off that began on Tuesday, with positive US economic data perversely sparking a bearish shift in financial assets that negative European data has since compounded -
Down in the hole: investors hedge their bets ahead of pivotal Powell
2 years ago
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell -
Bulls extend credit improvement as oil falters at key level
2 years ago
Having hit their widest prints of the month on Monday, credit indices are extending their run of gradual improvement into a third day – but with investors wary of placing big bets ahead of Friday’s Jackson Hole meeting -
Secondary CLOs stand firm as credit markets take a hit
2 years ago
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market -
The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
2 years ago
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks -
Credit fights for purchase amid swirl of darkening storm
2 years ago
Investors are attempting to peer out of the gloom after a heavy sell off, but meancing clouds gather over Europe especially in the form of weak manufacturing numbers, a sub-dollar euro, spiralling gas costs, and the threat of lower Gulf oil production -
Gap between primary and secondary CLO triple As widens in bumper trading week
2 years ago
There was over $1 billion of CLO paper available in the secondary market last week and a central theme has been demand for triple A-rated notes -
Jackson Hole fears and Chinese drought bring bearish start to week
2 years ago
The US Federal Reserve's Jackson Hole Economic Symposium is a key point of focus for investors from the outset this week, with many nervous about the possibility of more hawkish statements arising from that meeting -
Ukraine triggers restructuring credit event
2 years ago
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled -
Widening asset/liability gulf will hurt CLOs: Barclays
2 years 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 -
Rising stars, decompression and trade unwinds set to drive September roll: Barclays
2 years ago
Decompression and US / Europe relative value trade unwinds look set to characterise the September CDS index roll, with the prospect of no changes to iTraxx Europe for the first time in recent memory, say Barclays credit strategists -
Bears carry market into weekend as Germany adds to recessionary swirl
2 years ago
Germay posting its biggest ever rise in producer prices has not helped the market mood, at the end of a week in which investors have already had to reckon with the hawkish insistence of the US Federal Reserve, spiralling European gas prices and a 10.1% UK inflation print -
Credit catches brief reprieve after Fed takes spreads back to pain points
2 years ago
Credit markets are taking a pause from their bearish move, during which European indices once again passed key levels and investors tried to assess the implications of the US Federal Reserve’s July meeting minutes -
US resumes widening push with Fed in focus
2 years ago
The US credit market is opening on Wednesday with a further push wider in spreads, as traders look to protect their gains from the recent rally -
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 -
Euro credit woes vs US set to resume with cyclicals shock likely: JP Morgan
2 years ago
Further decoupling lies ahead between euro and dollar credit, despite the recent positioning squeeze, warn JP Morgan credit strategists -
Telcos show strength amid worrisome start to week
2 years ago
Telecommunication companies have had a good start to the week in credit markets, despite caution around latest Chinese economic numbers and reports of droughts in Europe adding to that continent’s energy concerns -
Euro IG credit outperforms as US inflation measure fuels euphoric rally
2 years ago
Hopes of the US economy having passed peak inflation have driven global markets on an emphatic rally, beginning on Wednesday and carrying over to the Thursday trading session -
Spreads retreat ahead of pivotal US inflation report
2 years ago
Investors are holding their breath on Wednesday ahead of the latest US inflation numbers, with any change from last month’s reading likely to dictate a sizeable move in financials markets
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