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Rates moves points to credit improvement, say BofA strategists
3 years ago
Focus on the rates market and the future direction of central banks has brought jitters back to credit in recent weeks and had a chilling affect on bond total returns. But higher government yields could end up being good for credit, say Bank of America strategists -
Full circle for credit as investors navigate stormy year-opener
3 years ago
Credit is ending 2021's politically tumultuous first week tighter in cash bonds and flattish in CDS spreads, but performance has noticeably lagged more emphatic improvements in stocks, commodities and the record-hitting Bitcoin -
Bet on beta compression - except in sub fin CDS, say BofA strategists
3 years ago
Beta compression will be a dominant theme in 2021 for high yield versus investment grade CDS and bonds, financial versus non-financial credit and subordinated versus senior financial bonds, say Bank or America strategists in a research note. Short volatility positions are also attractive, they add, while cautioning sub versus senior financial CDS could buck the trend -
BofA sees fruits of its labour after rebuilding macro credit and index businesses
3 years ago
Bank of America is among the dealers that is revelling in the re-emergence of relative value credit trading this year with the bank's index tranche and index trading volumes up roughly 85% and 70% this year -
Dealers power up as tranche trading hits new heights
3 years ago
A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support -
High yield inflows return as appetite moves to long end
3 years ago
A heavy slant in preference for investment grade credit has been underscored by high grade funds recording their 20th week of inflows in a row, but high yield funds are also back to positive flow for the first time in three weeks on returning European appetite -
US swaps rule relaxation brings underperformance of bank CDS
3 years ago
US Federal Reserve changes to the Volcker rule has caused bank stocks to surge, but credit market perceptions are less positive -
Volatility trading has room to run, say strategists, as market holds firm after rally
3 years ago
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading -
Boeing/Airbus dogfight widens spreads as WTO ruling exposes Europe's trade weaknesses
4 years ago
The World Trade Organisation’s go-ahead for the US to impose $7.5 billion of tariffs on imports from the EU has sent credit spreads sharply wider. And, according to latest credit research from Bank of America Merrill Lynch, it exposes Europe’s “Achilles heel” -
Wells Fargo brings in head of IG credit trading
4 years ago
Wells Fargo has hired a head of investment grade credit trading and a credit sales official to its team in the US -
Bespoke gains pull CLO buyers as market tipped to hit $100bn
5 years ago
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists -
Trups CDO spreads shift wide of late 2018 levels as EJF produces $314 million deal
5 years ago
Trups CDO spreads have widened since the end of last year – much like corporate credit spreads – after EJF Investments priced its sixth securitisation of financial company debt. -
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 -
BAML assigns high-ranking position to Barclays leveraged finance head
5 years ago
Bank of America Merrill Lynch has poached Barclays leveraged finance head Jill Schwartz and assigned her the role of executive vice chairman of global corporate and investment banking, according to an internal memo seen by Creditflux -
Soros family office hires experienced credit trader
7 years ago
BAML investment grade credit trader joins Soros family office
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