Refine Search
Article Categories
Strategy Tags
- Emerging markets (9)
- High yield bonds (remove)
- Investment grade credit (44)
- Structured credit (5)
- CLO (4)
- Distressed debt (52)
- Leveraged loans (3)
- Synthetic/SRT (89)
- ABL Financing (1)
Geography Tags
-
Buy-out rumours send US high yield company back to January spread levels
1 year ago
Not many single name credits are ending 2022 at the same spread levels they entered the year, but one US high yield company has that profile after its rally of the past three weeks picked up speed following buy-out rumours -
Grifols basis opportunity opens as investors eye bond-CDS compression
1 year ago
The spread differential between Grifols’ CDS and its B3/B-/B+ rated €1 billion 3.2% senior unsecured 2025 bonds has opened up a positive basis-trade opportunity -
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. -
Euro credit rallies in disconnect from US, Asia and equities
1 year ago
Credit spreads are heading tighter in Europe on Thursday, despite weakness in other markets, as this week’s volatile oscillation brings another change of direction -
ECB acts on inflation but gas and other worries grow worse
1 year ago
If European Central Bank officials breathed a sigh of relief when their first hike in 11 years did not immediately rattle markets — or even dared believe a more hawkish signal helped confidence — the reprieve was short-lived -
US tech earnings fuel relief rally even as Europe's gas supply drops
1 year ago
Stronger than anticipated earnings at US tech giants have boosted financial market sentiment and brought a relief rally to credit following yesterday’s sell-off -
Russia and retail put stop to credit rally with big spread reversal
1 year ago
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider -
Mixed signals abound but European weakness persists
1 year ago
European financial markets are losing further ground against the US in a cautious start to the week, as the euro approaches parity with the dollar for the first time and latest data supports the Federal Reserve maintaining a hawkish approach to policy -
Europe leads relief rally while UK gets Borexit done
1 year ago
UK prime minister Boris Johnson’s resignation has brought a collective sigh of relief across all political parties on Thursday that finds pathetic fallacy – but little attributable causal connection – in a strong relief rally in European financial markets -
Energy co joins Europe's choir of fallen angel candidates as spreads soar
1 year ago
The financial market sell-off is entering acceleration, with credit indices blowing to new psychological levels and a growing number of investment grade companies reaching high yield spreads -
Energy firms underperform in credit sell off as oil prices slump
1 year ago
Investment grade credit is the underperformer on Wednesday as the market pivots wider amid negative economic signals and ahead of US Federal Reserve chair Jerome Powell’s appearance before Congress -
Credit lacks 'good answer' on what could cap spread widening: JP Morgan
1 year ago
Without any clear candidates to put a lid on spread widening, investment grade and high yield credit markets look set to extend much wider than current levels, warn JP Morgan strategists -
Real estate is about to get real bad: Welshcake
1 year ago
The extent of disconnect between real estate and what other markets have been experiencing is enough to convince me a whole other layer of economic mayhem is on the way. But investors in credit, for all their current pain, could still end up shining if they are prepared -
Talen bond squeeze brings low auction pay-out for protection holders
2 years ago
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper -
Talen credit event auction deliverables point to 47 cent recovery
2 years ago
Talen Energy Supply’s credit event auction looks set to have 16 bonds deliverable, including senior unsecured notes that are priced much lower than its senior secured, according to a preliminary list published by the Americas Determinations Committee -
CLO managers in the mix for first US credit event auction since 2020
2 years ago
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently -
Talen triggers first index-hitting credit event since Europcar
2 years ago
Talen Energy Supply has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, making this the first default to hit US high yield index CDX HY since September 2020 and the first to hit a CDS index since January last year -
CDX HY faces first constituent default since 2020
2 years ago
The Americas Credit Derivatives Determinations Committee has accepted a request to rule on a CDX HY index constituent default - the first it has faced in the US since mid-2020 -
Credit rally revives as investors scour ECB for Easter eggs
2 years ago
Credit spreads are taking a turn for the tighter on latest European Central Banks statements, at the end of a short week characterised by flatter index trading but persistent single name volatility -
Blackstone lands big name as bank's synthetic structured credit talisman joins buyside
2 years ago
Blackstone has hired a well known figure from the synthetic structured credit market, with a prominent name in CSOs joining the firm after 18 years working on the sell-side -
Europe leads rally ahead of Fed despite mounting concerns from Asia
2 years ago
Credit markets have begun the week on a firmer tone, with Europe outperforming, despite concerns that rising covid-19 cases in China could add a further source of supply disruption -
From one nation of yellow flowers to another: we are with you
2 years ago
It is Saint David's Day, the biggest day in the Welsh calendar. Today it is not a celebration but a call to action -
Russia debt hits default levels amid FX and asset lock-up
2 years ago
Russia appears to be on the brink of default on its debt, with bonds and CDS pricing in the likelihood of an imminent trigger -
Credit fund rout extends as storm winds buffet from all sides
2 years ago
Another choppy week for financial markets has extended the run of fund outflows, with investors fleeing from all parts of credit and even equity suffering a drop, with government bonds gaining traction -
Credit and equity fund flows diverge ahead of Fed emergency meeting
2 years ago
Outflows from credit have extended into another week, even as stocks returned to inflows, as speculation mounted the US Federal Reserve could opt for a 50bp hike in March or even an earlier than anticipated hike at an emergency meeting next week
Want all the latest news, comment, analysis and data?