Spotlight on retail: Penney dreadful
JC Penney’s catastrophic trading strategy is proving a case study in subordination risk for bond investors

Growth in real money accounts drives CDS market flows
The credit default swap market has been transformed beyond recognition in recent years. We present the first ever league table of CDS counterparties by outstanding volumes.

JP Morgan dominates debt volumes
A bumper year for global corporate debt issuance saw US banks – led by JP Morgan – emerge as the leading underwriters in our new sector-driven league table.