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Rally resumes as investors read US job miss as tapering delay
2 years ago
Credit and equity markets have opted to rally - albeit far from emphatically - after digesting the import of the US missing its August monthly news jobs target by a big margin, which could bring a setback for hawkish central bank voices -
French food producer gets cold shoulder following bond issue
2 years ago
Picard, the French frozen foods producer, is one of the biggest movers in the European high yield market on Monday, after investors showed little warmth for its new bond issue in the secondary market -
No auction needed for Zambia CDS, says DC
3 years ago
Investors will have to physically settle Republic of Zambia CDS as there are not enough contracts outstanding to merit a credit event auction, the Emea Determinations Committee has ruled -
No CDS auction for Scandinavian Airlines 'soft' credit event, rules DC
3 years ago
A credit event auction will not take place for Scandinavian Airlines System Denmark–Norway–Sweden CDS contracts, despite the company triggered a restructuring credit event last month, the EMEA Determinations Committee has ruled -
Credit fundraising: Dubai manager gets in on the act as direct lending takes off
3 years ago
Shuaa launches credit fund in the Gulf as Ares, Contingency, HPS and Perceptive are among those to close billion-plus funds -
Scandinavian Airlines System triggers restructuring credit event
3 years ago
Scandinavian Airlines System Denmark–Norway–Sweden has triggered a restructuring credit event as a result of its recent recapitalisation, the Emea Determinations Committee has ruled -
Credit fundraising: distressed keeps in favour but CLO ETFs emerge
3 years ago
Five months into global lockdown and distressed debt funds are still proving popular, but several managers have found success pitching other types of credit strategies -
Europe hits post-covid tights on hard-fought recovery package deal
3 years ago
European credit spreads are hitting their tightest prints since the coronavirus outbreak began, with European Union leaders having agreed a €750 billion recovery package following protracted talks -
Algebris leads monthly returns in new world matrix
3 years ago
Algebris Macro Credit's return submission for May was among the best non-CLO/ABS fund performers out of those Creditflux tracks, adding to a strong turnaround for the strategy -
Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
4 years ago
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence -
Credit traders' kickstand: this is not a drill
4 years ago
Freefall in financial markets has brought one of the credit market’s most volatile sessions on record, as coronavirus cases globally near 100,000 and the WHO has warned governments are not doing nearly enough. iTraxx Crossover one-day volatility is up with the 2008 global financial crisis and 2011 European sovereign crisis -
Thomas Cook CDS settles with higher than expected recovery
4 years ago
CDS referencing Thomas Cook Group settled with a final price of 10.125 cents at yesterday's credit event auction, making the high pay-outs to protection buyers still less profitable for them than had been expected -
Thomas Cook CDS auction sets initial midpoint at nine cents
4 years ago
An auction to settle CDS referencing Thomas Cook Group has derived an initial market midpoint of 9.125 cents, implying protection buyers will receive a pay-out on contracts in the region of 89 cents -
Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction
4 years ago
The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction -
Thomas Cook CDS auction set for two deliverables
4 years ago
Market participants have until 5pm London time (12pm New York) on Thursday to challenge the supplemental list for an auction to settle CDS referencing Thomas Cook Group, which so far looks like it will have two deliverable obligations -
Thomas Cook ruling puts 2014 format CDS contracts back in the money
4 years ago
Thomas Cook Group triggered a failure-to-pay credit event when it filed for chapter 15 protection last month, the Determinations Committee has ruled – a decision that has big implications for holders of newer format CDS contracts on the name -
Dutch development bank creates ESG and impact standing committee
4 years ago
The Netherlands Development Finance Company (FMO) has created a standing committee for impact and environmental, social and governance investing -
Astaldi CDS auction sets 30.875 final price as physical settlement boosts recovery
5 years ago
An auction today to settle credit default swaps referencing Astaldi has determined the final price to be 30.875 cents on the euro, meaning a 69.125 cents pay-out per euro for protection buyers -
CLO managers on alert as five credits drive Crossover index rout
5 years ago
Five constituents of iTraxx Crossover have hit big bumps this week, fuelling a noticeable underperformance of the European credit default swap index against its US counterpart yesterday in a reversal of the recent trend -
10 bidders line up for Astaldi CDS auction as Morgan Stanley swaps in for Mizuho
5 years ago
There will be 10 participating bidders to an auction to settle Astaldi credit default swaps, with the Determinations Committee unanimously approving Morgan Stanley’s involvement as Mizuho dropped out -
Astaldi credit event auction deadline looms for participating bidders
5 years ago
Firms wishing to take part next week in a credit event auction to settle Astaldi credit default swaps have until 5pm London time today (23 November) to submit participating bidder letters to the Determinations Committee -
Astaldi CDS holders face Thursday deadline on auction deliverables
5 years ago
Market participants with exposure to Astaldi have until 5pm London time tomorrow (8 November) to submit any other potential deliverable obligations into the auction to settle the company’s credit default swaps -
Derivatives margin threshold should be €100 billion notional not €8 billion, says Isda
5 years ago
A regulatory threshold that requires counterparties to post initial margin (IM) on derivatives trades if they hold €8 billion notional or more exposure should be raised to €100 billion, the International Swaps and Derivatives Association has argued -
Astaldi credit event auction will have two deliverables, says DC
5 years ago
Only two Astaldi bonds are deliverable into an auction to determine the final price of its credit default swaps, the Determinations Committee has indicated -
Isda and Linklaters roll out test version of initial margin docs service
5 years ago
Five and a half months of partnership between the International Swaps and Derivatives Association and Linklaters has borne fruit, with the launch of a test version of an online tool that will allow firms to electronically negotiate and execute initial margin (IM) documentation
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