Creditflux Newsletter

Comment

They said it
Wednesday, May 5, 2010

“I thought putting together a translation of index speak to single name trader responses would be helpful. Here is what I have found so far:”

Index trader

 

Single name
translation

 

Done

 

Oh, that was more of an indication than a market, but I could take an order in that context.

 

Done

 

Oh, um, I’ve already been hit there, so can’t take any more, but I’d be happy to take an order.

 

Done

 

Yeah, well, I know it was offered there on the run, but it’s a tough bond to short, so I could take an order there.

 

Done

 

Nah, sorry that run is old, I know two minutes might not seem like long to you but this market is choppy, so I’d have to refresh.

 

Done

 

Nah, that bid’s not good, market really heavy, nothing but sellers. Oh, you were looking for my offer? Oh, um, like I said, in spite of the overall market being a bit weak, that bond is well bid, I definitely can’t improve on the offer, and I’m not even sure I can really repeat the offer. Repeat. Um, tell them I’m off the desk.

 

Done

 

Yeah, I know the bid looks good, but I’m actually a seller as well, we are working on a buyer. I’d be happy to sell yours too if the buyer comes in.

 

Done

 

Yeah, I know the offer looks good, but I’m actually a buyer too, if I can get something done, I’ll let you know.

 

 

UBS’s index trader turned single
name specialist Peter Tchir shares his thoughts on his new beat in an email to clients last month.

Recent bond & loan issuance

>>More information from the Issuer Tracker

CFlux secondary 
CLO index levels:

Index
21 May
CFlux USD AAA  ↑ 96.2
CFlux USD AA  ↑

88.3

CFlux USD A  ↓ 84.1
CFlux USD BBB  ↓ 75.3
CFlux USD BB  ↓

74.1

CFlux USD EQ  ↑ 77.5

 

>> More information & historical data