Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck

By Dan Alderson

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

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TAGS: Asia CDS Europe High yield bonds Investment grade credit Distressed debt Credit derivatives North America South America