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24 results found Showing page 1 of 1

  • Capex and real yields will split winners from losers in '23: BofA
    Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists

    1 year ago
  • High yield markets win big in 2022’s love-letter to CDS
    Tradeable credit assets have suffered a rough year for liquidity and returns, but credit derivatives are among a small group of products defiantly enjoying a bumper year. 

    1 year ago
  • Credit faces blind spot as borrowers enter higher default cycle: BNP Paribas
    With short term rates outstripping nominal GDP growth, the credit cycle is entering its next and final stage – one in which corporate defaults will pick up but high quality borrowers should outperform

    1 year ago
  • Credit investors find bright spots in gloomy outlook: Credit Rendezvous Q4 2022
    Clouds are looming over financial markets as the fourth quarter begins — so investors are moving away from diversified approaches in favour of tailored investments and relative value plays

    1 year ago
  • One-year CSOs come to fore as investors predict widening
    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.

    1 year ago
  • Convertibles head for recovery after six months stuck in gridlock
    Having suffered their worst first half on record, convertible bonds are due better performance if only on mean reversion

    1 year ago
  • Go long duration in consumers and industrials: BofA
    The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists

    1 year ago
  • Real estate is about to get real bad: Welshcake
    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

    1 year ago
  • Duration, decompression and dispersion disconnects grow
    Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect

    1 year ago
  • Credit Rendezvous: Pass masters
    Most often, a credit market downturn has its roots mired in one big, blatant obstacle that credit managers have to focus their attention to overcome. But right now, it’s not the dominant risk factor that has to be defeated, it’s the sheer number of them...

    1 year ago
  • Bond pipeline builds as rocky markets thwart supply
    Various factors have played into credit spreads widening at the start of 2022, but an over-supply of bond issuance is not one of them — in contrast to what was moving the market this time last year

    2 years ago
  • ESG template fires up hopes of CSO issuance
    2021 may not have been a year of big volume in the synthetic bespoke market, but primary business is back, and decisive inroads into environmental, social and governance (ESG)-focused issuance bode well for 2022

    2 years ago
  • Loans will be winners in bearish year for credit: BNP Paribas
    Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook

    2 years ago
  • Citadel promotes credit head to co-CIO
    Citadel has promoted its global credit head to co-chief investment officer

    2 years ago
  • There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
    Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists

    2 years ago
  • Zais and BNP Paribas strike ESG breakthrough with climate change CSO
    The growing theme of environmental, social and governance standards helping to revitalise the market for collateralised synthetic obligations appears to have taken a big step forward, with Zais Group and BNP Paribas partnering on a first-of-its-kind deal that could lay a template for future transactions

    2 years ago
  • Triple Bs gain momentum as IG buyers pick best spots
    The absolute tightness of credit spreads has led many to lament their chances of delivering strong returns in 2021, while stressing the need to move down either the quality or duration curve. But even within investment grade, European and US managers are still finding pockets of value

    2 years ago
  • Credit Rendezvous: And breathe...
    The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

    2 years ago
  • Dealers power up as tranche trading hits new heights
    A big year for index tranche trading has taken volume within grasping distance of full-year 2019, a post-financial crisis record, with a deepening pool of dealers adding support

    3 years ago
  • Credit Rendezvous: record fiscal stimulus provides pick-me-up
    Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

    3 years ago
  • Fed unveils IG bond buying programme and direct lending plans
    The US Federal Reserve has unveiled further measures to support the US economy alongside plans to establish a direct lending initiative - Main Street Business Lending Programme – to support lending to small-and-medium sized businesses

    4 years ago
  • BDCs tap bond market to improve funding mix
    A plethora of business development companies have turned to the institutional bond market to refinance their debt.

    4 years ago
  • Credit traders' kickstand: Europe ascendant as high yield pipeline returns
    The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months

    4 years ago
  • Index tranche levels spike as investors advance into equity
    Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation

    4 years ago

24 results found Showing page 1 of 1

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