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Credit volatility leaps after US inflation bolters hawks
1 year ago
Credit volatility spiked on Thursday in the wake of a US inflation report that dispelled any remaining conjecture the Federal Reserve will slow its pace of interest rate hikes at the next policy meeting -
Deutsche hires credit strategy head from rival bank
1 year ago
Deutsche Bank has hired a new head to oversee European and US credit strategy -
US jobs strength sends traders scrambling to cut Fed pivot trades
1 year ago
Credit spreads are ending the week on a sharp move wider, with a heavy sell off hitting financial markets in the wake of US jobs numbers that suggest any notions of a Fed pivot on rates are premature -
"Ugly" eurozone inflation numbers cap off torrid week for credit
1 year ago
Credit spreads are heading tighter into the weekend, as investors rebalance positions against a backdrop of easing currency pressures but a challenging array of European inflation numbers and a highly charged Brazilian election month about to kick off -
Investors nurse wounds after UK scuppers credit expectations
1 year ago
Financial markets are picking up the pieces on Thursday following an extremely volatile session ignited in large part by UK economic mishap, which sparked fears of a financial crisis and necessitated the central bank’s intervention -
US-led sell off shifts index roll technicals with key rates decisions looming
1 year ago
Further deterioration in global economic outlook is causing credit spreads to move back to the midpoint or wide end of their recent range, after a week of reversal from the previously more optimistic September trading run -
Euro credit hits new tights against US after months of underperformance
1 year ago
The gap between European and US credit has closed, with indices trading at their tightest relationship for several months, after US economic data introduced a fresh bout of volatility -
Down in the hole: investors hedge their bets ahead of pivotal Powell
1 year ago
Credit spreads are shifting wider on Friday, after an initial improvement, as investors try to balance positions ahead of what could be a pivotal speech by US Federal Reserve chairman Jerome Powell -
Rising stars, decompression and trade unwinds set to drive September roll: Barclays
1 year ago
Decompression and US / Europe relative value trade unwinds look set to characterise the September CDS index roll, with the prospect of no changes to iTraxx Europe for the first time in recent memory, say Barclays credit strategists -
Spreads gap wider with UK inflation adding to cocktail of concerns
1 year ago
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday -
Euro credit woes vs US set to resume with cyclicals shock likely: JP Morgan
1 year ago
Further decoupling lies ahead between euro and dollar credit, despite the recent positioning squeeze, warn JP Morgan credit strategists -
Position cutting tames market rally and strategists warn on primary impact
1 year ago
Caution is the watchword across financial markets on Tuesday, with the strong recent run giving way to hedging and position cutting ahead of a much-anticipated US inflation reading on Wednesday -
ECB acts on inflation but gas and other worries grow worse
1 year ago
If European Central Bank officials breathed a sigh of relief when their first hike in 11 years did not immediately rattle markets — or even dared believe a more hawkish signal helped confidence — the reprieve was short-lived -
UBS says modelling suggests upcoming recession won’t bite
1 year ago
Likely global recession scenarios look mild according to strategists at UBS, who have run four models. -
Relief rally extends despite US and EU sending mixed signals on recession
1 year ago
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession -
Italian rout gathers pace as credit relationships warp well beyond historical norms
1 year ago
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment -
IG payers provide best tail-risk hedges: Barclays
1 year ago
Investors seeking the cheapest tail risk hedge should look to CDX IG payers, while iTraxx Europe payers are the best hedge against further European underperformance, finds Barclays -
Go long duration in consumers and industrials: BofA
1 year ago
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 -
Euro loans with FX hedging offer better value than US: Barclays
1 year ago
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that -
CLO spreads are not pricing in recession: JP Morgan
1 year ago
CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts -
EU inflation prints frame challenge ahead as horror show first half ends
1 year ago
Financial markets are heading into the weekend with a rare stationary session, but the mood is more one of shellshock than considered positioning, after one of the worst first halves to a year on record -
Credit lacks 'good answer' on what could cap spread widening: JP Morgan
1 year ago
Without any clear candidates to put a lid on spread widening, investment grade and high yield credit markets look set to extend much wider than current levels, warn JP Morgan strategists -
Europe trades heavier than US as market baulks at new hikes
1 year ago
Credit spreads have resumed their push wider, with European indices once again under more pressure than their US counterparts -
Credit rout eases as ECB holds emergency meeting ahead of Fed rates decision
1 year ago
Credit markets are undergoing a relief rally, even as the US Federal Reserve prepares to deliver its moment of truth decision on policy tightening and the European Central Bank holds an emergency meeting to address the recent sell-off in risk assets -
Euro IG credit looks set to outperform US, HY and equities: Barclays
1 year ago
An outlook of elevated inflation and low growth favours credit over equities, and euro investment grade over high yield, according to European credit strategists at Barclays
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