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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 sell off picks up pace as lockdown shadows deepen
3 years ago
This week's blow out of credit spreads sharply accelerated today, with mounting coronavirus lockdown fears fuelling a surge wider across the board in tandem with plummeting stocks -
Scandinavian Airlines System posed as restructuring credit event
3 years ago
The Emea Determinations Committee has accepted a request to rule on whether Scandinavian Airlines System Denmark–Norway–Sweden has triggered a restructuring credit event as a result of its recent recapitalisation -
IG names hit hardest as cocktail of woes routs market
3 years ago
Investor nervousness is evident at the start of the week with a big widening of spreads on Monday as lack of accord on a new US stimulus package added to concern about rising coronavirus case numbers and jitters in the oil market -
Rally puts credit back on even footing but single name volatility persists
3 years ago
A sizeable rally today is putting credit indices back on a flattish footing with where they began the week, adding to the sense the market is finely poised with only six trading days to go before the US presidential election -
Garfunkelux gaps in as refi points to CDS orphaning
3 years ago
Garfunkelux Holdco 2, the CDS trading entity of debt collector Lowell, is leading today's drive tighter as the company's planned refinancing raised the prospect of contracts becoming orphaned -
Selecta CDS settles with final price above bonds
3 years ago
Selecta Group CDS contracts have settled at a final price higher than where bonds were trading and above the credit event auction's initial market midpoint -
Selecta auction on course for mid-range CDS recovery
3 years ago
Selecta Group CDS contracts look set to generate a pay-out for protection buyers about midway in their range the months running up to today's credit event auction -
High yield shorts and basis trades abound as borrowers race to issue
3 years ago
Discrepancies between high yield bonds and CDS could be a rich mine of activity in the coming months, say investors, with volatility set to rise while defaults and late cycle signals avail trading opportunities -
Selecta CDS auction date set with revised deliverables process
3 years ago
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations -
Selecta splashes CLOs with bankruptcy credit event
3 years ago
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled -
Time to trade falling dispersion and high yield compression, says JP Morgan
3 years ago
Investors should position for falling dispersion by trading on-the-run versus off-the-run iTraxx Europe index series, say JP Morgan strategists. And Crossover / Main compression trades look attractive as high yield underperformance has gone too far -
Tranche traders smell the coffee as Crossover default percolates
3 years ago
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32 -
IG tranches look 'boring' after distressed names ejected at roll
3 years ago
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers. -
ESG index roll creates long and short opportunities
3 years ago
The first roll of a CDS index screening for environmental, social and governance criteria has opened a less-watched relative value opportunity for investors -
Tranche market maker jumps to buy-side
3 years ago
BNP Paribas' New York based market maker for credt index tranches has left the bank after seven years -
Dealers cut Pizza Express final price to shape of pizza
3 years ago
An auction to settle Pizza Express CDS ended up paying out almost 100% to buyers of protection, with dealers driving the final price even lower than they had initially bid -
Morgan Stanley expands index tranche trading with London hire
3 years ago
Morgan Stanley has added to its index tranche trading prowess by hiring a London-based market maker for the asset class as well as credit options -
Pizza Express auction leaves protection sellers with just pineapple
3 years ago
An auction to settle Pizza Express CDS looks set to leave protection sellers with little solace, after the first round of bidding indicated a high pay-out on contracts referencing the UK-based restaurant chain -
Europe/US high yield gap re-opens with roll, but raises fair value questions
3 years ago
The semi-annual roll of US high yield index CDX HY has once again put daylight between it and European counterpart iTraxx Europe. But the new series has come in tighter than some market participants had anticipated -
European high yield converges on US as credit pushes wider
3 years ago
A worrisome week is ending with spreads pushing to new local wides and underperformance of European high yield versus US credit -
Spreads gap wider as slowdown fears sink in
3 years ago
Concern over the gathering coronavirus second wave, economic slowdown and the need for further central bank interventions has pushed credit spreads sharply wider, with yesterday’s US late session downturn spilling over to Asia and Europe -
Pizza Express auction date set with two bonds on initial list
3 years ago
Pizza Express 2014-version CDS contracts will be settled at auction on 1 October, following the UK food retailer’s triggering of a failure-to-pay credit event this month -
Banks regain composure to lead rallying charge
3 years ago
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter -
Curves steepen as roll shifts risk from the front end
3 years ago
CDS index curves have steepened with the September roll, with the reformulation of iTraxx and European portfolios having a noticeable impact on the front end of the curve
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