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Hema triggers failure-to-pay credit event
3 years ago
Hema, the Dutch retailer, has triggered a failure to pay credit event, the EMEA Determinations Committee has ruled - making it the second default this month to dent the iTraxx Crossover index and its tranches -
High yield inflows return as appetite moves to long end
3 years ago
A heavy slant in preference for investment grade credit has been underscored by high grade funds recording their 20th week of inflows in a row, but high yield funds are also back to positive flow for the first time in three weeks on returning European appetite -
Changes in scope for CDS indices and tranches ahead of roll
3 years ago
Structural changes look to be afoot globally for CDS indices and tranches ahead of the September roll, with IHS Markit weighing amendments to products in all three traded regions -
Hema credit event question posits second Crossover default this month
3 years ago
Hema, the Dutch retailer, has been posed as a failure to pay credit event to the Determinations Committee, raising the possibility of a second default in the on-the-run iTraxx Crossover index -
Matalan credit event ruling draws heavily on precedents, says DC
3 years ago
A bankruptcy credit event ruling on Matalan - the first this year in a European index - was a close call and relied heavily on several precedent credit events, the EMEA Determinations Committee has said -
Sharp moves for single name bonds and CDS, as indices open with caution
3 years ago
Credit has begun the week looking for direction with European CDS indices slightly wider, US counterparts edging tighter, and high yield bonds making sharper moves in either direction -
French and travel names lead sell off as UK widens quarantine list
3 years ago
European credit is pushing wider at the end of the week, following the UK's decision to remove France, the Netherlands and other countries from its list of those safe to travel to without quarantine -
Algeco surges tighter on Q2 revenue boost
3 years ago
Algeco Global, a modular space leasing and storage company, has gapped tighter today after publishing second quarter results showing a 23.5% rise in revenue -
TUI gets return ticket to wider spreads as it posts €1 billion Q3 hit
3 years ago
TUI, the German travel operator, is among today's biggest European credit market movers after posting a €1.1 billion third quarter loss -
Nine bonds make list to settle Noble, positing 98-cent CDS pay out
3 years ago
Nine bonds are on an initial list of deliverable obligations to settle at auction CDS referencing Noble Corporation, the latest CDX HY index constituent to trigger a bankruptcy credit event -
Curve traders take hammer to US high yield kink
3 years ago
Curve traders in US high yield credit look to be having a momentous week, with underperformance of three-year and outperformance of seven-year spreads versus the more widely traded five-year tenor -
Europe's grind puts IG decompression trades in scope
3 years ago
The gap between US and European investment grade CDS indices has doubled this week from the tight end of its recent range, positing a possible entry point for compression trades -
Matalan becomes first Crossover index default in over year
3 years ago
Matalan, the UK based retailer, is the first default to hit the on-the-run series of Europe's iTraxx Crossover index, with the Determinations Committee ruling it has triggered a bankruptcy credit event -
Noble Corp auction date set as low recoveries stack up
3 years ago
The Americas Determinations Committee has set a date to settle CDS referencing the offshore driller, which looks set to follow Chesapeake Energy as the latest in a run of big pay outs for protection buyers -
Curve trades in focus as US high yield surges tighter
3 years ago
The strength of improvement in US high yield spreads looks to have shifted gear, with outperformance over European credit and a big move for CDX HY index curve trades -
Distressed to the nines: Noble joins CDX HY default tally
3 years ago
Noble Corporation, a US offshore drilling company, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled - making it the ninth default in the on-the-run CDX HY index -
Banks and high yield corps lead charge as results prompt European rally
3 years ago
High yield corporate credit is today's outperforming part of the market as European credit rallies back from its recent wides, as the latest round of earnings proves stronger than many had expected -
Convertible notes make final list for delayed Chesapeake auction
3 years ago
A delayed credit event auction to settle Chesapeake Energy Corporation CDS will proceed on Tuesday with convertible notes included as deliverable obligations, after the Determinations Committee ruled these were eligible -
Wirecard CDS settles above single digits
3 years ago
Wirecard CDS just about bucked the recent trend of defaulting credits settling in single digits at auction -
AT1s come into focus after financial CDS rally
3 years ago
The credit rally in June and July has favoured CDS referencing financial borrowers, but sources note a breakdown of usual market relationships that has left pockets of value for investors -
High yield traders take stock amid Crossover/HY compression
3 years ago
A convergence trade is underway this week in the high yield credit market, with US index CDX HY reaching its nearest level versus European counterpart iTraxx Crossover since the start of June -
Europcar bonds and CDS take a spin ahead of earnings
3 years ago
Europcar Mobility Group is having a car-crash trading session in bonds and CDS today ahead of its expected earnings report -
Seven dealers sign up for Wirecard CDS auction
3 years ago
An auction tomorrow to settle Wirecard CDS will have just seven participating dealers - three fewer than has been customary in other recent credit event settlements -
Travel firms lead sell-off on second wave fears
3 years ago
Travel related companies are in focus for European credit investors at the start of the week, following the UK government's decision to re-impose a 14-day quarantine on people arriving from Spain -
First movers in focus for CDS as market grinds to new tights
3 years ago
First is the operative word in corporate credit movers this week, with UK transport firm Firstgroup leading European CDS improvers while FirstEnergy Corp heads the worst performers in the US
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