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Credit finely poised despite German affront to ECB bond buying programme
3 years ago
Credit markets have hit a moment of near equilibrium, with little change in most spreads, as the market seeks firmer answers to questions lockdown easing, earnings, oil supply/demand and political stand-offs -
Whiting CDS heads to auction, with Morgan Stanley joining bidders
3 years ago
The credit event auction to determine Whiting Petroleum CDS takes place today, with Morgan Stanley added to participating bidders and the pay-out to protection buyers expected to be as much as 90 cents in the dollar -
Frontier CDS auction final list points to 75 cent pay-out
3 years ago
An auction next week to settle Frontier Communications CDS will have 20 deliverable obligations, according to a final list published by the Americas Determinations Committee. The cheapest of these suggest a payout on CDS of around 74.5 cents -
European credit converges further with US after White House stokes coronavirus dispute
3 years ago
The mood hangs heavy in credit markets as the week begins, with the US having ramped up its war of words with China over the origin of coronavirus and much of Europe returning from 1 May holidays to catch up on Friday's move wider -
US-Europe relative value gap closes as market sell-off resumes
3 years ago
Credit markets are heading wider into the weekend, with European underperformance closing a relative value gap that had opened with the US last Friday. The moves accompany detoriation in equity markets, stoked by the threat of a renewed US-China tariff war, pressured bank results, airline job cuts and poor UK economic numbers -
Ecuador CDS auction has 10 bonds with only three-cent range
3 years ago
There are 10 bonds on an initial list of deliverable obligations to settle Ecuador sovereign CDS at auction, with the cheapest of these likely to recover at less than 29 cents -
Mood lifts on stressed credits as European high yield leads rally
3 years ago
Some of the widest trading companies in European credit made a sharp move tighter on hopes of government support extending into high yield, as rallying momentum picked up this morning across the market before a US-led reversal -
Autos dominate in BofA €25 billion fallen angel watchlist
3 years ago
Downgrade impact for fallen angels in the coming months could be more extreme than during the 2008 financial crisis, Bank of America strategists have warned, as they identified €25 billion worth of debt at European investment grade companies most at risk of falling into high yield territory -
Diamond set to be fourth CDS auction in May
3 years ago
An auction to settle CDS referencing Diamond Offshore Drilling will take place on 22 May, the Americas DC has said, adding to auctions earlier in the month for Whiting Petroleum, Frontier Communications and Ecuador -
Ecuador CDS gaps tighter as it heads to credit event auction
3 years ago
CDS referencing Ecuador sovereign bonds are rallying sharply, just as the Americas Determinations Committee set a date for them to be settled at a credit event auction -
Selecta and Southwest battered as market trades flat as a pancake
3 years ago
Single name credit movements are taking focus as market volatility abates, with Selecta Group and Southwest Airlines earnings putting them among the biggest wideners -
Europcar on the move with Spanish and shareholder support
3 years ago
Europcar Mobility Group is among the biggest movers today in bonds and CDS, after the French car rental company obtained Spanish government support and shareholder Eurozeo confirmed it would take part in a financing plan -
HY tranche traders face another cut as Diamond hits the rough
3 years ago
US high yield index CDX HY has suffered its third constituent credit event in a month, after Diamond Offshore Drilling filed for chapter 11 protection in the Southern District of Texas. This is also the fifth default to hit on-the-run CDX HY tranches -
Ecuador has triggered CDS contracts, says Determinations Committee
3 years ago
Ecuador has triggered a restructuring credit event, the Americas Determinations Committee has ruled -
Airlines and banks lead way as credit rallies on aid measures
3 years ago
Airlines are getting the best of a positive start to the week, with hopes of financial assistance growing for European carriers and spreads generally pushing tighter after the Bank of Japan unveiled new stimulus measures -
Credit keeps its own rhythm amid oil crash and EU clash
4 years ago
As another week of worry and disappointment ends, the most optimistic thing that can be said for credit is the new peak spreads are lower than those that went before - suggesting a more manageable level of volatility is starting to characterise the market -
Lebanon CDS auction pays out 86 cents to protection buyers
4 years ago
Holders of protection on Lebanon sovereign debt have received an 86 cent pay-out on every dollar, after today's credit event auction produced a final price of just 14 cents -
Matalan heads deep into distress
4 years ago
Matalan, the UK retailer, is heading deep into distressed territory with its five-year CDS surging wider today -
US/Europe relative value in play as oil prices stabilise
4 years ago
Tightening European credit indices today have added to the relative value trading opportunity with US counterparts ahead of that market's open -
Whiting CDS auction delayed as bonds slump to single digits
4 years ago
The Determinations Committee has voted to postpone by a week an auction to settle CDS referencing Denver headquartered exploration firm Whiting Petroleum -
Eight bidders line up for Lebanon CDS auction as Morgan Stanley joins
4 years ago
Tomorrow's auction to settle Lebanon sovereign CDS will have eight participating bidders, after the Determinations Committee voted to add Morgan Stanley to the list -
Market sell-off gathers pace as oil rout spills over into credit
4 years ago
Credit spreads are pushing wider across the board today, along with slumping stocks, after a crash in oil prices took WTI futures below zero for the first time -
DC accepts Ecuador credit event question
4 years ago
The Americas Determinations Committee has agreed to rule on whether Ecuador has triggered a restructuring credit event -
Frontier CDS auction to follow Lebanon and Whiting Petroleum
4 years ago
An auction to settle CDS referencing Frontier Communications will take place next month -
Fortunes diverge for widest retailers as Crossover passes 500bp
4 years ago
CDS referencing Hema and Matalan, two of the riskiest constituents of iTraxx Crossover, have moved sharply in different directions amid a broad sell-off of Europe credit that takes the index back above 500bp
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