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Tobacco splutters in broad market sell off
3 years ago
Credit and equity are under pressure on Tuesday as markets pull back from their improved levels amid concerns about the worsening global covid-19 picture. But tobacco companies have their own problems to contend with, with the US considering a proposal to require lower nicotine levels in cigarettes and other countries also looking to curb sales -
French foodco CDS jumps on bond offering
3 years ago
Picard, the French frozen foods company, is a big underperformer in credit markets on Monday, as it limbered up to bring a triple-tranche bond deal -
China contagion fears linger as Huarong rebounds
3 years ago
China Huarong Asset Manager, the state-owned bad debt manager, is back on a path to improvement after shocking markets by delaying its annual report. But questions remain over the extent of government support and the ripple effects to the wider credit market -
Travel company CDS soars wider as bond issue converts to concern
3 years ago
TUI, the Anglo-German travel operator, is under pressure in credit and equity markets just it has launched an offering of convertible bonds -
Hermes seeks ESG alpha in companies making changes
3 years ago
Buy-side demand to tick boxes for ESG standards has fuelled a boom in green and social impact bonds that is extending into high yield issuance. But as investment opportunities mount, so does soul-searching about the next phase -
Dutch telco CDS leaps on private equity rumours
3 years ago
An iTraxx Europe constituent has surged wider in five-year CDS amid reports of a buy-out approach -
Options investors look to medium-term market normalisation
3 years ago
Credit index options trading has been heating up, with investors looking to take views on future market volatility well beyond the customary three-month horizon as Europe and the US grapple to keep a lid on rates. -
Corporates show resilience despite sovereign struggles
3 years ago
Turkey’s sovereign credit spread blow-out in the second half of March came as a shock for emerging market credit investors, adding to jitters Brazil had caused a month earlier. But it also highlighted a new trend of corporate borrowers shaking off sovereign weakness -
Credit Suisse bears brunt of left-field hit to financials
3 years ago
Financials trading in March served as a reminder that mishaps can hit an investment portfolio from the unlikeliest of directions — and in the calmest of markets -
Single names make big gains as indices dither
3 years ago
Single name CDS in the US and Europe have strongly outperformed from the start of the week, rallying sharply and across most of the credit universe despite direcctionless trading for indices -
No sign of caution as single names pick up rally into long weekend
3 years ago
Credit has extended its impressive rally into the long weekend, with single names playing catch up with indices amid economic recovery signals and on the back of US president Joe Biden unveiling a $2 trillion infrastructure plan -
High yield leads way as credit steals march on Biden boost
3 years ago
Credit indices have taken another turn for the tighter, even as stocks stay flat ahead of US president Joe Biden unveiling his infrastructure and economic recovery package -
Corp hybrid popularity mounts, but strategist outlooks diverge
3 years ago
Corporate hybrid bonds are becoming a focal point for investors in the second quarter, with one bank's credit strategy team making them a top pick to trade spread compression while another's has expressed caution on their likely performance -
CDX HY index adds 21bp in roll to series 36
3 years ago
US high yield index CDX HY rolled into series 36 on Monday, starting life 21bp wider than outgoing series 35 -
Banks take big hit as investment firm's fire sale rages
3 years ago
Banks exposed to embattled investment firm Archegos Capital are blowing out wider in credit markets today as their stock prices slump -
Spreads rally sharply ahead of US high yield index roll
3 years ago
Credit markets are rallying into the weekend, pushing US high yield index CDX HY inside a key trading level ahead of its roll to a new series on Monday -
TRS goes electronic on Tradeweb with iBoxx trade
3 years ago
Tradeweb Markets has completed what it says is the first ever fully standardised total return swap trade based on IHS Markit’s iBoxx US Dollar Liquid High Grade index -
Tikehau places €500 million sustainable bond as it plans high yield impact fund
3 years ago
Tikehau Capital has placed an inaugural sustainable bond that it says is the first of its kind for an asset manager -
CDX HY roll calculations shift as new name change added
3 years ago
A sixth CDX HY constituent change has been added to the provisional list for the index's roll on Monday from series 35 to 36 -
Roll pushes indices wider but fair value trumps technical positioning
3 years ago
Several CDS indices rolled into new series on Monday, with all of them adding spread over the outgoing versions due to added duration as well as composition changes -
CDX HY to include name with no CDS as new liquidity rules shape portfolio
3 years ago
Changing name selection criteria for the CDX HY is set to produce an unusual result at the forthcoming roll into series 36, with one borrower constituent entering the index that as yet has no CDS attached -
Yield rise is buying signal for bonds, says BNP Paribas
3 years ago
Credit spreads are set to hit new cyclical tights in the coming months, with the recent rise in yields having offered an attractive entry point especially for high-rated bonds, say BNP Paribas credit strategists -
ESG basket grows and rising stars take focus in CDS index roll changes
3 years ago
Expansion of the ESG investing universe is a prominent feature of this month's roll of iTraxx and CDX indices into new series. Improved credit performance of high yield companies is also a focus, with several moving up into investment grade portfolios -
Brazil upheaval sends EM spreads to new wides
3 years ago
Emerging market credit spreads are reaching new wides, with Brazil holding focus in the sell off amid a spike of covid 19 cases and deaths well beyond the country’s previous peak. Elsewhere credit is in a stable range but underperforming a more buoyant turn in other asset classes -
Tabula makes series of hires for active credit fund launch
3 years ago
A new arm of independent investment manager and fixed income ETF provider Tabula Investment Management has made four hires as it looks to launch actively managed credit strategies with a systematic approach
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