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Bespoke bond baskets on the rise as investors seek targeted portfolio trades
1 year ago
High yield index replication and accessing illiquid exposure are two factors building momentum for a new investment approach that bundles bonds into a single risk piece -
Property giant takes a tumble as European fortunes diverge
1 year ago
Adler Group, the German real estate giant, is once again coming under intense pressure in the credit market amid reports the country’s financial watchdog has begun a criminal investigation into its dealings -
DC rejects Yandex credit event question
1 year ago
Yandex will not be weighed as a credit event, with the Credit Derivative Determinations Committee having rejected the query it received on the matter -
Credit off to stronger start as dollar longs get squeezed
1 year ago
Financial markets are off to a better start this week, with risk assets repairing some of their recent damage as the US dollar eases back from the highs it has hit against other currencies -
Credit fund bleed out looks hard to stem, as hawks ignore macro gloom
1 year ago
Ever more investors are running to safety as risk assets tally up another rough week, with strategists warning there is no end in sight for credit fund outflows while central banks hold their course on rate hikes -
Yandex posed to DC as restructuring credit event
1 year ago
Yandex, the multinational internet and search engine company that serves Russian language users, has been posed to the Credit Derviative Determinations Committee as a restructuring credit event -
Bond / CDS basis in play as heavy market rout extends
1 year ago
The rout of financial markets has resumed at pace on Thursday, with sizeable moves that add to relative value disparities between cash and synthetic credit -
US retailers hit hard as inflation and dollar spark big sell-off
1 year ago
Inflation worries and a strengthening US dollar have once again upended the credit market’s fragile confidence, taking spreads on a violent lurch wider with the US underperforming Europe -
Sunac CDS must be physically settled, says DC
1 year ago
No credit event auction is required to settle CDS contracts referencing Sunac China Holdings, the Asia Ex-Japan Credit Derivatives Determinations Committee has ruled -
CLO managers in the mix for first US credit event auction since 2020
1 year ago
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently -
Investors hold tight amid Chinese slowdown and Nordic affront to Russia
1 year ago
Financial markets are opening the week on a cautious tone, as Chinese economic data weakens the global growth outlook and new Nato applications intensify the stand-off with Russia -
Credit retreats from wides, but worrisome test levels remain in view
1 year ago
Another rocky week for markets is ending with credit finding a firmer tone. But big questions remain unanswered about relative value and the levels some sectors could test -
Europe feels Arctic chill while currency and tech woes add to fear
1 year ago
European markets have again taken a bearish turn on Thursday, with Finnish Nato aspirations, the strengthening US dollar, persistent inflation and slumping tech stocks adding to investors’ deepening dismay -
Talen triggers first index-hitting credit event since Europcar
1 year ago
Talen Energy Supply has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, making this the first default to hit US high yield index CDX HY since September 2020 and the first to hit a CDS index since January last year -
CDX HY faces first constituent default since 2020
1 year ago
The Americas Credit Derivatives Determinations Committee has accepted a request to rule on a CDX HY index constituent default - the first it has faced in the US since mid-2020 -
China builds wall of defaults as third real estate co triggers
1 year ago
Sunac China Holdings has become the third Chinese property company this year to trigger a failure-to-pay credit event -
Credit and equity retreat from extremes but oil slumps further
1 year ago
Financial markets are mounting a tentative recovery on Tuesday, having been hammered to new bearish extremes at the start of the week -
Stalling growth engines leave market in deeper turmoil
1 year ago
Financial markets are starting the week in another heavy slump, with credit hitting new wides as various asset classes take a beating from economic growth fears and the prospect of a recession in Europe -
Post-Fed volatility prompts stark reassessment of credit relative value
1 year ago
Central bank policy moves have caught markets off-guard, with volatility ensuing and spreads hitting new wides -
US / European high yield compression trades win as Fed unveils new hiking regime
1 year ago
The remarkable recent outperformance of US credit derivatives index CDX HY has reached a key juncture, with reaction to the Federal Reserve's announcements causing it to trade inside European counterpart iTraxx Crossover -
German real estate co volatility spikes after auditor refuses earnings sign off
1 year ago
Adler Group has hit new levels of volatility in financial markets after auditor KPMG refused to certify the company's full-year 2021 results and board members offered their resignations -
German real estate co troubles mount on short-seller response and earnings no-show
1 year ago
Friday is proving a bad day to end a bad week in a bad year for Germany's Adler Group, with debt risk measures hitting new levels as short-seller Viceroy responds to the firm's recent investigation by KPMG and the market rumour mill goes up a gear -
Domino effect as third Chinese property credit event question topples onto DC's pile
1 year ago
Sunac China Holdings has become the third Chinese property company in as many months to be proposed to the Credit Derivatives Determinations Committee as a potential credit event -
SEC's CDS proposals could impede market rather than help it: Barclays
1 year ago
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday -
Earnings wait puts German firm’s investors in real state
1 year ago
The credit market’s brief relief rally on Thursday morning has given way to a resumption of the bearish run, with one European high yield borrower entering dangerous territory and Tesla coming under pressure in US credit after its share price took a hit
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