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Financial CDS plan for CDX IG suffers third rejection
2 days ago
IHS Markit's index advisory committee has once again rejected a proposal to include financial borrowers in the CDX IG index at its next series, a move that would have put it more in line with European counterpart iTraxx Europe -
Europcar sets course for high recovery in 2021's first credit event auction
3 days ago
An auction to settle CDS referencing Europcar Mobility Group has generated an initial market midpoint of 73.5 cents, implying the pay-out to protection buyers could be only 26.5 cents - much lower than five-year CDS contracts had implied -
Jaguar accelerates tighter as CDS indices go their own way
4 days ago
UK carmaker Jaguar is on a rallying run and gathering pace in CDS, despite CDS indices underperforming the more bullish tone in other assets, including bonds -
LCH reports 60% growth in CDS clearing
5 days ago
LCH, the central clearing house of London Stock Exchange Group, has reported growth in clearing of index, option and single name CDS during 2020 -
Primary weighs as pain contributor in credit slump
5 days ago
Credit is beginning the week on uncertain footing with spreads widening on worries about covid case numbers in Europe and investors trying to size up the scale of primary market activity in the coming weeks -
Full circle for credit as investors navigate stormy year-opener
8 days ago
Credit is ending 2021's politically tumultuous first week tighter in cash bonds and flattish in CDS spreads, but performance has noticeably lagged more emphatic improvements in stocks, commodities and the record-hitting Bitcoin -
Bet on beta compression - except in sub fin CDS, say BofA strategists
9 days ago
Beta compression will be a dominant theme in 2021 for high yield versus investment grade CDS and bonds, financial versus non-financial credit and subordinated versus senior financial bonds, say Bank or America strategists in a research note. Short volatility positions are also attractive, they add, while cautioning sub versus senior financial CDS could buck the trend -
High yield has primary bonds more than Georgia on mind in third day of underperformance
10 days ago
European high yield credit is on a run of underperformance as the first signs of primary market bond issuance appear, with spreads widening for a third day straight against improvement in other asset classes -
Disconnect as credit sells off as stocks and oil strengthen
11 days ago
Credit is a big underperformer today versus stocks, with the sell off that began yesterday afternoon starkly at odds with the positive tone with which the week began -
Financials lead as credit opens 2021 with optimism
12 days ago
Financial credits, and particularly banks, are among the big movers today with the market having opened 2021 in buoyant mood following agreements on a Brexit deal and US stimulus package -
Sharp reversal for banks, travel and commodity firms as EU shuts borders
26 days ago
About a month's worth of improvement in high yield credit spreads - and nearly two months in investment grade - has been wiped out today, with European countries banning flights from the UK and Brexit talks missing a key deadline -
Speculative protection buying censures managements that seek only to enhance their own wealth
29 days ago
The Catholic church misses the mark when referring to CDS as ‘finance of chance’ -
It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
1 month ago
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December -
Credit sell off gathers pace ahead of Brexit crunch day
With both sides in the EU-UK negotiations conceding that trade talks are most likely to conclude on Sunday without an agreement, credit is again a big underperformer today as more longs cut and run while hedging picks up -
Big push wider in high yield as traders cut their longs
1 month ago
Europe's iTraxx Crossover CDS index has given up a big part of its recent rally today, underperforming other indices amid signs traders are closing up books early for the end of the year -
Index sell off hits at start of busy week for primary
1 month ago
Credit is stumbling into the week, with a widening of index spreads that noticeably underperforms stock markets -
LCH starts clearing US credit index options
1 month ago
LCH, the central clearing house of the London Stock Exchange Group, has expanded its CDSClear service to clear US credit index options -
ECB stimulus hopes bolster high yield outperformance
1 month ago
Spread compression has picked up again, with European high yield taking the lead as expectations mount for another round of European Central Bank stimulus at its meeting next week -
High yield resumes compression as IG seeks direction
1 month ago
High yield companies are once again among the best performers today as compression resumes with the investment grade credit market, despite an absence of compelling signals from stock indices or oil prices -
Wide-end names gain ground as market hits impasse
1 month ago
Financial markets appear to have a hit resistance points in several asset classes today, with credit, stocks and oil prices struggling to find traction despite encouraging signals from the UK on rolling out the Pfizer/BioNTech covid vaccine -
Spread compression resumes with US passing key milestones
1 month ago
Credit markets have resumed their crunch tighter today, with an absence of any obviously negative brakes to offset strengthening Asian industrial numbers and applications by vaccine makers for emergency approval in the US and Europe -
Bulls give up some gains as IG banks and energy lead market wider
1 month ago
In a cautious opening to the week, credit spreads are edging wider against a backdrop of faltering oil prices but marginally strengthened stocks -
Compression plays out as HY and European CLO double Bs outperform
1 month ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
Europe keeps to the grind with wide-end driving improvement
1 month ago
Credit exhibits a firm tone as the week draws to a close, with index spreads grinding back towards their tights despite a mixed picture for oil prices and much of the US market away after the thanksgiving holiday -
Europcar bonds hit full throttle on restructuring agreement
1 month ago
Europcar bonds are among the best performing in a flattish market today, after the French vehicle hire firm obtained an agreement with its main creditors on a financial restructuring
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