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193 results found Showing page 1 of 8

  • Credit traders' kickstand: market whipsaw throws tranche trades and index rolls into focus
    Credit's relief rally was unlikely to last long, but hopes of reaching the weekend are dashed on today's sharp reversal, right as CDX HY and CDX EM roll into new series

    1 day ago
  • Delay on derivatives phase five initial margin roll-out is vital, says Isda
    Regulators must agree to delay the roll out of the next initial margin phase because of the coronavirus pandemic - and notify the market soon, the International Swaps and Derivatives Association has said in a letter signed by 21 trade associations

    2 days ago
  • Jump-to-default risk collapses after Senate backs biggest ever US relief package
    The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves

    3 days ago
  • Credit markets rally, but hopes rest on US stimulus vote
    Credit spreads are rallying back today, along with other financial markets, as hopes rise the US congress will agree a massive fiscal stimulus package and other governments in major economies echo a "whatever it takes" line to combat the coronavirus outbreak

    4 days ago
  • Credit market hits new wides as government outbreak measures intensify
    Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak

    5 days ago
  • Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
    What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence

    8 days ago
  • CDS index rolls to proceed on time despite record volatility and lockdowns
    This Friday's move into new CDS index series will go ahead as scheduled, administrator IHS Markit has said, having sought advice on whether to postpone the roll date due to coronavirus-led market volatility

    10 days ago
  • CDS index roll day threatened with delay by virus volatility
    This week's scheduled move to new series of iTraxx and CDX indices has been thrown into doubt by the extent of coronavirus-led volatility, with IHS Markit consulting on whether to postpone the roll day

    11 days ago
  • Credit hits new wides as US and Europe ramp up coronavirus battle plans
    An emergency weekend rate cut by the US Federal Reserve as well as population lockdowns in France and Spain underscore that measures of economic risk have moved to a more systemic level as world governments scramble to deal with the impact of the coronavirus outbreak

    12 days ago
  • Credit traders’ kickstand: roll nightmares haunt CDS market as indices whiplash
    It’s Friday 13th, but CDS traders will be hoping the worst of the horror shows are behind them as they try to regather their shredded nerves in time for next week’s biannual index rolls


    15 days ago
  • Curve inversion for airlines and freight as Trump travel ban sparks sell-off
    Airlines, travel firms and shipping companies are among some of the credits hit hardest by US president Donald Trump’s imposition of a ban on travel from mainland Europe, a move that sent the iTraxx Crossover index back to its widest level since October 2012

    16 days ago
  • McClatchy whacks out killer headline as CDS pays 98 cents
    A month ago, when US newspaper company McClatchy triggered a bankruptcy credit event, sellers of CDS protection may have consoled themselves they were only looking at paying out around 27 cents on the contracts. But yesterday’s credit event auction set the final price at just two, meaning a whopping 98 cent windfall for protection buyers

    17 days ago
  • Credit breakdown as one-day volatility outstrips financial crisis
    Credit default swap markets have surpassed the record one-day volatility of the global financial crisis, with indices surging to new wide prints as the spiralling impact of the coronavirus outbreak brings government lockdowns on travel while wreaking havoc on oil prices and supply chains

    19 days ago
  • Credit traders' kickstand: this is not a drill
    Freefall in financial markets has brought one of the credit market’s most volatile sessions on record, as coronavirus cases globally near 100,000 and the WHO has warned governments are not doing nearly enough. iTraxx Crossover one-day volatility is up with the 2008 global financial crisis and 2011 European sovereign crisis

    22 days ago
  • Huge CDS gap yawns between US and Europe, despite Fed intervention
    Having crossed paths in a rare moment of compression on Monday, iTraxx Europe and its US counterpart CDX IG have since undergone one of their biggest moments of dislocation since the global financial crisis, as an emergency rate cut by the Federal Reserve failed to comfort investors about the impact of the coronavirus on the US economy

    24 days ago
  • McClatchy bonds point to 50 cent CDS pay-out as auction deliverables finalised
    McClatchy CDS in on course to pay out around 50 cents, based on cheapest bonds to deliver, after the Americas Determinations finalised five deliverable obligations for the media company’s credit event auction next week

    25 days ago
  • Europe rallies hard after CDX IG closes tighter for first time since June
    Volatility in credit remains heightened due to the coronavirus outbreak, but movement has become two-way, with European CDS indices surging tighter today after US index CDX IG ended yesterday’s session tighter than iTraxx Europe for the first time in nine months

    25 days ago
  • McClatchy initial list points to 48 cent CDS pay-out
    McClatchy CDS looks set to pay out around 47.5 cents to protection holders, if bonds on an initial list of deliverable obligations for the media company’s credit event auction make it to the final list

    1 month ago
  • CDS takes brunt of coronavirus panic sell-off
    European credit derivatives are among the hardest hit assets today amid a broad sell-off, as the fast spread of the coronavirus into Italy, Korea and Iran has brought a reappraisal of the impact it could have on financial markets

    1 month ago
  • Credit traders’ kickstand: weaker mood, but primary drive strengthens
    The primary market for high yield bonds is open again, after a pause around the US holiday on Monday, with issues in Europe today from the likes of SIlgan and Catalent striking a bullish tone and setting the scene for an expected flurry of deals next week. But this comes as credit generally weakens, with concerns about the spread and reappraisal of coronavirus cases causing spreads to push back from their recent tights

    1 month ago
  • McClatchy CDS auction set for 10 March, despite fast-track request
    Dealers on the Americas Determinations Committee have unanimously agreed to hold an auction to settle McClatchy CDS on 10 March, ignoring a request to expedite the process ahead of the media company’s scheduled plan of reorganisation

    1 month ago
  • Super-fast CDS auction demanded on McClatchy
    The DC has ruled that media company McClatchy triggered a bankruptcy credit event on 13 February. But it is yet to set a date for the credit event auction

    1 month ago
  • McClatchy bankruptcy adds to slew of US media credit events
    The McClatchy Company, a media sector constituent of CDS index CDX HY, has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled

    1 month ago
  • Whiting Petroleum CDS gaps wider as it engages debt advisors
    Credit event concerns have taken CDX HY constituent Whiting Petroleum to a recent wide print, after the energy exploration firm’s management held talks with advisors to find ways to remedy its capital structure

    1 month ago
  • Sprint Comms CDS races tighter on T-Mobile merger nod
    Sprint Communications, a telco constituent of US high yield index CDX HY, was by far the biggest mover in CDS yesterday, after the Federal Court in New York approved the company’s proposed merger with T-Mobile US

    1 month ago

193 results found Showing page 1 of 8

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