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Skew in focus for second day as single names move sharply against index
1 year ago
Credit indices are trading out of sync with their underlying constituents for a second day this week, with single names broadly widening despite investors seeking to maintain flattish macro positioning -
Russian sovereign posed to DC as 'potential failure to pay'
1 year ago
The Russian Federation has again been referred to the Credit Derivatives Determinations Committee for the second time in a month, this time with the questioner asking if a potential failure to pay has occurred -
High yield and IG single names diverge even as buyside seeks macro neutrality
1 year ago
High yield and investment grade single names are moving in opposite directions at the start of the week, while indices reflect a push by investors to cut directional exposure to macro credit -
Sovereign in scope as Russian Railways triggers first Ukraine-linked credit event
1 year ago
Russian Railways had triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled, making this the first sanctions-related credit event since Russia's invasion of Ukraine in February -
Investors weigh up Fed calendar and valuations after bruising week
1 year ago
Financial markets are taking stock on Friday after a big sell-off in risk assets, with credit spreads nursing the wounds caused by this week's returning focus on hawkish central bank policy versus rich-looking valuations -
Blackstone lands big name as bank's synthetic structured credit talisman joins buyside
1 year ago
Blackstone has hired a well known figure from the synthetic structured credit market, with a prominent name in CSOs joining the firm after 18 years working on the sell-side -
Russia returns to default pricing as railway co awaits credit event vote
1 year ago
Russian credit spreads are once again under intense pressure and sanctions-related credit events are back under the spotlight as the country's state-owned railway company faces the scrutiny of the Emea Credit Derivatives Determinations Committee -
US oil drive boosts credit, but property firm goes against the flow
1 year ago
US moves to increase oil supply have prompted financial markets to resume rallying, after Russia dampened optimism on peace in Ukraine. But one European company is moving sharply in the other direction -
High yield gap yawns open after US index roll
1 year ago
A market rally ahead of Russia/Ukraine peace talks has added to the gap between European and US high yield credit derivative index spreads, a day after CDX HY rolled into a new on-the-run series -
Russia extends rally as DC rules against repudiation / moratorium
2 years ago
Russian Federation CDS contracts rallied strongly for a second day on Thursday, after the Credit Derivatives Determinations Committee ruled a repudiation / moratorium had not occurred on the country's sovereign debt -
Credit rally extends as investors welcome hawkish but clearer Fed message
2 years ago
Credit markets have carried their rally over to another day, fuelled in part by what investors have interpreted as a hawkish but clear message from the US Federal Reserve on policy tightening -
HY index to only receive one fallen angel, as five rising stars leave for IG
2 years ago
The addition of rising stars from the high yield market will be a prominent feature of next week's CDX IG index roll. But changes listed for CDX HY suggest the reverse will not be true when it rolls a week later -
China pledges and Russia/Ukraine peace hopes drive relief rally
2 years ago
Credit markets have surged tighter on Wednesday, with China's pledge to support covid-hit markets and hopes rising for Russia-Ukraine peace discussions ahead of US Federal Reserve policy moves that are widely thought to have been priced in -
China's covid response fuels regional dislocation and slowdown fear
2 years ago
Asian credit divergence has extended into a second day, with China's move to address rising covid numbers driving regional spreads as investors elsewhere await a closely watched Federal Reserve meeting -
Europe leads rally ahead of Fed despite mounting concerns from Asia
2 years ago
Credit markets have begun the week on a firmer tone, with Europe outperforming, despite concerns that rising covid-19 cases in China could add a further source of supply disruption -
Rising stars and Russia drive credit index roll changes
2 years ago
Rising stars will feature prominently in this month's roll into new iTraxx and CDX index series, but the market's riskiest names will remain in high yield baskets while at least one company falls foul of its links to Russia -
Volatility has teed up decompression trades: Barclays
2 years ago
Recent credit market turbulence has brought relative value trading opportunities between cash bonds and CDS, credit and equity as well as between investment grade and high yield, particularly in Europe -
Russia’s long EM index tenure cut in one swoop
2 years ago
Various constituent changes have been tabled for the forthcoming March roll of CDX and iTraxx credit derivative indices into new series, but one stand out is the administrator’s decision to eject Russia from all series of CDX EM -
Russia CDS won't be orphaned in credit event but could pay big, say investors
2 years ago
Contrary to a flurry of recent media reports, Russian Federation CDS contracts are highly likely to have deliverable bonds in the event the country triggers a credit event - and this could come soon with high pay outs for protection holders -
Nuclear power plant seizure amps up commodity chaos
2 years ago
The high volatility driven by Russia's invasion of Ukraine is taking financial markets to new extremes, with credit ending the week once again hitting new widest spreads since mid-2020 -
Traders eye expensive options as they look to get creative
2 years ago
Credit market volatility trades may look exceptionally expensive, but that is not stopping them being a prized tool for investors on a number of fronts — from hedging longer-term macro risks, through pre-March index roll positioning, to cross-asset relative value plays -
"Pivot points in curves may not stay where they have been historically"
2 years ago
CTAs and CSOs are changing the way credit curves move -
Market whipsaw sends indices and their constituents in opposite directions
2 years ago
The speed and violence of the credit market's oscillation is causing disruption in index skews, with constituent single names struggling to adjust quickly enough against deepening macro volatlity -
Euro volatility outpaces US with pivotal hours ahead in Ukraine
2 years ago
Financial markets took another battering on Tuesday, as Russia's war with Ukraine ramped up and western countries moved to enact new sanctions -
Ukraine crisis takes EU and Russian markets into new territory
2 years ago
Credit spreads went back to the wides again on Monday, after the European Union intensified its pressure on the Russian economy and reached an unprecedented agreement to supply Ukraine with weapons
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