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- Emerging markets (1)
- High yield bonds (remove)
- Investment grade credit (13)
- CLO (3)
- Distressed debt (5)
- Credit derivatives (14)
- Leveraged loans (10)
Correlation rise stokes mezz rally but adds to CSO woes19 days ago
Below the calm surface of the credit market, correlation has been churning and creating dislocations rich with reward for index tranche traders but complicating bespoke issuance, say sources.
Complacency rules after rally in run-up to UK election2 months ago
UK credits rallying was a familiar sight for much of November, mainly due to investors cutting their previous short positions ahead of the country’s 12 December election, but dealers reported little appetite to replace long, short or hedging trades going into the final stretch.
Deep dive trade is on, but single name risks still abound2 months ago
High yield CDS is reversing its previous underperformance versus investment grade, reflecting an investor shift down the quality spectrum in cash bonds.
- The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds.3 months ago
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders3 months ago
As sources of funding dry up for the weakest borrowers in the credit market, some correlation traders are calling for an overhaul of CDX NA HY index tranches to make trades on wide-end dispersion more effective.
Past returns: Bond king’s exit ends CLO refis3 months ago
Five years ago in Creditflux, we reported on a market absorbing the consequences of ‘bond king’ Bill Gross leaving Pimco, the firm he co-founded.
Corporate credit performance expected to catch up with financial borrowers as European quantitative easing begins3 months ago
The return of European Central Bank quantitative easing on 30 October portends a catch up this month of corporate credit performance with other parts of the market, such as financial borrowers, say strategists.
Over 1,200 sign up to CDS protocol3 months ago
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).
Narrowly tailored event protocol set to go live in weeks4 months ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.
Roll week leaves CDS in strange places4 months ago
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times.
Credit traders' kickstand: Europe ascendant as high yield pipeline returns5 months ago
The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months
- US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds
Flat curves and decompression make waves below the surface6 months ago
Hopes of using the summer slowdown to get to the beach may be tempered for credit relative value traders, where opportunities abound behind the uninspiring benchmark numbers of the slow market grind.
Net short language could force lenders to sell at a loss6 months ago
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.
Back to basis (and skew) as relative value plays catch-up6 months ago
Basis trades between bonds and CDS failed to gain traction during July as synthetic markets held ground or improved their position versus cash, but this is beginning to change, say market participants.
Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs9 months ago
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week
Ice seeks consensus with credit risk analytics service9 months ago
Intercontinental Exchange (Ice) has launched ICE Credit Risk, a suite of analytics it will provide in collaboration with financial risk assessment company Credit Benchmark
- The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates9 months ago
Moving on from the late 2018 hangover10 months ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues
BRF avoids butcher’s block – for now1 year ago
While Brazilian meat exporters appear to have survived claims of widespread malpractice throughout the country, the future of the world’s largest poultry producer still hangs in the balance
Libor rise gives timely boost to US loan yields1 year ago
Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market
Reg cap trades spawn a secondary market, but not as we know it2 years ago
It’s small, and at its early stages, but a secondary market is emerging for risk transfer deals
Spotlight: Local exchange carriers - calling for rescue on the M&A hotline2 years ago
Growth-starved US phone companies are seeing consolidation as the best way to improve performance
Former RBS official joins brokerage to trade CLOs in New York4 years ago
A brokerage, which last year expanded into US CLO trading, has recently made another hire to its group in New York
CLO trader makes unexpected departure from Highland4 years ago
Highland Capital Management has parted company with its lead CLO trader, according to reliable sources
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