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Market rides out China-US fray with oil, rates and jobs back in focus
1 year ago
US and European credit markets are exhibiting a firmer tone on Wednesday, with investor focus having shifted from Taiwan concerns to Opec+ oil supply. But a looming Bank of England rate hike and US jobs data mean caution remains the watchword -
Oxford Lane reveals reinvestment goal as it trades over $200 million in secondary CLOs in Q2
1 year ago
Senior officials at Oxford Lane Capital Corp described the firm's second quarter approach to CLO investing on a Tuesday earnings call, revealing trades of CLO equity and junior debt amounting to $237.8 million -
China concerns fuel sell-off, but technical trading drives Euro-US relative value shift
1 year ago
Another lurch wider for spreads is reopening some of the recently healed divide between European and US credit performance, even though US-China relations are among investors’ biggest growing concerns -
Italian rally extends as Europe opens week on stronger tone than US
1 year ago
Improvement in Italian spreads is helping the European market maintain its better tone at the start of the week, but after July’s rally many investors will be wary at entering a month that has often been negative for credit performance -
Relief rally extends despite US and EU sending mixed signals on recession
1 year ago
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession -
Fed gives boost to markets, but warm glow may wane fast
1 year ago
Financial markets are carrying over the rally they began on Wednesday, after the US Federal Reserve appeared to signal it could ease its foot off the pedal with future rate hikes -
US tech earnings fuel relief rally even as Europe's gas supply drops
1 year ago
Stronger than anticipated earnings at US tech giants have boosted financial market sentiment and brought a relief rally to credit following yesterday’s sell-off -
Russia and retail put stop to credit rally with big spread reversal
1 year ago
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider -
Wells Fargo hires US CLO trader
1 year ago
Wells Fargo has added to its US CLO trading team in Charlotte -
Relief rally lifts markets despite Italy turmoil adding to ECB headache
1 year ago
Financial markets look to be heading to the weekend on a slightly firmer tone, as investors ease back from their bearish positioning of recent sessions -
Italian rout gathers pace as credit relationships warp well beyond historical norms
1 year ago
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment -
Europe takes brunt of spread blowout as US inflation exceeds forecasts
1 year ago
The gap in performance between European and US credit has yawned wider on Wednesday, with investors adding hedges indices in response to a key inflation number that came out higher than expected -
Euro credit drives wider as currency hits parity with dollar
1 year ago
Caution ahead of the latest US inflation numbers, weakening commodity prices, and the euro falling to within touching distance of the dollar have taken financial markets on another downwards push, with European credit again an underperformer -
IG payers provide best tail-risk hedges: Barclays
1 year ago
Investors seeking the cheapest tail risk hedge should look to CDX IG payers, while iTraxx Europe payers are the best hedge against further European underperformance, finds Barclays -
Mixed signals abound but European weakness persists
1 year ago
European financial markets are losing further ground against the US in a cautious start to the week, as the euro approaches parity with the dollar for the first time and latest data supports the Federal Reserve maintaining a hawkish approach to policy -
Go long duration in consumers and industrials: BofA
1 year ago
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists -
Euro loans with FX hedging offer better value than US: Barclays
1 year ago
The big underperformance of European loans in June has left them looking cheap versus those in the US – but FX hedging and a nuanced selection process are advisable for investors looking to take advantage of that -
"The CLO that started the wave of prints and sprints paid near 20bp more than the market average"
1 year ago
It is possible to hit a home run with a print and sprint CLO, but execution is difficult -
"If anything is to be salvaged from the rest of 2022, the economy needs a hero — and quickly"
1 year ago
Something has gotta give as a recession looms in the US. Might it be energy? -
CSO equity investors line up deals amid dispersion threat
1 year ago
Synthetic bespoke tranche issuance has hit an impasse in recent months, denting projections for overall 2022 business at the mid-year point. But unlike the covid sell-off of 2020, wider spreads have created a queue of buyers ready to drive deals if condition -
Europe leads relief rally while UK gets Borexit done
1 year ago
UK prime minister Boris Johnson’s resignation has brought a collective sigh of relief across all political parties on Thursday that finds pathetic fallacy – but little attributable causal connection – in a strong relief rally in European financial markets -
Can someone call the triple A? We’ve stalled
1 year ago
CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt -
They said it: "We are proud to be moving our industry in a direction that will bring greater liquidity..."
1 year ago
Brian Carosielli, co-head of global credit trading at Bank of America, on a new CLO trading platform -
Points up front: BofA takes both sides
1 year ago
As dealers joined forces for the Octaura electronic trading platform, KopenTech announced a rival... -
CLOs aim to pick up pieces as fear drives dip in loans
1 year ago
Leveraged loan investors grew skittish in June, with prices slipping as the likelihood of a US recession increased, according to market sources.
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