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Duration, decompression and dispersion disconnects grow
1 year ago
Investors’ reassessment of the time they may need to hold on to positions — as well as the limited opportunity for some borrowers to access new capital — are adding to a growing list of factors causing credit market prices to disconnect -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
Russia oil ban accord unites markets in sell off
1 year ago
EU leaders’ compromise agreement on banning Russian oil imports by sea has presented a united front few may have thought possible only days ago. But financial markets have not reacted positively, with risk assets selling off as the euro slumps and oil hits its highest level since March -
Asia sets pace for Europe as rally extends in US absence
1 year ago
Credit market investors have resumed their optimistic stance on Monday, buoyed by a weaker US dollar and China reopening its economy after lengthy covid-19 restrictions -
Fund outflows extend despite sharp improvement in credit performance
1 year ago
This has been a much better week for credit and equity market performance than last, but that has not stopped the tide of investors looking to withdraw their money from funds for such risk assets -
Retailers, travel cos and Italian banks lead charge as market rally accelerates
1 year ago
Retail companies have been resurgent on Thursday as the credit market’s relief rally gathered pace, with Europe seeking to catch up with the US following its strong surge -
Bespoke bond baskets on the rise as investors seek targeted portfolio trades
1 year ago
High yield index replication and accessing illiquid exposure are two factors building momentum for a new investment approach that bundles bonds into a single risk piece -
Property giant takes a tumble as European fortunes diverge
1 year ago
Adler Group, the German real estate giant, is once again coming under intense pressure in the credit market amid reports the country’s financial watchdog has begun a criminal investigation into its dealings -
Let's play the Great CLO B-wic Price Drop
1 year ago
When CLO liquidity is weak, sometimes you have to take matters into your own hands. That's what happened last week as part of a novel auction set up by a CLO investor -
Credit off to stronger start as dollar longs get squeezed
1 year ago
Financial markets are off to a better start this week, with risk assets repairing some of their recent damage as the US dollar eases back from the highs it has hit against other currencies -
Credit fund bleed out looks hard to stem, as hawks ignore macro gloom
1 year ago
Ever more investors are running to safety as risk assets tally up another rough week, with strategists warning there is no end in sight for credit fund outflows while central banks hold their course on rate hikes -
SMBC brings in experienced CLO trader after departure
1 year ago
SMBC Nikko has filled a gap on its CLO trading desk -
Bond / CDS basis in play as heavy market rout extends
1 year ago
The rout of financial markets has resumed at pace on Thursday, with sizeable moves that add to relative value disparities between cash and synthetic credit -
Loan dip brings longest CLO primary pause since January
1 year ago
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week -
US retailers hit hard as inflation and dollar spark big sell-off
1 year ago
Inflation worries and a strengthening US dollar have once again upended the credit market’s fragile confidence, taking spreads on a violent lurch wider with the US underperforming Europe -
CLO managers in the mix for first US credit event auction since 2020
1 year ago
CDS contracts referencing Talen Energy Supply will be settled by credit event auction next month. And Talen's recovery levels will have relevance for a number of CLO managers that have held onto the company's debt - in some cases having bought more very recently -
Investors hold tight amid Chinese slowdown and Nordic affront to Russia
1 year ago
Financial markets are opening the week on a cautious tone, as Chinese economic data weakens the global growth outlook and new Nato applications intensify the stand-off with Russia -
Credit retreats from wides, but worrisome test levels remain in view
1 year ago
Another rocky week for markets is ending with credit finding a firmer tone. But big questions remain unanswered about relative value and the levels some sectors could test -
Europe feels Arctic chill while currency and tech woes add to fear
1 year ago
European markets have again taken a bearish turn on Thursday, with Finnish Nato aspirations, the strengthening US dollar, persistent inflation and slumping tech stocks adding to investors’ deepening dismay -
Talen triggers first index-hitting credit event since Europcar
1 year ago
Talen Energy Supply has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, making this the first default to hit US high yield index CDX HY since September 2020 and the first to hit a CDS index since January last year -
Credit and equity retreat from extremes but oil slumps further
1 year ago
Financial markets are mounting a tentative recovery on Tuesday, having been hammered to new bearish extremes at the start of the week -
Stalling growth engines leave market in deeper turmoil
1 year ago
Financial markets are starting the week in another heavy slump, with credit hitting new wides as various asset classes take a beating from economic growth fears and the prospect of a recession in Europe -
Post-Fed volatility prompts stark reassessment of credit relative value
1 year ago
Central bank policy moves have caught markets off-guard, with volatility ensuing and spreads hitting new wides -
"Derivative longs versus cash corporate shorts looks attractive, especially if we see a market sell-off"
1 year ago
Technicals are keeping cash credit spreads tight, but as central banks reduce purchases there will be relative value opportunities -
US / European high yield compression trades win as Fed unveils new hiking regime
1 year ago
The remarkable recent outperformance of US credit derivatives index CDX HY has reached a key juncture, with reaction to the Federal Reserve's announcements causing it to trade inside European counterpart iTraxx Crossover
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