21 results found Showing page 1 of 1
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.
Non-dealers overtake banks as biggest holders of diminishing CDS pie2 months ago
The share of the CDS market held by non-dealer financial institutions has surpassed that of dealers for the first time, according to latest Bank for International Settlements data. But firms are scrapping over a smaller pie, as outstanding single name CDS continues to fall
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.
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).
LCH and Ice prepare to battle it out over options clearing4 months ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.
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
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.
- At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other7 months ago
The synthetic bespoke market could definitely do with the company of the rating agencies8 months ago
It’s about time CSOs opened the door to the rating agencies — it would be good for investors and the agencies
Arrival of five-year bespokes draws in CLO investors8 months ago
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.
Investors regain nerve to trade the curve8 months ago
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results.
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
Past returns: secret CLO market1 year ago
Five years ago in Creditflux, we reported on the emergence of an inter-dealer market for CLOs
21 results found Showing page 1 of 1
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