- Direct lending (35)
- Emerging markets (29)
- High yield bonds (227)
- Investment grade credit (116)
- Structured credit (118)
- CLO (83)
- Distressed debt (103)
- Leveraged loans (110)
- Marketplace lending (6)
- Real assets (16)
Credit traders' kickstand: Basis and CDS curves take focus with long wait ahead for central bank direction2 days ago
With almost a month to wait before the European Central Bank and US Federal Reserve hold their next decisive meetings, a bumpier and seemingly directionless road continues in credit markets as investors show little inclination to do anything more adventurous than just hold on tight
Big questions for CDS shorters as Isda protocol countdown begins5 days ago
With only a month to go until the International Swaps & Derivatives Association rolls out its protocol for narrowly tailored credit events, big net buyers of CDS protection should think hard about both its value and maintaining liquidity, says law firm Kramer Levin
Emerging market CDS trading slumped in Q2, finds Emta6 days ago
There was $364 billion of emerging markets CDS trading in second quarter, according to the Emerging Markets Traders Association
CDX EM undergoes second rules overhaul in as many rolls6 days ago
The CDX EM index will increase from 15 constituents to 18 at the next roll in September, while criteria for name inclusion and weightings are also to change
Cambridge University appoints CIO6 days ago
The University of Cambridge has named a CIO who previously served at instutituions such as the BBC and Virgin
Connecticut $36 billion pension hires first chief risk officer8 days ago
The Connecticut Retirement Plans and Trust Funds has hired its first-ever chief risk officer
Buy iTraxx Europe equity tranche risk but sell Crossover mezz, says JP Morgan8 days ago
Investors should stick with ‘search for yield’ ideas in investment grade credit, say JP Morgan credit strategists, including selling iTraxx Europe 0-3% equity tranches delta hedged, going long the 10-year Europe index, and selling credit volatility through index options while buying equity market volatility
Credit traders' kickstand: volatility puts paid to primary, but pays out for relative value buyers12 days ago
The persistence of credit market choppiness has brought into focus CDS/bond basis plays, options positioning, high yield dispersion and peripheral European weakness - but mainly the volatility rash has put a block on borrowers' primary market aspirations
Galapagos CDS settles higher than expected despite net interest to sell13 days ago
Galapagos Holdings CDS settled at a price that, while low, was nonetheless higher than had been implied by initial markets despite a net open interest among participating dealers to sell the company’s bonds
Galapagos CDS auction kicks off with very low initial market midpoint14 days ago
Bidding in a credit event auction today to settle Galapagos Holdings CDS has produced a very low initial market midpoint, suggesting there will be a high final pay-out to holders of protection
Galapagos CDS auction looms with Morgan Stanley added to participating bidders15 days ago
A credit event auction tomorrow to settle Galapagos Holdings CDS will have 10 participating bidders, with Morgan Stanley having been approved by other dealers to take part
Och-Ziff revenue tumbles despite inflows to credit funds and CLOs16 days ago
Och-Ziff Capital Management posted a net loss of $8.6 million in the second quarter, which it blamed on the market’s reaction to US China trade tensions and the US Federal Reserve’s twist of monetary policy
New EC fund rules could lead to ‘pre-pre-marketing’20 days ago
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.
Flat curves and decompression make waves below the surface20 days 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.
Ellington finds Ucits success with mix of structured and synthetic20 days ago
Fund managers are finding ample liquidity in the structured and synthetic credit market and this is helping them outperform in the Ucits fund universe.
Points up front: Benefits of being unethical20 days ago
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.
Net short language could force lenders to sell at a loss20 days 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-up20 days 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.
- A round-up of fund performance20 days ago
Galapagos CDS auction date set21 days ago
Settlement of Galapagos Holdings CDS will take place on Wednesday next week (7 August), the auction’s administrator Creditex has said
BlueMountain lands senior credit trader in New York21 days ago
BlueMountain has hired an experienced trader in New York to cover credit and special situations
Upward flexes, CLOs gather speed and 'net-short' language develops [podcast]22 days ago
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.
Index tranches and Sub Fin basket among top picks after ECB meeting, says JP Morgan23 days ago
The European Central Bank’s statement that rate cuts will likely be paired with tiered deposit rates suggests a boost for the iTraxx Sub Financials index, as well as tier two and additional tier one bank bonds, says JP Morgan in latest credit research. The bank also advocates selling iTraxx Europe 0-3% tranches delta hedged
Galapagos CDS set for high pay-out with one deliverable on initial list23 days ago
Galapagos Holdings could have only the bond on which it defaulted as a deliverable obligation into an auction to settle its CDS
Credit traders' kickstand: tighter and tighter we go, as outlook gets 'worse and worse'26 days ago
It’s a strange world, where the president of the European Central Bank can say the economic outlook is “getting worse and worse” as credit markets surge into new territories of tightness
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