- Direct lending (35)
- Emerging markets (29)
- High yield bonds (229)
- Investment grade credit (119)
- Structured credit (118)
- CLO (83)
- Distressed debt (103)
- Leveraged loans (110)
- Marketplace lending (6)
- Real assets (16)
Credit traders’ kickstand: it’s a tough time to go short2 days ago
Credit derivative indices are ending the week back at very tight levels, with a re-convergence of spreads, with little appetite to bet against presumed central bank dovishness or the upcoming CDS rolls in September
Traders eye high yield CDS b-wics as index rally opens up skew3 days ago
The rally back of credit derivative indices over recent sessions has caused the skew with their underlying CDS constituents to open up, leading some dealers to posit single name CDS b-wics could be on the way
Italian job bombshell doesn't blow doors off financial CDS outperformance4 days ago
Senior financial CDS have been among the best performing credits today as the market pushes tighter, with seemingly little anxiety about yesterday’s resignation of Italian prime minister Giuseppe Conte
Credit traders' kickstand: Basis and CDS curves take focus with long wait ahead for central bank direction6 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 begins9 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 Emta10 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 rolls10 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 CIO10 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 officer12 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 Morgan12 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 buyers16 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 sell17 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 midpoint18 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 bidders19 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 CLOs20 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’24 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 surface24 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 synthetic24 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 unethical24 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 loss24 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-up24 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 performance24 days ago
Galapagos CDS auction date set25 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 York25 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]26 days ago
The Acuris Fixed Income Group in North America recounts Q2 in the leveraged credit markets.
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