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Eight bidders line up for Lebanon CDS auction as Morgan Stanley joins
3 years ago
Tomorrow's auction to settle Lebanon sovereign CDS will have eight participating bidders, after the Determinations Committee voted to add Morgan Stanley to the list -
DC accepts Ecuador credit event question
3 years ago
The Americas Determinations Committee has agreed to rule on whether Ecuador has triggered a restructuring credit event -
Frontier CDS auction to follow Lebanon and Whiting Petroleum
3 years ago
An auction to settle CDS referencing Frontier Communications will take place next month -
Credit Rendezvous: recovery begins, but is it U, V or even W?
3 years ago
Investing in credit is not as easy as ABC. The coronavirus crisis has crushed valuations and although most assets will eventually pull to par, no one is sure how the recovery will pan out -
Extreme gap opens for basis traders as relief packages cause distortion
3 years ago
Evidence abounds for how government and central bank interventions in the coronavirus crisis are distorting credit markets, but one clear signal is the flip-around of the basis between corporate bonds and CDS in recent days -
Whiting initial list points to 90 cent CDS pay-out
3 years ago
Four bonds have made it onto an initial list of deliverable obligations for an auction to settle CDS referencing Whiting Petroleum, which triggered a bankruptcy credit event earlier this month -
Frontier triggers credit event but HY equity tranches outperform
3 years ago
Frontier Communications has triggered a bankruptcy credit event, the Americas Determinations Committee has confirmed. This is the fourth credit event to hit recently off-the-run index CDX HY series 33, on which on-the-run index tranches are based and for which recoveries have so far been very low -
Matalan default risk jumps as market mood dampens
3 years ago
UK retailer Matalan is a big decliner today in bonds and CDS, as positive sentiment ebbs from the credit market after the recent strong rally -
Equity tranche hits stack up with Frontier Communications bankruptcy
3 years ago
One of the longest anticipated credit events in the US high yield universe appears to have come to pass, with Frontier Communications filing for chapter 11 bankruptcy protection -
Lebanon CDS auction set to include 15 cent bonds
3 years ago
The cheapest bonds to deliver into a credit event auction to settle Lebanese sovereign CDS could be worth only 15 cents in the dollar, according to a 27-note initial list published by the Determinations Committee -
Date set for Whiting Petroleum credit event auction
3 years ago
Dealers will hold a credit event auction on 29 April to settle CDS referencing bankrupt US firm Whiting Petroleum, the Americas Determinations Committee said -
Argentina has not triggered repudiation/moratorium credit event, rules DC
3 years ago
Argentina's decision to withhold payments on its 'AF20' bonds has not triggered a repudiation/moratorium credit event, the Americas Determinations Committee has ruled -
Europe/US credit gap extends as coronavirus curves part ways
3 years ago
The gap between European and US credit performance is widening as hopes rise in Europe the spread of the coronavirus could be slowing even as its impact extends in the US -
Credit event hits new CDX HY as Crossover name's default risk surges
3 years ago
Whiting Petroleum has triggered a bankruptcy credit event, the Americas Determinations Committee has ruled, making it the first constituent default in newly on-the-run series 34 of the CDX HY index -
Whiting chapter 11 hits new CDX HY series but misses CLOs
3 years ago
The Americas Determinations Committee has accepted a request to rule on whether Whiting Petroleum has triggered a bankruptcy credit event, after the Denver headquartered exploration firm filed for chapter 11 protection -
CDX HY and EM trade with fresh legs after defaulted names drop out
3 years ago
New series of US high yield index CDX HY and emerging market index CDX EM begin their first full day of trading today, having replaced outgoing versions on Friday amid a weakening of credit markets due to the spreading impact of the coronavirus outbreak -
Determinations Committee agrees to consider Argentina credit event
4 years ago
The Americas Determinations Committee has accepted a request to decide whether Argentina has triggered a repudiation/moratorium credit event, as the country grapples with international bondholders and the impact of a coronavirus lockdown -
Jump-to-default risk collapses after Senate backs biggest ever US relief package
4 years ago
The US Senate's agreement of a record $2 trillion stimulus package is shaking jump-to-default risk from high yield corporate credit today, with some iTraxx Crossover constituents shedding over 1,000bp from the front end of their CDS curves -
Argentina credit event posed to DC as lockdown magnifies debt burden
4 years ago
The Americas Determinations Committee has been asked to rule on whether Argentina has triggered a repudiation / moratorium credit event, as the country's coronavirus lockdown further strains its wrangles with international bondholders -
Credit market hits new wides as government outbreak measures intensify
4 years ago
Credit market are making another push wider at the start of the week, after governments tightened restrictions on movement to deal with the escalating coronavirus outbreak -
Lebanon triggers failure-to-pay credit event with CDS priced at 89 points up front
4 years ago
Lebanon has triggered a failure-to-pay credit event on CDS referencing its sovereign bonds, the Determinations Committee for Europe, Middle East and Africa has ruled -
Credit traders' kickstand: rolling with the pain, as relative value trades come unstuck
4 years ago
What a difference a month - and a pandemic - make. This time in February, no-one could have imagined a global financial crisis would be unfolding, that credit performance would be a battle between a virus and some of the biggest government and central bank interventions on record, that today's iTraxx Europe and CDX index rolls would traverse unprecedented ranges, that option expiry strikes would be blown beyond recognition, or that cash and CDS differentials would be whipsawing with such violence -
Lebanon credit event trigger posed to Determinations Committee
4 years ago
The Determinations Committee for Europe, Middle East and Africa has accepted a request to rule on whether Lebanon has triggered a failure-to-pay credit event, after the country withheld payments due on bonds earlier this month -
Credit traders’ kickstand: roll nightmares haunt CDS market as indices whiplash
It’s Friday 13th, but CDS traders will be hoping the worst of the horror shows are behind them as they try to regather their shredded nerves in time for next week’s biannual index rolls -
McClatchy whacks out killer headline as CDS pays 98 cents
4 years ago
A month ago, when US newspaper company McClatchy triggered a bankruptcy credit event, sellers of CDS protection may have consoled themselves they were only looking at paying out around 27 cents on the contracts. But yesterday’s credit event auction set the final price at just two, meaning a whopping 98 cent windfall for protection buyers
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