- Direct lending (5)
- High yield bonds (7)
- Investment grade credit (8)
- Structured credit (12)
- CLO (5)
- Distressed debt (1)
- Credit derivatives (14)
- Leveraged loans (3)
- Marketplace lending (1)
- Real assets (1)
Credit spreads wind back to February to bring shorts into focus17 days ago
The credit rally since April has opened up an opportunity to go short credit, say fund managers, with spreads back to where they were in late February
Investors get creative with new ways to trade the curve2 months ago
Credit index curve trading is gaining new features going into August, evidencing deeper liquidity for CDS strategies, but also that investors already have one eye on the upcoming September rolls.
Rampant technicals push cash and CDS in different directions2 months ago
Central bank interventions, primary market issuance and high yield defaults have conspired to create major distortions in credit performance, which sources say are ripe for opportunistic trading.
Direct Lending Perspectives: deal flow slumps to €2.5 billion in Q14 months ago
European direct lending deal volumes slipped to €2.49 billion in the first quarter, according to the latest European Direct Lending Perspectives report
Direct lenders eye 200bp premium in primary market5 months ago
Deal flow is streaming in for European direct lenders who, despite monitoring portfolios for covid-19 related issues, have one eye on the primary market
Structured credit fund loses 32.4% in March as junior US CLO debt slumps6 months ago
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.
Structured credit dragged very wide — but CLOs stand to gain6 months ago
Senior tranches of securitisations widened 220% in less than a month as the coronavirus pandemic has meant an increase in systemic risk — a sharp turnaround from the past few months when idiosyncratic risks were being cited as the main concern for structured credit investors.
‘Hoard credit’ says PM as markets swing6 months ago
As Creditflux went to press, the covid-19 death toll in Italy surged by 700 after two days of slowing, and the US congress agreed a $2 trillion stimulus package.
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion7 months ago
The CDS market is navigating between two sources of risk for equity and mezzanine high yield index tranches. The default of US media company McClatchy has focused idiosyncratic concerns, while the spread of the coronavirus has stoked fears of a systemic sell-off.
IHS Markit mulls CDX EM growth and iTraxx ESG screen7 months ago
Increasing the portfolio size of CDX EM and consulting on an ethically-screened version of iTraxx Europe are among the projects index administrator IHS Markit has been working on ahead of the 20 March roll.
Covid-19 outbreak rattles carry traders7 months ago
The coronavirus panic hitting financials markets at the end of February has been a strong driver of relative value trades, with CDS underperforming both cash bonds and equity, while financial names felt the heat more than corporate borrowers as geographical risk came into play.
EIB buys mezzanine tranche in Commerzbank SRT8 months ago
Commerzbank has launched a €1.5 billion significant risk transfer with the European Investment Bank (EIB) announcing that it has invested in the mezzanine tranche of the securitisation
Correlation rise stokes mezz rally but adds to CSO woes8 months 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.
Euro loan trading: CLO managers find a home for building specialist's downsized loan9 months ago
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan
Falling correlation reignites passion for index tranche trades10 months ago
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.
Rising idiosyncratic risk leads to calls for high yield index tranche fix from traders11 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.
UK transitions to post-Libor era with array of Sonia-linked deals1 year ago
The UK’s structured finance market has moved to swiftly embrace the daily compounded benchmark Sonia (Sterling overnight index average) ahead of the 2021 phase out of Libor.
WhiteRock's Dolfino: "PE deal flow is down, deal sizes are up and spreads are compressing" [video]1 year ago
WhiteRock Capital Partner's Gustavo Dolfino talks to Creditflux's Michelle D'souza after his M&A presentation at the Creditflux Debtwire US Mid Market Forum
European loan trading: CLO managers snack on Ifco loans1 year ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par
Index tranche levels spike as investors advance into equity1 year ago
Trading of credit index tranches is picking up, with some $61 billion worth changing hands in the space during the first quarter, according to data from the Depository Trust & Clearing Corporation
Bespoke gains pull CLO buyers as market tipped to hit $100bn1 year ago
Synthetic bespoke issuance could catch up with the more visible CLO market this year, say structured credit specialists
Europe’s ABS market gets over STS road bump with VW deal1 year ago
After months of waiting, Europe’s securitisation market saw the first ever deal to be structured as a Simple, Transparent & Standardised (STS) securitisation.
Spanish bank prices €972 million SRT with triple As paying 31bp1 year ago
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources
Price talk circulates on new Moca marketplace lending securitisation3 years ago
P2P Global Investments has announced initial price thoughts for its second securitisation of marketplace lending loans from the Zopa platform
Debtwire euro ABS round-up: Dutch RMBS takes centre stage in primary3 years ago
All eyes are on a Dutch RMBS, which is the lone transaction in the immediate pipeline in the European ABS market this week
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