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13 results found Showing page 1 of 1

  • IG and crossover indices converge while European CLO double Bs rally
    iTraxx Crossover is again outperforming Main today with the investment grade index widening 0.11bp to 52.56bp while the crossover index is 2.42bp tighter to 296.99bp. Meanwhile bank research signals that junior CLO tranches could benefit as investors look at covid industries through a different lense 

    10 days ago
  • CDS indices edge wider and positive skew opens as Pershing Square puts on new hedge
    Credit indices have widened a touch this week but they’re back in focus with reports that Pershing Square Capital Management, led by Bill Ackman, has this week used CDS indices to hedge parts of its equity portfolio

    11 days ago
  • Credit rally rolls on as indices approach one-month tights
    CDS indices are approaching their mid-October tights as reality seeps in of a divided US government and, consequently, little chance of dramatic corporate tax increases. Yesterday, iTraxx Main led the way, tightening 5.3%, followed by CDX NA HY and CDX IG (both 4.5%) and iTraxx Crossover (2.8%)

    18 days ago
  • US credit shakes off early jitters as CDX IG tightens 6.9%
    Credit spreads have reversed course yet again to join the rally in equities today. The Dow Jones Industrial Average up 2.5% today and credit is following with investment grade indices leading the way

    19 days ago
  • Credit spreads wind back to February to bring shorts into focus
    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

    1 month ago
  • Fallen angels push off-the-run index 25bp wide of CDX IG
    A  gap of over 25 basis points has formed between US investment grade CDX IG and its recently off-the-run predecessor series 34. At Credit Dimensions, Creditflux’s synthetic credit event, panellists highlighted a major shift in composition between index series that has opened up relative value plays between them

    1 month ago
  • Investors get creative with new ways to trade the curve
    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.

    3 months ago
  • Rampant technicals push cash and CDS in different directions
    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.

    3 months ago
  • Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
    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.

    8 months ago
  • IHS Markit mulls CDX EM growth and iTraxx ESG screen
    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.

    8 months ago
  • Covid-19 outbreak rattles carry traders
    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.

    8 months ago
  • Correlation rise stokes mezz rally but adds to CSO woes
    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.

    9 months ago
  • Index tranche levels spike as investors advance into equity
    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

    1 year ago

13 results found Showing page 1 of 1

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