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- Direct lending (2)
- Emerging markets (1)
- High yield bonds (8)
- Investment grade credit (9)
- Structured credit (7)
- CLO (3)
- Distressed debt (2)
- Credit derivatives (remove)
- Leveraged loans (2)
Credit spreads wind back to February to bring shorts into focus21 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
Fallen angels push off-the-run index 25bp wide of CDX IG28 days ago
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
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.
Bond selling pushes down Argentina CDS auction final price4 months ago
An auction on Friday to settle Argentina sovereign CDS returned a final price of 31.5 cents, three points lower than initial bidding due to a large physical settlement interest to sell bonds
‘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.
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.
Five-year bespokes movement leads to managed CSO talks1 year ago
Longer dated synthetic bespoke tranche business could soon receive new impetus, with dealers and investors ramping up talks about re-establishing managed portfolios as a common feature of the CSO market.
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
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
African Development Bank prices landmark $1 billion SRT2 years ago
The market for significant risk transfer (SRT) deals has taken another step forward with a first-of-its-kind deal, which has been originated by the African Development Bank
18 results found Showing page 1 of 1
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