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IG and crossover indices converge while European CLO double Bs rally
3 years ago
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 -
CDS indices edge wider and positive skew opens as Pershing Square puts on new hedge
3 years ago
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 -
European CLO double Bs jump wider amid October macro worries - but seniors stand firm
3 years ago
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time -
Credit spreads wind back to February to bring shorts into focus
3 years 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 -
Rampant technicals push cash and CDS in different directions
3 years 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. -
Fund perfomance: Slowdown for some as pandemic takes hold
A round-up of fund performance4 years ago -
Tranche traders aim to navigate default risk while staying clear of coronavirus contagion
4 years 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 screen
4 years 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 traders
4 years 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. -
BDCs tap bond market to improve funding mix
4 years ago
A plethora of business development companies have turned to the institutional bond market to refinance their debt. -
Fund performance: CLO funds pick up where they left off
4 years ago
A round-up of fund performance -
Correlation rise stokes mezz rally but adds to CSO woes
4 years 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. -
Fund performance: Presents under the tree as CLO funds perform
A round-up of fund performance4 years ago -
Fund performance: Long-short funds rule in October as CLO funds struggle
4 years ago
A round-up of fund performance -
Fund performance
4 years ago
A round-up of fund performance click here. -
Fund performance
4 years ago
A round-up of fund performance -
Fund performance
4 years ago
A round-up of fund performance
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