US regional bank dumps trups CDO portfolio
A US regional bank is cutting its losses on 24 trups CDO investments after several large dealers declined to buy the whole portfolio of battered bonds

Trading desk highlights relative value trades for 2010
BNP Paribas’ trading desk has today put forward a selection of relative value plays that it thinks look promising for 2010.

Large portfolio of CLO mezz set for liquidation on Monday
Mezzanine CLO bonds will be sold on Monday with the liquidation of a CDO of ABS

Seller hits CLO equity bid as most holders wait for new year rally
CLO secondary buyers saw all but one bid knocked back in two auctions of CLO equity and mezzanine bonds on Tuesday, reflecting the increased reluctance of holders to sell before an expected new year rally

Waiting for public funds to flow
Analysts reckon that government spending will prevent further falls in demand for construction materials – but more bad news could trigger a wave of downgrades

Index provider goes un poco loco with coco yo-yo
The emergence of a new breed of bank capital instruments caused controversy in the world of bond indices last month

Ex-GLG team goes lives with European-only credit fund
A high profile team of credit trading specialists, including GLG Partners’ former credit team, have launched their first fund

Morgan Stanley hopes Phoenix CDO can take flight
A mooted new issue CSO shows the shape of future issuance

Large CLO portfolio set for liquidation next week
A 57 security forced liquidation of a cash flow CLO of CLO could motivate the controlling investor to buy back a sizable portion of a relatively attractive pool say traders close to the matter

Six Flags restructuring debate heats up with new proposal
A group of senior note holders of bankrupt theme park operator Six Flags said yesterday that it has submitted to its board of directors an alternative reorganisation proposal

Axa vehicle gets active buying CDOs
Axa-managed permanent capital vehicle Volta Finance has reported a sharp rise in its net asset value

Retail relative value plays still promising, says trading desk
BNP Paribas’ trading desk today points out that relative value opportunities still exist in the European retail sector

Casino operator files for chapter 11
Casino operator Majestic Star Casino filed for chapter 11 bankruptcy yesterday at the US bankruptcy court for the district of Delaware.

US manager rejects bids as CLO prices falter
A major US CLO manager’s 20 item auction resulted in only four bonds trading on Wednesday

CLO equity trades as appetite for risk remains strong
A four line auction list of CLO equity positions was offered on Thursday with three of the four items trading

CLO seniors spreads soften, say traders
A high quality list of mostly 2004-2006 US CLOs that auctioned yesterday (18 November) indicated to at least one trader that senior triple A prices are softening this week

Bespoke unwind talk drives IG tranche flows
Yesterday saw strong activity in CDX IG correlation with 3-7% tranches the focus

Simmons bedmaker files for prepackaged chapter 11
Simmons Bedding filed for a prepackaged chapter 11 at the US bankruptcy court for the district of Delaware yesterday.

Homebuilder files bankruptcy with $370 million of debt
Michigan-based homebuilder Champion Enterprises filed for chapter 11 bankruptcy on 15 November at the US bankruptcy court for the distrit of Delaware.

Mezzanine CLO demand holds up as triple A prices slip
Asset management and sell-side executives report that secondary prices for double A CLOs are holding ground while triple A prices slip