Auto relative value plays look attractive, say traders
BNP Paribas trading strategists say the timing is right to place relative value trades and take advantage of current attractive entry levels

US CLO sellers test demand for double As and triple Bs
Several cash CLO auctions took place on Tuesday and produced a high number of trades, according to market sources

Mid-market CLOs and CRE CDOs set to hit market today
A bid list due today at 11am New York time will test demand for middle market CLOs, which have typically traded at a discount to broadly syndicated CLOs

Investors bid up high yield bond vehicles
There is a strange pattern in the price of closed-end funds

Hedge fund pulls off audacious CDO break-up trade
A New York-based hedge hit the jackpot last month after an audacious CDO break-up trade resulted in what seems to have been a spectacular profit

Growing consensus sees lower default peak
Goldman Sachs, JP Morgan, Fitch and Moody’s have all recently lowered their high yield default projections

Insolvency - The Netherlands: swift and flexible
Dutch bankruptcy courts can work quickly and are used to cross-border cases

Early vintage CLOs see strong demand
Triple A bonds from 2006 and earlier now commonly trade in the high 80s to low 90s range, says a dealer that bought two bonds from an auction this week

CLO equity holders come out of the woodwork
New bid list activity suggests that sellers of CLO equity are starting to emerge with more frequency and with larger size offerings

European credit succumbs to weaker US tone
European credit succumbs to weaker US tone

Holders auction portfolios as demand for trups CDOs grows
Two auctions of trups CDOs in recent weeks suggest that secondary activity may be rising in this sector of the CDO market

Rare CLO equity bwic hits market
A seller of CLO equity positions has bids due today

US cash loan and single name LCDS trading heats up
Yesterday’s US loan trading focused on cash and, unusually, single name loan credit default swaps, say traders

US publisher bankruptcy hinges on exchange offer
Educational publisher Haights Cross Communications announced yesterday that it will extend the expiration date for its private exchange offer in hopes of avoiding bankruptcy.

Focus shifts back to HY and LCDX outperformance
CDX HY and LCDX were strong performers yesterday, with the former completely reversing Monday’s fall with a 1.5 point gain to 88.25

Alarms ring with Northern Rock's coupon deferral
Northern Rock announced yesterday that it will be defering payment on all coupons for its upper tier-two and tier-one debt.

CLO-squared liquidation will test mezzanine CLO demand
A 2005 vintage CLO will liquidate today test demand for CLO mezzanine tranches