Go long Unitymedia CDS versus short Ineos, says trading desk
BNP Paribas’ trading desk has recommended investors go long Unitymedia versus short Ineos through credit default swaps

Structured credit fund manager looks to move up the capital stack
A London-based manager's structured credit fund added a return of 7.7% net of fees in January, taking its 12-month performance up to 45.9

Sovereigns widen despite rates hold and Spanish auction
Credit spreads have headed wider today ahead of today's European interest rates decision

Icap makes push in maturity mismatch CDS product
Competition is heating up among inter-dealer brokers that provide tools to hedge jump-to-default risk, with Icap one player that is making a big push in this area 

Loan scarcity leaves credit fund manager struggling to buy assets
A European leveraged loan fund launched last year continues to struggle to put investors’ money to work

Traders cover shorts on BofA news, sending spreads tighter
Bank of America was at the centre of a strong rally in credit risk on the first day of trading in 2011

CDX HY constituent gaps tighter on talk of orphaned CDS
Credit default swaps of CDX HY index constituent Intelsat gapped in massively yesterday on speculation the entity could become orphaned

Sovereigns and financials start week wider after large rally
Having briefly dipped inside Ukraine on last week’s rally, Ireland’s credit default swap is once again trading outside the latter’s on an 18bp widening today to 566bp

Super senior tranches widen against rally on CDO wind-down fears
The tranche market has moved significantly this week with CDX IG 15-100% senior tranches significantly underperforming the junior tranche rally

Bonus pool cuts tempt credit staff to quit top banks
Second tier banks see a prime opportunity to lure top credit talent away from major banks in coming weeks

Portugal auction fuels spring-back European rally
A stronger than expected auction of 12 month Portuguese bonds today has helped tip momentum back in favour of a sharp return rally of European sovereign debt

Manager launches new version of structured credit fund
A London-based credit manager has launched a new series of its structured credit fund, carrying a shorter lock-up of 12 months

Sub-Senior decompression gathers pace amid large moves
Yesterday’s sell-off saw sovereign spreads gap wider still, with Ireland retracing to around 585bp – more than 100bp out from where it traded early on Monda

CLO equity fund posts 12th monthly NAV rise
A CLO investment fund posted its 12th consecutive monthly increase in net asset value, with a 2.7% rise in October

Use mezz for Europe/IG conversion plays, say tranche traders
The divergence between US and European credit indices that happened during the recent rally has continued at the start of this week as spreads are moving wider

Fund buys double B CLOs
A manager put to work most of the $33 million of new capital it raised last month for its CLO fund

Traders pore over bank numbers as rally proceeds cautiously
For financial credit traders today it has been a tale of two banks

Boost for IG15 tranches as major bespoke desk rolls position
Yesterday saw new CDX IG15 tranches continue to show positive signs in their second day