Traders rush to put on basis trades
Traders rush to put on basis trades

Distressed buyers make gains on financial bonds
Distressed buyers make gains on financial bonds

Telecoms and retail dominate defaults
The total defaulted debt in February was nearly $21.3 billion. This compares to January's total of $14 billion after the defaults of Qimonda, Smurfit-Stone and Contech late in the month. So far in 2009, telecoms and retail have seen the largest total defaults. At the time of going to press, the largest default in February was that of retailer Spectrum Brands, which filed for chapter 11 on 3 February, with $4.4 billion outstanding.

Borrowers pay rising price for covenant waivers
Borrowers pay rising price for covenant waivers

Dealers settle Smurfit-Stone CDS and LCDS
Dealers took part in a credit event auction to settle credit default swaps and LCDS referencing Smurfit-Stone Consolidated enterprises

Dealers settle Nortel Networks final price at 12%
At 3pm (New York) yesterday, dealers participated in a credit event auction to settle credit derivative trades referencing bonds of Canadian telecom firm Nortel Networks Corporation and Nortel Networks Limited, a wholly-owned principal operating subsidiary

Last-minute legal change saved credit event auction from chaos
A last-minute amendment to the CAM provision in Lyondell's credit agreement by Citi preempted a potentially messy auction.

Debt holders split on foam maker’s loans
Debt holders split on foam maker’s loans

Bank hires twelve man sales and trading team
Bank confirms its recent hire of 12 man fixed income team

Bank looks to buy CLO AAAs at 400bp
Bucking the selling trend, JP Morgan is understood to have circulated a 26-name offers-wanted list for triple A CLOs.

LCDX mezz tranches gap wider
Yesterday saw relatively active LCDX tranche trading, say market participants

Traders bid for RMBS CDO tranche from SIV liquidation
The $1 billion liquidation of the Sigma Finance SIV last Tuesday (2 December) resulted in several trades on senior CDOs of ABS, say market sources.

Holder seeks to swap CLO single As for senior paper
A buyer is seeking senior notes from US CLOs managed by Gulfstream, Stanfield and Ares.

Large CDS offer lists push CLO protection basis much tighter
Large CDS offer lists push CLO protection basis much tighter

Default helps push LCDX to all-time lows
Default helps push LCDX to all-time lows

Citi drama drives dramatic volatility in CDS spreads
Citi drama drives dramatic volatility in CDS spreads

Commercial real estate market crisis triggers huge credit moves and volumes
Commercial real estate market crisis triggers huge credit moves and volumes

Month of agony for most credit funds
Month of agony for most credit funds

Mixed day for dealers as LCDX plums all-time lows
Mixed day for dealers as LCDX plums all-time lows

Credit rally grinds to a halt as traders look for longer term levels
Credit rally grinds to a halt as traders look for longer term levels