Short covering still alive and well in iTraxx indices
iTraxx senior and sub indices rally on short covering.

Bond insurers solidly back in distressed trading status
Moody's says its capital position is below the Aaa target capital level as of the end of the first quarter of 2008.

Writedowns and rights offerings weigh on European financials
UK banks see more widening in CDS than rest of sector.

Homebuilder chapter 11 adds to tally of high yield defaults
Illinois-based homebuilder Kimball Hill Homes has become the latest US leveraged borrower to file for bankruptcy

UK retailers collectively perform better in CDS
Safeway and Tesco tighten in CDS.

Two-way flows prevail in iTraxx indices
Positive sentiment flows from financials.

UK bank adds $11.7 billion of write-downs as it slashes super senior valuations
Royal Bank of Scotland today unveiled a further £3.3 billion ($6.5 billion) of crisis-related write-downs as it announced a much flagged £12 billion rights issue to bolster its capital base

European financials rally so severe that participants caught on wrong side
RBS rights offer taken as positive by market.

European credit market catches full wave of latest rally
European credit market catches full wave of latest rally

Exchange eyes OTC-style CDS venture
Exchange eyes OTC-style CDS venture

Mixed CDS trading strategies prevail in US retailers
Gap and Jones New York deal actively in CDS.

IMF outlook and UK house price figures help push Europe back beyond 100bp
Traders today continued to ride the momentum of the week’s retrenchment wider in European credit indices, as iTraxx Europe pushed out beyond 100bp again

New longs established in LCDX series 10 mezzanine tranches
Three-year mezzanine LCDX tranches in focus.

OCC says super senior tranche writedowns behind banks' $10 billion losses
Commercial banks had credit trading losses of $11.8 billion in the fourth quarter, reports the OCC.

iStar Financial still at deeply distressed levels
iStar differentiates further from Simon Property Group in CDS.

Israeli bank profit slumps on SIV hit
Israeli bank profit slumps on SIV hit

Lehman's credit spreads still wide despite upgrade
Lehman's CDS deals wider still.

Lehman credit spreads push wider on fears of more losses
Lehman loss speculation drives CDS wider.

Banks and insurer CDS active
CIT, JP Morgan and FGIC among traded names in CDS.