Distressed trade boosts credit fund
The Raven Rock Credit Fund posted a 1.44% return in December, helped by a relative value trade in a distressed name

Spotlight - Picking a perfect pipeline
Companies that transport oil and gas generally deliver stable cash flows. But complicated corporate structures make some rather less attractive than they first appear. 

Spot the bubble
What is a screaming credit buy and what is a lending bubble? As the new year begins, we ask our readers and a panel of leading credit managers to give their views

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

Correlation capital calculations send banks quant costs spiraling
The huge technological demands of calculating capital charges on credit correlation trading portfolios are leading to spiralling costs and heavy time commitments for risk managers

Casino borrower's maturities comment causes alarm
A high yield borrower says it has hired Blackstone to advise it on, among other things, dealing with its bond and loan maturities

Financial firm rallies sharply on credit facility news
Credit default swaps of iStar Financial are rallying today, after the firm reported fair quarterly results and announced its intention to pay down its first lien credit facility as early as next week

Broadcasters bounce back
Eighteen months ago, many broadcasters were fighting for life. But in the nick of time an increase in advertising revenue rode to the rescue. 

Sovereigns give back rally as sentiment turns
European sovereign spreads are underperforming today and giving back some of yesterday’s rally

Spotlight on pharmaceuticals - A bitter pill
A few years ago they had top ratings, but the creditworthiness of the world’s largest producers of branded pharmaceuticals is waning – and worse is to come.

Pactiv widens as bidder looks to remove buy-back clause
Reynolds Group may be trying to avoid buying back Pactiv’s debt if its bid for the rival packaging company goes ahead

Switch UK bank's bonds, says trading desk
BNP Paribas’ trading desk has put forward two new relative value recommendations for holders of Lloyds Bank cash bonds

Equity tranches rally amid trading flurry
Yesterday’s US credit rally prompted an uptick in CDX IG9 tranche trading, say traders

Paper maker's bonds surge higher on surprise profits forecast
Bonds of troubled coated-paper maker NewPage Corp are among the most actively traded in the market today

Legal change deals tribal borrower a tricky hand
Mohegan Tribal Gaming Authority probably thought things couldn’t get any worse after rival casino operator Foxwood’s fall from grace, but they did

Paper maker's bonds fall sharply as default speculation mounts
Bonds of a paper maker have been actively traded today amid market speculation that the firm may file for bankruptcy imminently

Trading desk recommends high yield relative value play
BNP Paribas trading analysts have today recommended a relative value play on two names in iTraxx Crossover