US bank’s prop book unwind makes waves
A dealer’s moves to wind down a massive US prop trading book have been felt by the credit market recently

Greek telco rallies against market on privatisation move
Amidst a discernibly risk-off day, telco OTE went against the trend on news that the Greek government is considering selling off its stake in the firm

Greece drives spreads wider after weekend of rumours
SovX has widened over 6bp from last week’s close as Greece fears continue to drive sentiment

Speciality finance name rallies sharply on early debt payments
High yield name iStar Financial is seeing another strong rally today after reporting first quarter results 

Growing Japan nuclear concern prompts credit market widening
Further explosions at Japan’s Fukushima nuclear plant – and lack of clarity in the press on the situation – have sent the country’s credit default swap sharply wider today

US will miss July central clearing deadline, says source
US law makers are set to delay new rules for mandatory clearing of some over-the-counter derivatives 

Vendors fall short as banks struggle to build CVA systems
As new Basel capital rules for counterparty risk loom, banks are scrambling to develop hedging functions for credit valuation adjustment (CVA) while third party vendors struggle to provide a solution 

HY index and tranches strengthen on Hovnanian bond news
CDX HY constituent Hovnanian Enterprise saw a big rally during yesterday’s session, on news the firm is raising $275 million through senior notes and equity

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

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

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

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

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

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

Short-dated BP protection hits 1000bp on Obama comments
There is a weaker tone all round today, but BP is one credit that is certainly taking the brunt of negative sentiment and illiquidity

Traders mull forced-selling impact after rating downgrades
Several-notch downgrades of first Greece (late yesterday) and BP (today) have given impetus for a distinctly bearish about-turn in the market, but traders say they are surprised how resilient spreads have remained so far