Astaldi credit event auction will have two deliverables, says DC
Only two Astaldi bonds are deliverable into an auction to determine the final price of its credit default swaps, the Determinations Committee has indicated

Experienced SRT specialist parts ways with Apollo
A big name in the significant risk transfer (SRT) market has left Apollo Global Management in London

Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

Hard Brexit threatens systemic cliff edge for derivatives, warns joint paper
A no-deal Brexit could have a systemic effect on derivatives markets as it would immediately restrict EU 27 firms from transacting with UK entities and acting as clearing members to UK central counterparties, a group of major trade bodies has warned in a paper published today

ArrowMark builds in London with big SRT hire
ArrowMark is one of the biggest investors in the SRT market, but unusually it conducts most of its business out of the US. It has now added to its presence in London with an experienced official joining its SRT business

Astaldi triggers first credit event in iTraxx on-the-run indices for nine years
Astaldi has triggered a bankruptcy credit event, the Isda-hosted EMEA Credit Determinations Committee has ruled

Astaldi credit event question hangs in balance as EMEA DC meets
The fate of credit default swap contracts referencing Astaldi could be decided today, with the Isda-hosted EMEA Credit Determinations Committee meeting to decide if the Italian builder has triggered a bankruptcy credit event

Isda and Linklaters roll out test version of initial margin docs service
Five and a half months of partnership between the International Swaps and Derivatives Association and Linklaters has borne fruit, with the launch of a test version of an online tool that will allow firms to electronically negotiate and execute initial margin (IM) documentation

Astaldi credit event question posed as its distress weighs on iTraxx Crossover
Astaldi, a constituent of iTraxx Crossover, has been referred to ISDA-hosted Credit Determinations Committees as a possible bankruptcy credit event – less than two weeks after the index rolled into a new series

Santander issues £1.1 billion SRT featuring UK project finance loans
Banco Santander has completed a £1.12 billion significant risk transfer through a transaction dubbed Fitzroy 2018-1 CLO

IHS Markit launches derivatives initial margin calculator
IHS Markit has launched an Initial Market Calculation Service to help market participants prepare to meet regulatory requirements for non-cleared derivatives trades across credit, commodities, equities, FX and interest rates

Cairn adds to its SRT investment team in London
Cairn Capital has appointed Chris Cottrell as senior investment analyst

BlackRock becomes latest manager to explore interval fund structure for credit
Several managers have hit the market with the interval fund structure, as investors look to invest in illiquid strategies through an illiquid fund structure

Orchard hires former UBS credit index options and tranches global head
Orchard Global Asset Management has hired an ex-UBS senior correlation trader as a portfolio manager in London

Rallye races towards over 50s club in CDS as Astaldi faces Crossover index ejection
Rallye, the parent company of supermarket chain Casino Guichard-Perrachon and a former fellow-constituent of credit default swap index iTraxx Crossover, has surged wider to near 50 points up front in five-year CDS trading

Barclays hires another senior EM trader as Turkey continues to roil markets
Barclays has made an experienced hire to its EM credit trading team in London

Turkey CDS rallies back inside 500bp on Qatar help, but curve remains inverted
Turkey’s sovereign five year credit default swap is back below 500bp today, following the financially embattled country’s recent spread blow-out

Italian bank completes SRT with European Investment Fund support
Banca Popolare di Bari has constructed a €174.5 million significant risk transfer (SRT) deal, which features a vertical risk sharing mechanism

Central clearer resource concentration puts systemic risk in spotlight
A joint study by regulators has revealed that default resources are increasingly concentrated in just two central counterparties

Steep climb: dealers and investors cross-examine merits of five-year CSOs
The market for bespoke tranches of credit synthetic obligations (CSOs) looks set for further year-on-year growth, but this could depend on expanding activity to longer tenors

High profile figure in SRT market leaves Nomura in London
A well known figure in the significant risk transfer (SRT) space has parted company with Nomura in London, sources say.

Cheyne more than doubles assets for credit fund in five months
Cheyne Capital has more than doubled assets for Cheyne Total Return Credit Fund December 2023 – in the space of just five months

New rules encourage growth in blossoming risk sharing market
Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets