Switch bonds, says Barclays, as devices company braces itself for refi
Barclays research argues changes to DJO Global’s credit facility mean that sub notes could get called 

Societe Generale sees value in triple B media firms’ credit
Research from Societe Generale picks out several winners from the telecoms and media sector with performing equity 

Sell the peak on European investment grade suggests BNP Paribas
BNP Paribas’ morning comment suggests a tactical short as the US could become a problem 

Lloyds highlights UK institutions' increasing credit allocations
Official data shows increase in flows into credit from UK institutions 

Flatteners can capture orphan CDS risk on Air France, says BNP Paribas
Research from BNP Paribas suggests using a flattener to capture the chance that Societe Air France’s CDS could become orphaned 

Go long Continental and short Gas Natural, recommends BNP Paribas
BNP Paribas research sees stake sale from Schaeffler as positive for Continental, and little good news on the horizon for Gas Natural. 

BNP Paribas calculates CDS spread changes on index roles
iTraxx Europe will see five changes, and crossover will see four, while CDX IG sees three and financials stay the same 

Societe Generale says it’s time to play the volatility caused by Verizon
Research from Societe Generale argues traders will move into other similar tech firms as they hit limits on Verizon

Market goes short telcos, autos and industrials, Tradeweb data shows
There were more sellers than buyers for cash credit in telcos autos and industrials, while lower tier two financials saw the reverse

Recent corporate hybrid issuance pushes values down, says SocGen
America Movil prices €1.5 billion deal, pushing secondary prices down, Societe Generale notes

Lafarge debt reduction remains on track, says BNP Paribas
BNP Paribas research sees opportunities in Lafarge despite mixed earnings, but warns step-up bonds are expensive  

Market overreacting to KPN's poison pill, according to BNP Paribas
BNP Paribas' research desk argues that KPN's CDS moves aren't fully justified

Rating upgrade could be a negative for Alliander hybrids
BNP suggests getting out of Alliander hybrids as rating upgrade opens door for call

Barclays suggest switching from euro to US dollar bonds
The recent outperformance of European credit is driven by issuer volumes, and will correct, argues Barclays research. 

Mid-market default rate could double, warns Credit Suisse
Credit Suisse research warns that the proportion of companies losing money suggests a much higher default rate 

Go long US high yield and short European crossover, says BNP
BNP research argues that the underperformance in US high yield doesn’t make sense and to go long against European crossover 

Societe Generale research says wait for the next volatility to buy
Research from Societe Generale suggests another bout of volatility is due in September or October but the buying window will be short.

Cut duration in China credit says Societe Generale
Societe Generale research points to Asian investment grade credit close to tights and suggests reducing duration 

Market fails to price in Telecom Italia downgrade, says BNP Paribas
BNP Paribas research says investors are not being compensated for the risk Telecom Italia will lose its investment grade status

June’s sell-off was a crash test dummy claims Societe Generale
Research from Societe Generale suggests that the asset price decline in June was more about price discovery than selling