2010 to be year of alpha generation, says Goldman Sachs
Goldman Sachs strategists foresee credit markets with improved risk-rewards of relative value and lower correlations, thus bringing about differentiated recoveries across different asset classes.

Dexia and ING allowed to call subordinated debt
Good news for European financials comes as the European Community allowed both Dexia and ING call an upper tier-two and lower tier-two bond, respecitvely.

BBVA announces hybrids exchange offer
According to a regulatory filing at the London Stock Exchange yesterday, BBVA announced an offer to exchange any and all of the existing euro- and sterling-denominated tier-one hybrid securities.

UniCredit changes Telenor recommendation to overweight
UniCredit analysts change their recommendation for Telenor Group’s bonds to overweight in today’s research.

Wind Hellas's senior noteholders form group
According to UniCredit, Wind Hellas (II) has announced that a majority of the senior unsecured noteholders and a significant minority of the senior secured noteholders have organised a group.

Leveraged loan default rate at all-time high, says Barcap
Barclays Capital analysts report that default rates in the leveraged loan market have reached an all-time high.

Morgan Stanley lists likely outperforming companies
Morgan Stanley research posits a list of companies in both high-yield and investment grade with operating leverage and strong sales expectations.

Real value remains in lower tier-two capital
Heading into the last quarter of the year, BNP Paribas credit analysts point to lower tier-two bank paper as the asset class with real value.

Buy protection on Wolters Kluwer, says BNP Paribas
BNP Paribas analysts recommend buying protection on Wolters Kluwer and hedging with either Reed Elsevier or BskyB.

LBBW's gennussschein facing principal hit, says UniCredit
In the wake of LBBW’s announcement that it is expecting significant losses, UniCredit analysts point out that the bank’s gennussschein instruments are likely to receive a haircut.

M&A concerns hampering tighter credits, says Barcap
Barclays Capital credit analysts point to increasing M&A deals and unappealing valuations in the tighter end of the credit market for the underperformance of tighter credits.

CIT has limited time to restructure, says CreditSights
CreditSights analysts believe that CIT will need to restructure its balance sheet in order to avoid bankruptcy, but has the time (although limited) to do so.

Australian banks resilient with low extension risk, says RBC
RBC analysts move to a sector perform recommendation on sterling-denominated tier-one debt instruments of ANZ.

Intesa Sanpaolo to accelerate asset sale, says UniCredit
UniCredit analysts reported in their research today that Intesa Sanpaolo will be dispoing assets and issuing hybrid bonds in order to avoid capital injections from the state.

KBC tender offer attracts investors
KBC’s recent tender offer was highly subscribed, with the bank annoucing the results yesterday.

Investor survey reveals credit 'bubble', says BoA/ML
Bank of America/Merrill Lynch’s survey of its investors shows that many perceive abundant liquidity levels.

Barcap names 'rising stars' in double-B and triple-B credits
Barcap analysts highlighted the potential 'rising stars' over the next year.

Barclays Capital presents bullish outlook
Barclays Capital’s quarterly research presents a bullish outlook on the global economic recovery.

Buy Imperial Tobacco's bond, says UniCredit
UniCredit analysts recommend a cash bond trade on Imperial Tobacco for their relative value trading idea.

UniCredit suggests negative basis trades on Volvo
UniCredit suggests negative basis trades on Volvo

Goldman Sachs recommends credit correlation trade
Asserting that credit correlation will take time to come down and is hence the last risk premium to normalise, Goldman Sachs strategists in their latest research make two trading recommendations.

S&P could trigger CSO restructurings, says Morgan Stanley
Morgan Stanley says that Standard & Poor’s CDO methodology changes, which will lead to significant downgrades from AAA, are unlikely to force many CLO investors to unwind their holdings

Roll early to grab Crossover positive skew, says Barcap
Looking forward to the iTraxx series 12 roll, Barclays Capital analysts argue that investors should focus on skew, liquidity, curves, and fundamentals in order to exit from series 11 and enter series 12 as profitably as possible.

Beta compression will run further, says BoA/Merrill
Bank of America/Merrill Lynch credit research today argues that the beta compression has further to run.