UniCredit recommends Portuguese bank negative basis trade
UniCredit analysts recommend a negative basis trade on Banco Comercial Portuguese

BNP Paribas expects further tier-one coupon deferral
BNP Paribas analysts contend that Dexia is likely to defer coupon payments.

Loan default rate rises with more bankruptcies, says Barcap
Barclays Capital’s US credit research reports that the loan default rate has risen.

US credit and equity offer comparable value, says Goldman
Goldman Sachs strategists report in their recent research that US investment grade cash credit and equities now offer comparable relative value.

Pharma credits contain patent risk, says UniCredit
UniCredit recommends a cash bond trade today on Sanofi-Aventis and Roche.

Loan to bond financing ratio may shift, says SocGen
Societe Generale’s credit research today reports that the loan financing to capital market financing ratio may change.

Aviva tier-one still an opportunity, says BNP
Aviva’s tier-one perpetual bond has had a phenomenal run in recent weeks, analysts at BNP Paribas report.

Equity-credit divergence plays still attractive, say strategists
BNP Paribas analysts point out the recent divergence between equity and credit.

Potential event risk for Berry Plastics, says CreditSights
CreditSights analysts highlight the potential event risk related to Berry Plastics’ financial sponsor, Apollo Management in their most recent piece on the company.

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.