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 

Go long senior European financials against main, says BNP Paribas
Corporate credit has rallied too fast compared to other assets, claims BNP Paribas research 

Morgan Stanley expresses surprise at failure of Mongolian bank
The insolvency of Mongolia’s fifth largest lender could damage the sovereign’s creditworthiness

Go long European credits with strong US sales, says Bank of America
Bank of America research looks to European names with high US sales exposure for third quarter outperformance 

Options expiries may explain sticky indices, claims BNP Paribas
BNP Paribas research points to a high number of credit option expiries to explain sticky levels of credit indices

Steepening makes mid-curve bonds look cheap, says Bank of America
Bank of America research points to value in three to five year bonds in industrials, telecoms and Spanish corporates in particular

Secured bonds look attractive next to loans, says Barclays
Barclays' latest US Credit Alpha Research claims that secured bonds are outperforming loans after sell-off

BNP Paribas credit trade idea makes 25 basis points in a day
Trade idea to go short Italian bonds and long credit indices makes profit after one day 

Credit quality of first time issuers is declining claims Moody’s
Moody’s claims that credit quality of new high yield issuers is declining as LBOs dominate the area.