BNP Paribas sees tide turning for European ratings migration
Research from French bank argues 2014 will see more rising stars than fallen angels in Europe

Investors plan to put money into long-short credit, according to survey
A recent survey from Deutsche Bank suggests asset managers prefer long-short credit ’40 act funds 

Vivendi de-merger plans will help deleveraging, says BNP Paribas
French conglomerate’s confirmation of de-merger plans is a bonus for credit investors

Societe Generale suggests trading UK banks against each other
Research from French bank argues CDS trade pairing UK banks against each other. 

French covered bonds could lose AAA rating after sovereign downgrade
BNP Paribas research highlights the risk that several French covered bonds could soon be downgraded from triple-A ratings 

Societe Generale sees opportunities in the middle of the credit curve
Bank research argues that credit duration trades have missed out on intermediate maturity bonds

Peugeot-Dongfeng tie up is only a sticking plaster claims BNP Paribas
Research from BNP Paribas claims that structural reforms are needed at French car manufacturer 

Societe Generale suggests trading steel against steel in CDS
Societe Generale suggests playing two of the biggest steel manufacturers against each other

The game is up for peripheral banks' spread outperformance, says CS
Credit Suisse research suggests switching out of peripheral financial bonds and into non-financials  

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