Behave yourselves: EBA policy advisor warns against misuse of securitisation rules
The European securitisation market has come a long way over the last decade, and the message from one policy advisor is clear – don’t do anything to mess it up.

DTCC appoints Deriv/Serv board chairman to replace Thompson
The Depository Trust & Clearing Corporation (DTCC) has appointed a replacement board chairman of its Deriv/Serv credit derivatives repository following the retirement of Larry Thompson in December

PG&E bonds on the rise as DC finalises credit event auction deliverables
An auction to settle CDS referencing Pacific Gas and Electric Company CDS will have 37 deliverable obligations, the Americas Credit Determinations Committee has confirmed

Generali seeks high yield analysts in Milan as credit research head builds team
Generali Investments’ head of global credit research has relocated within the firm from Paris to Milan and is seeking hires to build a team in the Italian city

Former BlackRock portfolio manager lands at start-up credit firm Tresidor
Tresidor Investment Management – the new credit manager led by BlackRock’s former head of European credit Michael Phelps and ex-Goldman Sachs synthetic CDO head Edgar Senior – has added a credit portfolio manager to its team ahead of its maiden fund launch

European sub-financials shake-off Santander AT1 shock, outperforming senior fins and corps
Santander’s decision yesterday not to call a €1.5 billion additional tier one (AT1) bond shocked investors in the asset class. But while this may have been expected to bring a wider reverberation of pain, investors and strategists have noted a firming up of the European financial bond sector today

HSBC boosts single name CDS and index trading with experienced hire
HSBC has added a former index trading head to its credit team in London

Deutsche plots single name CDS return and index push with two senior hires
Deutsche Bank has made two senior credit trading hires to its London office, with sources saying these portend a revival of its CDS market-making business

You can’t time everything 100% correctly, but being too early can be a mistake
ArrowMark's Kaelyn Abrell takes our credit quiz

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

CDS lives to bring more fights as it steers past Ziggo and Sears
Credit default swaps have navigated two big tests of their rules, holding up to scrutiny on Ziggo Bond Finance (ZBF) and Sears Roebuck Acceptance Corp (SRAC), despite warnings they could weaken the product

Isda sets 27 February deadline for German bank CDS protocol adherence
The International Swaps and Derivatives Association (Isda) has launched a protocol for German bank CDS, as the industry looks to adapt to a change in the country’s law regarding senior financial debt

CDS sell-off brings profit-taking opportunity for basis trade players
Profit-taking on basis trades between CDS and cash bonds has begun, with the strong run for credit markets since the start of the year having hit a bump yesterday

GAM launches quantitatively-managed credit Ucits fund
The new fund is anticipated to offer “strategic allocation to credit with tactical ability to reduce exposure in challenging markets”.

They said it: "I enjoy problem-solving and puzzles"
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager

Points up front: Favouritism - that’s the long and short of it
The rift between Sound Point Capital Management and its former portfolio manager Jeff Teach highlights some of the difficulties managers face when overseeing multiple funds with both competing and similar interests

Pacific Gas & Electric CDS set for high recovery as initial obligations trade above 74
Pacific Gas and Electric Company CDS look set for a high recovery, despite a long list of obligations being selected as deliverables into the credit event auction for the defaulted borrower, since eligible bonds are all quoted in the mid-70s or 80s

Bank of England agrees post-Brexit recognition of UK central clearers with Esma
The Bank of England and the European Securities and Markets Authority (Esma) have agreed to continue to recognise central counterparties (CCPs) and the central securities depository (CSD) established in the United Kingdom in the event of a no-deal Brexit

Pacific Gas & Electric triggers bankruptcy credit event
Pacific Gas and Electric Company has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, by 14 votes to one

CDS food fight as UNFI sues Goldman Sachs over SuperValu deal
United Natural Foods Inc (UNFI) has summoned Goldman Sachs to court, accusing the bank of bad faith in the way it handled the US retailer’s buyout of SuperValu last year, a transaction which caused the target firm’s CDS spread to bloat by over 200bp in one day

Isda seeks fallback spread vendor for derivatives
The International Swaps & Derivatives Association is seeking an independent service provider to calculate and publish adjustments to fallbacks it will use in interest rate benchmarks for its Isda definitions

Esma requests derivatives clearing reprieve for smaller counterparties as deadline looms
With time running out for market participants to comply with a 21 June deadline to start centrally clearing over-the-counter credit and interest rate derivatives, the European Securities and Markets Authority (Esma) has pleaded with national regulators to overlook the failure of smaller counterparties who may subsequently be absolved from the requirement in any case since thresholds are not yet finalised

Pacific Gas & Electric credit event posed following Chapter 11 filing
The Americas Credit Derivatives Determinations Committee has been asked to rule on whether Pacific Gas and Electric has triggered a credit event, after the San Francisco headquartered firm filed for Chapter 11 bankruptcy protection for the second time in its history

Central counterparties need to improve after Nasdaq Clearing member default, says Isda
Derivative central counterparties (CCPs) must look to make a number of improvements to risk practices, the International Swaps and Derivatives Association has said in a paper that follows a clearing member default at Nasdaq Clearing in September