Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations

Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary

Deutsche Bank hires emerging market credit trader
Deutsche Bank has added to its credit team in London by hiring a trader of emerging market cash debt and CDS

100% pay-out on New Look CDS as physical bids fail to materialise
A credit event auction to settle CDS referencing New Look today resulted in a zero cent final price, meaning contracts paid out to protection buyers in full - the first time this has happened other than by a 'deemed auction' decision since 2012

Financials lead charge as dovish Fed stokes rally
Financial companies are some of the biggest movers in CDS amid a positive surge of credit and equities. This follows yesterday’s meeting of the US Federal Reserve and anticipates the European Central Bank pre-announcing on Thursday the terms of its lending plans for banks

New Look CDS auction sets 1.5 cents as initial market mid-point
A credit event auction to settle CDS referencing New Look today has produced an initial market midpoint of just 1.5 cents, in line with the low price at which bonds have been quoted

New Look CDS auction to have only one deliverable, says DC
An credit event auction tomorrow to settle CDS referencing UK retailer New Look will have only one deliverable obligation, following no challenges to the initial list

Trump tariffs and oil slip dent Europe vs US credit decompression trades
Underperformance of US credit derivative indices at the end of last week has created a trading entry point for those still convinced that Europe has more problems. But bearish factors continue to coalesce on both sides of the Atlantic

Credit traders' kickstand: nervous equilibrium gives way to weakness as earnings and tariffs weigh
Healthy fund inflows, European and US holidays, and a thinning primary market helped sustain credit spreads this week, but a weaker turn today shows this is a fragile equilibrium and company earnings misses are starting to be punished more severely

Arrival of five-year bespokes draws in CLO investors
Synthetic bespoke tranches are undergoing a major shift, with dealers projecting five-year business to supersede previously dominant shorter tenors by the end of 2019.

Investors regain nerve to trade the curve
Post-crisis, CDS curve trading languished as an unloved strategy, due to illiquidity outside the five-year tenor. But dealers note resurgent demand for both 3-5 year and 5-10 year positioning, albeit with mixed results.

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

Cairn teams with Mediobanca for European credit Ucits fund
The strategy will focus on four credit asset classes - financials, corporates, asset-backed securities and special opportunities 

Supermarket owner Rallye triggers credit event and joins queue for settlement checkout
Rallye, the parent of French supermarket chain Casino, has triggered a bankruptcy credit event, the Determinations Committee for Europe, Middle East and Africa (EMEA) has determined

Credit traders' kickstand: grave times for UK banks and corps as May goes away
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Barclays financials credit trader jumps to another bank
A Barclays senior financials credit trader in London has left the firm and is heading to another bank, say market sources

Credit traders' kickstand: widening catalysts gather force with focus on financials
Credit markets are once again ending the week on a negative tone, having regained some posture over previous sessions following last week’s tariff-driven sell-off. Credit index spreads appear inclined to trade within a range, but potential catalysts for that range to shift wider outweigh any obvious reasons to return to the tight prints of last month

New Look triggers credit event with big pay-out likely for CDS
The Europe, Middle East & Africa Determinations Committee has ruled that New Look has triggered a failure-to-pay credit event

Synthetic structured credit specialist lands at Brigade
A former Lehman Brothers structured credit specialist has landed at Brigade Capital Management in New York

DC accepts New Look failure-to-pay credit event question
The Europe, Middle East and Africa Determinations Committee has accepted a request to rule on whether New Look has triggered a failure-to-pay credit event

Market making begins in German bank senior preferred CDS
Dealers will today begin making markets in senior preferred CDS of German banks, following the implementation of a protocol created by the International Swaps & Derivatives Association

Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week

Ice seeks consensus with credit risk analytics service
Intercontinental Exchange (Ice) has launched ICE Credit Risk, a suite of analytics it will provide in collaboration with financial risk assessment company Credit Benchmark