Credit pickers will win as high yield spreads widen in 2019, predicts Citi
After a volatile 2018 in the credit derivatives market, there are reasons to be optimistic this year for the best credit pickers, according to Citi’s global credit derivatives outlook

CDS committee faces another question on Sears as it outlines auction terms
The Americas Credit Derivatives Determinations Committees has published the auction settlement terms related to Sears Roebuck Acceptance Corp (SRAC), but faces one more general interest question attempting to amend the auction terms

Muzinich poaches Neuberger Berman MD for top fund distribution role
Muzinich has hired a global head of distribution, according to an announcement today, picking up the role previously held by Joshua Hughes, who left for CIFC Asset Management in May

Parker Drilling CDS auction deliverables trade in low 50s
There will be two deliverable obligations into an auction to settle credit default swaps referencing Parker Drilling, the Americas Credit Derivatives Determinations Committee has decided

Sears CDS squeeze is different to Hovnanian manipulation, say Cyrus' lawyers
Matters at the heart of an industry tussle over Sear Roebuck Acceptance Corp credit default swaps are entirely different in nature to the “narrowly tailored credit event” concerns that arose with Hovnanian, lawyers speaking on behalf of Cyrus Capital Partners have claimed

Former London Stock Exchange CEO joins CQS
CQS has moved into 2019 under a new leadership structure with Xavier Rolet being appointed chief executive officer.

CDS auction rules fight looms as Determinations Committee meets on Sears
The Americas Credit Derivatives Determinations Committee will meet tomorrow (3 January) to make what could be a landmark decision on credit event auction rules, amid a heated industry battle over bankrupt US retailer Sears Roebuck Acceptance Corp

Derivatives market jumps forward on Ibor fallbacks
The derivatives market has moved closer to a consensus on how to replace interbank offered rates (Ibors) in contracts, with the International Swaps and Derivatives Association (Isda) finding that most market participants favour a retrospective rather than forward-looking approach for benchmark fallbacks

Europe/US relative value play opens up in battle of the bears
All indications point to 2019 being a tough slog for credit on both sides of the Atlantic, but a consensus is forming that US high yield has the most to worry about. That, say strategists, could present opportunities for those looking to trade one region against the other  

Sears leaves mark as credit event scrap hits deadlock
Sears Roebuck Acceptance Corp (SRAC) has prompted the first external review of a credit event since Novo Banco in 2016, after the Americas Determinations Committee (DC) failed to reach agreement on deliverables into an auction to settle the US retailer’s credit default swaps  

Sears CDS battle heats up as DC challenged to change auction rules
A high profile battle over Sears Roebuck Acceptance Corp credit default swaps has taken a new turn, with one market participant challenging the Americas Determinations Committee to change its rules to avert price manipulation by another market participant in the bankrupt retailer's credit event auction

Sears CDS battle lines set out in market-defining legal fight
Legal sides have set out their arguments in the high-stakes Sears Roebuck Acceptance Corp credit event external review, in what an industry group of asset managers claims is a “unique opportunity to provide clarity on one of the most important definitions for the credit default swap product”

London CCPs to be given 12-month EU equivalence in no-deal Brexit scenario
The European Commission will continue to grant equivalence to UK central clearing counterparties for 12 months in the case of a “no deal” Brexit, it has been variously reported

Sear-iously? Isda slams ex-CFTC commissioner over CDS "hyperbole"
The International Swaps and Derivatives Association has waded into a gathering furore over Sears Roebuck Acceptance Corp credit default swaps

Spanish bank prices €972 million SRT with triple As paying 31bp
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources

Cash-CDS basis set for comeback after "falling knife" mishap, predicts BNP Paribas
The beginning of 2019 should revive interest among credit investors to trade the basis between cash bonds and credit default swaps, according to BNP Paribas strategists – following what they term “falling knife” dynamics in this year’s fourth quarter

Cairn sheds light on single-investment SRT fund
Fresh details have emerged on Cairn Capital’s new significant risk transfer (SRT) funds with the manager informing Creditflux that Pathfinder Fund III was structured such with US requirements in mind

Singapore adds Ice into clearing cocktail
Ice Clear Credit, the US credit default swap clearing house of Intercontinental Exchange, has obtained recognised clearing house status from the Monetary Authority of Singapore

Sears CDS settlement extends to 2019 as external review teams line up
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December

BNP Paribas Asset Management hires multi-strategy products head
BNP Paribas Asset Management has created a new position within its fixed income division

Cairn adds two SRT funds to its roster
Cairn Capital has raised $150 million across two significant risk transfer (SRT) funds - with differing mandates - according to an announcement by the firm

Vue CDS reels on loan no-show, as CLO managers hold front row seats
Vue International is among the biggest movers in credit default swap trading today after the cinema operator pulled an £833 million refinancing and acquisiton financing

Chicago pension fund hires three firms for hedged credit portfolio
Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago (LABF) has awarded $60 million across three firms for investments in hedged credit.  

Creditex obtains CFTC swap execution facility exemption
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility

Sears CDS external review panel named to solve Determinations Committee impasse
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members