Net short CDS provisions reach Europe as Legoland owner aims to block activist investors
A buy-out financing package for Merlin Entertainment will provide what looks to be the first instance in the European market of provisions aimed at deterring lenders from being net short borrowers’ debt through CDS

Santander issues SRT referencing Spanish SME loans
Banco Santander has issued a significant risk transfer referencing a €3 billion portfolio of loans

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

What price lender integrity if myriad interpretations mean nobody knows where they stand?
Net short language is seeping into loan documentation. The problem is that some funds may not know their net position

CLO investors should be looking at CSOs

Investments in CSOs can be more fruitful than in CLOs

Tranche trading is back: relative value plays power growth
Synthetic bespoke and index tranche markets are shifting through the gears and accelerating, say investors, as an increasing prevalence of relative value trading strategies evoke dreams of the products returning to pre-financial crisis glory.

They said it: "I saw a CLO OM which ran 484 pages"
At Creditflux’s Credit Dimensions event, JP Morgan’s Zaheen Mir argues that CSOs are simpler to understand than CLOs

Credit traders' kickstand: European financials outperform as Trump-Xi meeting looms
Credit markets are finely poised going into the weekend, when US president Donald Trump’s crunch G20 meeting with Chinese president Xi Jinping likely could set the direction of trade from Monday

Rallye CDS auction price drops to 12.5 cents on unmatched sell requests
Rallye's credit event auction to settle CDS contracts produced a final price of 12.5 cents today, lower than the initial price set in the first round this morning of 14.975

Rallye CDS set for high pay-out with credit event auction underway
Rallye CDS looks set for a high pay-out to protection buyers after a credit event auction today to settle the contracts produced an inside market midpoint of 14.875 cents, slightly below where the retailer’s bonds have been quoted

First Abu Dhabi Bank pushes into credit derivatives with trading head hire
First Abu Dhabi Bank (FAB) is making a foray into credit derivatives and has hired an experienced credit trader to lead the initiative

Credit traders' kickstand: synthetic credit leads the way as spreads swoop on dovish wings
Dovish comments by the European Central Bank and US Federal Reserve, along with thin bond issuance, contributed to a pronounced rally this week in credit market. But a nervy week may lie ahead as suspense grows before G20 summit talks between the US and China next Friday and Saturday

Barclays rehires high yield credit trader from Goldman Sachs
A high yield specialist has become the second credit trader in as many months to rejoin Barclays from Goldman Sachs

Rallye CDS auction to have 10 dealers and six deliverables
10 dealers will take part in an auction next week to settle CDS contracts referencing Rallye, after the Determinations Committee voted to add Morgan Stanley as a participating bidder

US and European basis trades in play as bonds lag CDS rally
A recent outperformance of CDS indices versus cash bonds has opened up basis trade opportunities on both sides of the Atlantic, say credit strategists

CDX IG and iTraxx back to level pegging as oil and trade weigh heaviest
Credit markets, along with stocks, enter the week on a flattish tone with focus once again on the next developments between the US and China over trade tariffs. This follows European credit faring better than the US last week as the mood strengthened around Italian and UK risks, say strategists

Senior figure rejoins Credit Suisse to head European capital markets
The bank is looking to build out its key European platforms - and has hired an official who left just last summer 

Another BlackRock official lands at new manager Tresidor
Tresidor was founded by CIO Michael Phelps, formerly the head of European fundamental credit at BlackRock 

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