Blockbuster could be LCDX cancellation event, says Barcap
Barclays Capital analysts report in their weekly research that Blockbuster’s newest bond issue whose proceeds will be used to pay down the company’s term loan B, could constitute a LCDS cancellation event.

CLO OC failures fall by 30%, says Wells Fargo
Wells Fargo calculates that the number of US CLOs failing senior overcollateralisation tests has now fallen for four months in a row – from a high of 56 in April to 40 last month

Goldman Sachs recommends short-dated crossover bonds
Goldman Sachs credit strategists recommend buying crossover bonds in their most recent research piece.

New leader wings it to the top in Creditflux game's second week
The second week of Creditflux’s trading game saw the gap between rich and poor expand further, with a new leader coming through on the back of highly-leveraged betting

BNP maintains hold recommendation on German construction company
BNP Paribas maintains its hold recommendation on Henkel, a construction company headquartered in Germany in today’s research.

UniCredit recommends auto bonds switch
UniCredit's relative value trading idea recommends taking profits from auto bonds that have the lowest 60-day Z-scores in the sector.

Sell protection on Metro, buy protection on Kingfisher, says UniCredit
In its 31 March research, UniCredit recommends selling five-year protection on Metro at 340 basis points, and buying five-year protection on Kingfisher at 330bp for a pick-up of 10bp.

Buy 5Y Gas Natural protection, sell Enel, says UniCredit
UniCredit's trade idea focuses on the utilities sector.

Sovereigns widen beyond leading telcos and utlilities, notes BNP
BNP Paribas observes that sovereign credit default swap spreads have recently reached wider levels than leading telecoms or utilities companies in their countries, while major banks' CDS are trading wider than their sovereign CDS.

Italian energy provider set for credit profile improvement, says UniCredit
UniCredit maintains its overweight recommendation on Italian energy provider Enel.

Fitch says US CREL CDO delinquencies surpass 1% for first time
Fitch currently rates 35 CREL CDOs.

Moody's downgrades CPDOs
Moody's today downgraded five CPDOs linked to portfolios of financial names, and said that the €340 million of notes and swaps represent 63% of the financial CPDOs it rates

M&G's Fancourt swaps bonds for CDO role, MoneyMarketing reports
MoneyMarketing reports that M&G has made a management reshuffle of the group high yield bond funds following David Fancourt's move to the group's CDO team