Secondary market activity in Europe quietens on US holiday, but strong sentiment prevails
Secondary trading was quieter in Europe this week, especially the last two days, due to the US Thanksgiving break

ABS rallies on better-than-expected inflation prints
The European ABS market has rallied over the last two days on news of rapidly falling inflation in both the US and the UK

European structured finance market constructive on rates pause — market snapshot
European ABS and CLOs had a constructive week in the secondary market, reflecting better sentiment in broader credit

European secondary activity quieter as CLO spreads widen further
Activity in the secondary market was quieter for a second week, especially with half-term holidays in the UK, according to market sources

Structured finance secondary market quiets down as volatility intensifies
Secondary market activity in European structured finance was subdued this week, in the wake of further market volatility sparked by the Israel-Hamas war

Hedge fund profit-taking prompts ABS sales as spreads soften in deteriorating macro conditions
More European ABS and CLO BWICs were on offer this week, as some hedge funds are selling their positions with a view to take early profits before the market widens further.  

ABS spreads hold up in spite of September issuance deluge, while CLOs soften
Trading activity in European ABS has slowed down, as the market absorbs one of the busiest months for issuance for years

European secondary ABS market rallies amid vibrant summer primary
After last week’s spread widening, triggered by a repricing of monetary policy expectations, sentiment in Europe’s structured finance market is on the upswing again.

Secondary activity ramps up as post-Barcelona rally continues
BWIC activity across European ABS and CLOs increased this week as investors and asset managers look to take some risk off heading into the summer  

Leveraged loan market shrinks as CLO trading grows
A lack of primary issuance has caused the leveraged loan market to shrink this year for the first time since the aftermath of the global financial crisis, according to market sources.

CSAM and Five Arrows print Euro CLOs as bwic activity ramps up
Credit Suisse Asset Management and Five Arrows rounded off the week with two new issue European CLOs, while secondary bwic volumes increased week-on-week

Barclays shifts Euro CLO trading to ABS team with departure
A European CLO trader at Barclays, who took on more responsibility for trading following a keu figure departure, is understood to have parted ways with the bank late last year

European and Asian surge extends as inflation and gas improvements fuel rally
US credit remains the laggard as spreads elsewhere extend their strong start to the year, taking European and Asian indices back to the recent tight levels

Brighter start for credit in 2023 as investors return with bid for risk
Credit markets have opened the year on a positive footing, with Europe particularly buoyant as investors lift CDS hedges they placed at the end of 2022 and some bonds receive enthusiastic bids in the secondary market

Largarde snowballs puncture complacent calm and shocks spreads wider
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging

Credit belatedly gives up gains after flurry of central bank hikes
Credit markets barely flickered on Wednesday’s US Federal Reserve announcements, but successive central bank rate hikes on Thursday have caused spreads to widen as traders prepare for the festive season slowdown

CDS volume jumps by 50% as investors seek new ways to do business
Credit derivatives traders are wrapping up a bumper year, in which there was a big increase in volume and a growing number of use cases for the product

Early Christmas for credit longs as US inflation delivers huge rally
Credit markets have rallied sharply after the latest US reading of inflation came in lower than had been largely anticipated

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Buy-out rumours send US high yield company back to January spread levels
Not many single name credits are ending 2022 at the same spread levels they entered the year, but one US high yield company has that profile after its rally of the past three weeks picked up speed following buy-out rumours

Capex and real yields will split winners from losers in '23: BofA
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists

Credit and commodities diverge after China abandons zero-covid approach
Markets present a mixed picture at the start of the week, with Europe – still processing Friday’s US jobs numbers – opening cautiously after China’s retreat from strict zero-covid policies boosts commodity prices but raises fears of an infection wave

Rebuke for optimism as US jobs send market bulls running for cover
Investors’ determination to maintain an optimistic outlook on US Federal Reserve policy hit a point of reckoning on Friday, with hot US jobs numbers adding weight to committee members’ message that there is still a lot more work for them to do

Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone

Credit Suisse spreads hit year's new wides
Protection buying against a Credit Suisse default has taken the bank’s five-year CDS to the widest levels of the year, with the front end of the curve increasingly inverted