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They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
5 years ago
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party -
New funds move in as tranche trades take off
5 years ago
Synthetic structured credit funds are proving popular with investors amid a spike in index tranche trading -
Banks and high yield corps lead charge as results prompt European rally
5 years ago
High yield corporate credit is today's outperforming part of the market as European credit rallies back from its recent wides, as the latest round of earnings proves stronger than many had expected -
US and Europe diverge as loan trading bands emerge on the continent
5 years ago
Europe and the US are on different courses with credit indices having drifted apart over the past month, say trading sources. Europe is expected to suffer fewer defaults to the extent that "it’s getting quite difficult for borrowers to default”, as one source put it. But the US has "higher growth potential due to its more dynamic economy" -
Frontier CDS auction pays less than bonds had indicated
5 years ago
A credit event auction to settle Frontier Communications CDS produced a slightly better result than expected for protection sellers -
Huge CDS gap yawns between US and Europe, despite Fed intervention
5 years ago
Having crossed paths in a rare moment of compression on Monday, iTraxx Europe and its US counterpart CDX IG have since undergone one of their biggest moments of dislocation since the global financial crisis, as an emergency rate cut by the Federal Reserve failed to comfort investors about the impact of the coronavirus on the US economy -
Europe rallies hard after CDX IG closes tighter for first time since June
5 years ago
Volatility in credit remains heightened due to the coronavirus outbreak, but movement has become two-way, with European CDS indices surging tighter today after US index CDX IG ended yesterday’s session tighter than iTraxx Europe for the first time in nine months -
Trump tariffs and oil slip dent Europe vs US credit decompression trades
6 years ago
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 -
US CLO league tables: new issues drive volumes as Morgan Stanley and Citi occupy top two spots
6 years ago
Two months into 2019 and the US CLO market looks very different to previous years, as the balance of deal origination has changed -
Market rout drives US/Europe credit convergence, as Brazil leads Latin widening
6 years ago
Credit spreads have sharply widened globally as financial markets are being rocked by concerns for a trade war and rising US rates. An equity-led rout in the US yesterday afternoon
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