David Oakley
CDS report: Optimism ahead of US data
European credit derivatives ground tighter on Friday amid some optimism ahead of key US non-farm payroll numbers, which are expected to show the labour market expanding this month.
The iTraxx Crossover,
CDS report: Wider on liquidity worries
European credit derivative prices widened on Tuesday amid concerns over liquidity in the money markets after comments from the International Monetary Fund.
The IMF said on Monday that the credit squeeze
CDS report: SAS swaps widen sharply
Scandinavian airline SAS saw its credit default swaps widen sharply Monday morning on reports that it had suspended flights of its Dash 8-400 aircraft until an investigation into its emergency landing gear is completed.
CDS report: European credit derivatives drift in low volumes
European credit derivatives failed to gain momentum Friday morning despite Barclays’ announcement that it was injecting $1.6bn into Cairn High Grade Funding I to stave off the collapse of the structured investment vehicle.
CDS report: weaker as US continues to weigh
European credit markets were weaker on Monday as the sharp sell-off in US stocks on Friday took its toll.
The iTraxx Crossover Index, which tracks the 50 most-liquid names in the mainly high-yield sector in Europe and is considered the key indicator of sentiment for credit default swaps,
CDS Report – European credit derivatives widen
European credit derivative prices widened on Thursday morning after equities suffered following comments from former US Federal Reserve chaiman Alan Greenspan.
Mr Greenspan sparked fears of a repeat of the volatility seen in late February when he warned of a possible sharp fall in China’s stock markets.
CDS Report – cost of default protection down as equity markets near highs
The cost of buying protection against company defaults fell on Wednesday as credit default swaps continued to gain support from the near-record highs in the equity markets.
The iTraxx Crossover index,
CDS report: grinding higher
European credit derivatives ground a touch tighter on Monday, buoyed by the continuing strength of equities.
The iTraxx Crossover index, which tracks the 50 most-liquid names in the mainly high-yield space and is considered the main barometer for sentiment,
CDS report: Ahold tightens on US Foodservice sale
The cost of buying protection against default on Ahold tightened on Thursday after the Dutch retailer sold its US catering unit for more than the market had expected.
The company’s five-year credit default swaps,
CDS report – concern on Corus bond repurchase
The cost of insuring the debt of Corus against default rose sharply on Wednesday after concern grew that the credit default swaps of the Anglo-Dutch steelmaker could become worthless.
Five-year credit default swaps rose by 10 basis points,
CDS report: quiet trade
European credit derivative prices were steady on Tuesday on small volumes as traders mostly remained on the sidelines because of the May Day public holiday across Europe.
The iTraxx Crossover index,
CDS report: Tomkins and Degussa widen on bid speculation
Credit default swaps of Tomkins, the engineering and manufacturing group, and Degussa, the chemicals company, widened on Monday amid speculation that they could be bought up by private equity.
At one stage,
CDS report: betting on an abortive Sainsbury bid
British retailer J Sainsbury saw its credit default swaps narrow sharply on Tuesday as views hardened that the private-equity led consortium seeking to buy the supermarket chain would fail in its bid to takeover the company.
CDS report: All quiet on the Easter front
European credit derivatives opened tighter on Wednesday as the market took its lead from the strength of equities, although trade was fairly slow ahead of the Easter weekend.
The iTraxx Crossover index,
CDS report:Continental widens on continuing bid rumours
Five-year credit default swaps on Continental, the German tyre and car parts maker, widened sharply on Tuesday on rumours of a private equity bid approach.Credit default swaps, which are a kind of insurance against non-payment of bonds,
CDS report: Valeo, Pearson in the buyout frame
Credit default swaps of Valeo, the French car parts group, widened sharply on Friday after a takeover approach from an investment fund.
Valeo’s five-year default swaps widened by 15 basis points, meaning it now costs €15,000 more to protect the company’s bonds against default,
CDS report: US rate bias sees spreads tighten once more
European credit derivatives tightened sharply on Thursday morning in response to the US Federal Reserve’s signal that interest rate cuts are more likely.
Suki Mann, credit strategist at SG CIB, said:
CDS report: European credit derivatives set for new volume highs
European credit derivatives are set to break new records in volumes traded this week in a sign of the growing use of the market as a way to hedge and make bets on the future direction of the world economy,
CDS report: indices updates bump up the volume
European credit derivatives saw high volumes Tuesday morning as investors sought to take positions on the newly launched iTraxx indices, which are updated every six months.
The new Crossover series,
CDS report: European junk-rated credit derivatives grind wider
European junk-rated credit derivatives at last found some stability on Friday as flows slowed after another roller-coaster week of extreme volatility and high volumes.
The iTraxx Crossover index, the main indicator of sentiment in the junk-grade sphere,
CDS report: a week of heavy volume amid wild swings
European junk-rated credit derivatives were set to break all records in volumes this week amid the sharpest swings seen in the market place since the last sell-off in May.
Deutsche Bank estimates volumes will hit 200bn euros this week,
CDS report: European junk-rated credit derivative prices fall
The cost of buying protection against default on junk-rated bonds in Europe fell on Thursday morning as the market recovered more of its losses following the world wide equity sell off on Tuesday.
The European iTraxx Crossover index,
CDS report: European high-yield credit derivatives volatile
European high-yield credit derivative prices rode the roller-coaster on Wednesday morning in the choppiest session since last May’s market sell-off, traders said.
Turnover was also the highest for a morning session since the middle of last year as the iTraxx Crossover index,
CDS report: China sparks widening of spreads
The cost of protecting debt against default rose on Tuesday on the back of sharp falls in the Chinese stock market.
Lower European stocks and reported comments from Alan Greenspan, the former Federal Reserve chairman,
CDS report: Credit derivative prices of Iceland’s banks fall on Moody’s analysis
Credit derivative prices of Iceland’s banks fell sharply on Monday – meaning the the banks are considered likely to default – after upgraded their ratings to the premier status of triple-A.
Moody’s upgraded Iceland’s Glitnir and Kaupthing to Aaa from A1 and Landsbanki to Aaa from A2 after it changed the way it analyses defaults.
CDS report: Bernanke applies some balm
European credit derivative prices were trading at record lows Thursday as sentiment was boosted by US Federal Reserve chairman Ben Bernanke’s upbeat analysis of the US economy.
Mr Bernanke said the reduced economic risks evoked memories of the “Goldilocks”
CDS report: Rexel price falls on IPO hopes
The cost of buying protection on Rexel, the world’s biggest distributor of electrical equipment, fell sharply on Wednesday as hopes rose that the company will announce an initial public offering.
This was seen as positive for Rexel’s credit default swap prices as traders believe proceeds from an IPO could be used to pay back debt,
CDS Report: Sainsbury spreads explode
The cost of insuring debt owned by J Sainsbury rose dramatically Friday morning after three private equity companies expressed interest in buying the British retailer. Five-year credit default swaps rose by a massive 50bp following this expression of interest from CVC Capital Partners,
CDS Report: Fed eases what few fears there are
European credit derivative prices were steady on Thursday as traders interpreted the US Federal Reserve statement on interest rates, following its decision to keep rates at 5.25 per cent, as generally positive for the market.
CDS Report: A “whole business” solution at BAA?
European credit derivative prices widened a touch Tuesday morning as the market traded in a tight range ahead of the US Federal Reserve interest rate meeting and a slew of other key US data.
Of the single names,