Ed Hammond
CDS report: iTraxx backtracks
European CDS indices have finally returned to pre-Lehman levels, as the continent’s equity rally, which is enjoying its seventh consecutive session, helped squeeze spreads tighter.
The Markit iTraxx Europe index,
CDS report: Floored rally?
The cost of buying protection against default on investment-grade bonds in Europe continued to fall early on Wednesday despite a slight drop in the continent’s main equity markets.
The flagship Markit iTraxx Europe,
CDS report: Risk appetite returns
A growing appetite for risk in Europe was apparent on Tuesday morning, as the stream of positive economic data flowing from the US and Europe indicating that the contraction in the global economy might ease sooner than expected helped push credit derivative indices tighter.
CDS report: Compression session
The appetite for risk in Europe rose slightly on Monday morning as stocks rallied on continuing hopes for a sustained global economic recovery, stoked in part by strong data from China.
The Markit iTraxx Europe index,
CDS report: Auto-mobility
Appetite for risk in European credit markets receded on Thursday, tracking jitters in global stocks which were themselves reacting to a jump in yields on government debt and poor US housing data.
An overnight sell-off in US stocks followed investor concerns that increasing yields on Treasury bonds would lead to higher borrowing costs across the economy.
CDS report: Tokyo trend continues
The appetite for risk in Japan continued to grow on Wednesday, with the benchmark index for the country’s credit default swaps tightening for a seventh consecutive session.
The iTraxx Japan Series 11,
CDS report: Market steels wider
The cost of insuring against the possibility of default on European corporate bonds rose slightly on Tuesday, in spite of a growing number of high grade companies seeking to raise funds in the market.
CDS report: Rally loses steam
The appetite for risk in Europe waned on Wednesday morning, as the effects of the previous day’s rally began to peter out amid poor economic data from Japan.
The Markit iTraxx Crossover index, which tracks the cost of insuring against the possibility of default by the 45 most traded names in the junk-rated sphere,
CDS report: Factoring in ‘feel good’
The cost of insuring European corporate debt against default dropped sharply on Tuesday, as credit spreads tightened amid a rally in global equity markets and rising sentiment that the recession may have passed its peak.
CDS report: Porsche races wider
Having fallen steadily last week, the appetite for risk in Europe wobbled on Monday as a raft of investment-grade companies sought to raise money in the bond market.
Non-financial investment-grade companies have already raised €153bn this year,
CDS report: No victory for V
European credit spreads continued to widen on Thursday, as appetite for risk sunk on the back of negative retail data from the US which dented hopes of a recovery in the economy.
Having moved as low as 740 basis points earlier this month,
CDS report: Mixed blessings
The appetite for risk in Japan rose sharply on Wednesday, as the market responded positively to a growing optimism on Tokyo stocks. The cost of protecting against default on Japanese corporate bonds fell to a six-month low.
CDS report: Stress test hangover
The appetite for risk in Europe dwindled on Tuesday, before finding fresh impetus as the market for insuring against the possibility of corporate default fluctuated in the wake of global equity movements.
CDS report: A reversal of trend
European credit markets saw an abrupt trend reversal on Monday as the cost of protecting against default on a range of higher-risk corporates widened suddenly after a week of falling prices.
Having tightened by almost 80 basis points last week,
CDS report: “Mr Geithner has said the world will be fine”
The cost of insuring against the possibility of default on Japanese bonds fell dramatically on Thursday, as the market reopened after a three-day holiday to greet a wave of positive sentiment. Tightening in the CDS market was accompanied by sharp gains amongst Japanese equities amid optimism that the country’s economy was beginning to shake off the worst of the global recession.
CDS report: A tightening trend
The cost of buying protection against default on investment-grade bonds in Europe decreased slightly on Wednesday, as spread indices tightened after initially increasing in anticipation of the release of the US bank stress test results on Thursday.