Gillian Tett
CDS report: the ‘roll’ goes smoothly
The closely-watched industry indices of credit derivatives completed their so-called “roll” – or an update of their baskets – on Thursday in London.
However, this roll, which occurs every six months,
CDS report: nerves over Ecuador
The focus of the credit derivatives market continued to centre on individual companies on Friday in London trading, as dealers mulled more rumours of impending mergers and acquisition activity – and the implications of corporate results.
CDS report: swinging Boots
Boots was back in the spotlight on Wednesday in the London credit derivatives market, as the spread on its credit default swap gyrated wildly amid continued speculation about its future following the recent £11bn bid for the group by KKR.,
CDS report: bid speculation continues to set the tone
The cost of buying insurance against bond default for risky corporate names, using derivatives, rose in the London markets today as investors reacted to a fall in European share prices.
The so called iTraxx Crossover index,
CDS report: an uneasy calm
Sentiment in the credit derivatives market in London was muted on Thursday, with activity already slowing down before the Easter holiday break, traders said.
The so-called iTraxx index of European credit default swaps opened at 24.5basis points,
CDS report: Telecom Italia in the spotlight
Telecom Italia, the Italian telecommunications group, is in the spotlight in the credit derivatives markets this morning after AT&T and America Movil started negotiations to purchase a stake in TI’s holding company,
CDS report: Takeover rumours move credit default swap spreads
The credit derivatives market continued to be buffeted by rumours of possibly takeover bids on Friday, fuelled by a perception that the recent decline in equity prices might have made leverage buyouts more likely.
CDS report: volatility remains high
Sentiment turned increasingly nervous in the credit derivatives markets on Wednesday, following the sharp equity market reaction on Tuesday evening to more bad news from the sub-prime mortgage market in the US.
CDS Report: Securitas in the spotlight
The security services company Securitas was in the spotlight in London credit derivatives markets this morning, as the group became the latest European name to attract private equity rumours.
In particular,
CDS Report: Corus yo-yos as debate rages
Corus was once again in the spotlight in the credit derivatives markets in London on Monday, amid renewed speculation about the future of the company’s debt structure following the planned acquisition of the steel marker by Tata Steel of India.
CDS report: EMI, Reed Elsevier, Jones Apparel
EMI, the music group, was in the spotlight in this morning’s credit derivatives trading in London, after the company announced a management reshuffle and issued a warning on its profit outlook.The EMI credit default swap — an instrument which protects against the non-payment of corporate debt — was trading with a spread of 175basis points,
CDS Report: upbeat tone continues
The cost of buying credit insurance for risky European companies was trading again close to record lows this morning in London, as the debt markets maintained a relatively upbeat tone.The move partly reflected the upward movements in equity prices overnight,
CDS Report: Venezuelan spreads widen, but do not explode
Venezuela is in the spotlight in the global credit markets today, following news that the government is considering nationalising some key assets. The five-year credit default swaps — an instrument that provides protection against the non-payment of debt — was trading with a spread at around 153 basis points today in London.
CDS report: BA price falls on union agreement
British Airways is in the spotlight in the credit derivatives market in London this morning, as investors assess the news that emerged late on Friday that the airline has reached a deal with its four main trade unions on plans to tackle its £2.1 billion-pound pension deficit.
CDS Report: grinding tighter
European credit markets notched up a new record this morning, after the spread on the so-called “Crossover index” – a basket of credit default swaps on risky European corporate bonds – tightened to its lowest level,
CDS report: FKI smooths market feathers
FKI, the British engineering group, yesterday attracted further interest in the credit derivatives markets after its senior executives pledged to consider the interests of the CDS investors and the like when formulating their future corporate strategy.