Joanna Chung
CDS report: Jumpy conditions
European credit derivatives were jumpy on Thursday as more bad news about the US economy kept investors nervous.
An early sell-off sent the iTraxx Crossover index of junk-rated European credits, a barometer of risk appetite,
CDS report: Credits on tenterhooks ahead of the Fed
All eyes will be on the US Fed decision and Lehman Brother’s earnings when the US market opens on Tuesday. But the European credit derivatives market did get a lift early in the day as the cost of insuring Northern Rock’s debt against default fell sharply.
CDS report: ECB acts, but credit stand-off remains
European credit derivatives markets widened slightly on Thursday, although investors were unwilling to make sizeable bets given the ongoing uncertainty.
The benchmark iTraxx Crossover index, which consists of mostly high-yield credits,
CDS report: jittery conditions prevail
The sell-off has been more or less relentless since last Thursday, following the crisis at two Bear Stearns hedge funds that bet on the US subprime market.
But it is becoming clear too that some European investors have been placing significant bets on this US market in recent years — raising questions about which credit funds in London are nursing losses.
CDS Report – US sub-prime concerns keep investors on edge
A lighter mood pervaded the European credit derivatives markets on Friday, with the help of strong equity markets overnight. However, lingering worries about the US sub-prime mortgage market kept investors on edge.
CDS report: Sub-prime turmoil hits sentiment
Renewed jitters over turmoil in the US sub-prime mortgage market hit sentiment in the European credit derivatives markets on Thursday.
The iTraxx Crossover index opened 8 basis points wider at 210bp,
CDS report: British Airways tighter on S&P move
The cost of protecting British Airways’s debt against default fell on Wednesday after Standard & Poor’s said it has raised the group’s corporate credit rating to investment grade status.
S&P raised the airline’s rating to BBB- from BB+.
CDS report: Sainbury feels the Delta Force
The cost of protecting Sainsbury’s debt against default jumped on Friday following news that a major shareholder raised its stake in the supermarket chain.
The move by Qatari-linked investment fund Delta (Two) to raise its stake to 25 per cent sparked a flurry of speculation about Sainsbury’s future and the possibility of another bid for the former takeover target.
CDS report: PE bid rumours continue
Private equity bid rumours sparked activity on a few individual European credit derivatives in an otherwise quiet market on Friday.
The cost of insuring the debt of Ladbrokes fell after the company’s chief executive quashed rumours of a private equity bid for the UK bookmaker.
CDS report: Invensys tighter on takeover talk
The upbeat mood in the European credit derivatives markets quickly disappeared on Thursday morning, with indices moving slightly wider from opening levels.
The iTraxx Crossover index of junk-rated credits opened tighter at 195.5 basis points,
CDS report: Boots tighter despite bidding war
The cost of insuring the debt of Alliance Boots fell on Friday morning even as a bidding war erupted over the UK health and beauty group.
A consortium led by private equity firm Terra Firma raised its offer for Boots to £11.26 a share,
CDS report: Asian falls dent sentiment
Sharp falls in Asian equity markets dented sentiment in the European credit derivatives markets on Thursday morning, sending main indices wider.
The iTraxx Crossover index of the most widely traded junk-rated credit default swaps — a kind of insurance against the non-payment of debt — opened morning 3 basis points wider at a mid-price of 201bp,
CDS report: Adidas widens as Apax eyes stake
The cost of insuring the debt of Adidas, the world’s largest sports good maker, soared on Wednesday following a report in the FT saying that Apax, the private equity group, wants to buy a 25 per cent stake in the Germany company.
CDS report: inflation nerves
Nervousness in the market ahead of key inflation data in the US and after strong inflation figures reported in the UK weighed on European credit derivatives markets on Tuesday.
Meanwhile, some single name credit default swaps,
CDS report: Continental tightens on VDO talk
The cost of insuring the debt Continental, the German tyremaker, traded lower throughout Monday morning on news that the company might be interested in buying Siemens’ VDO auto parts business.
The development,
CDS report – CVC smoke signals move Altadis
Leveraged buy-out rumours continued to power activity in the European credit derivatives markets on Friday, with the future of Altadis, the Franco-Spanish cigarette, a major focus of traders.
CVC, the buy-out group whose bid for Sainsbury’s supermarket chain collapsed this week,
CDS report: Erratic EMI sees spreads widen
EMI saw a second consecutive day of sharp moves in the European credit derivatives market after the music group said it had received a bid approach from US rival Warner Music.
The two companies have tried and failed on several occasions to seal a merger agreement,
CDS report: EMI faces the music
EMI was a big mover in the European credit derivatives market on Monday following media reports that the music group was looking at ways to restructure its debt profile.
The FT reported that EMI was looking at a possible securitisation of its debt – to allow the group to replace more expensive debt – but it is understood to be one of several possible plans under consideration.
CDS report: Clariant jumps as the market chatters
Market rumours that Clariant could be the target of a private-equity bid lifted the cost of insuring the Swiss chemical group’s debt on Thursday.
The group’s five-year credit defaults swaps, a kind of insurance against the non-payment of debt,
CDS Report: Awash with liquidity
The rally in the European credit derivatives market gathered steam on Wednesday, pushing the cost of buying protection against a company defaulting on its debt to record low levels.
The latest move down in credit default swaps — as measured by the main indices in the European credit derivatives market — underscored the buoyant mood that has pervaded the market so far this year.
CDS Report: Merck, Ono, Pearson, British Airways
Junk-rated European credit derivatives were trading near record low levels again on Monday morning, underlining the continuing bullishness in the credit market.
The iTraxx Crossover, the index of the most widely traded junk-rated companies — or non-investment grade companies — was trading at 200 basis points,
CDS Report: Tui in the frame
Germany’s Tui, the travel group, saw volatile trading in the European credit derivatives market on Wednesday morning on speculation that Denmark’s AP Moeller Maersk might be interested in buying Tui’s shipping division,
CDS report: Qantas insurance soars
The European market for credit derivatives opened on a quiet note on Wednesday but a number of companies soon saw sharp activity on their credit default swaps, a kind of insurance against a non-payment of corporate debt,
CDS report: ITV credit recovers
The cost of buying protection against a corporate default on ITV, the UK’s largest commercial broadcaster, slumped some 40 per cent on Monday, with investors in the credit derivatives market reacting to news that British Sky Broadcasting had taken a 17.9 per cent stake in ITV.
Daily report: credit default swaps
The cost of buying protection against a corporate default in the credit derivatives markets fell further on Thursday morning, with investors resuming an increasingly bullish view of the global credit markets.
Daily report: credit default swaps
The cost of buying protection against a corporate default in the credit derivatives markets fell on Wednesday morning as bullishness in the US stock markets spilled over into the corporate credit world.
Daily report: credit default swaps
The cost of buying insurance against a corporate default on GUS rose on Tuesday morning after Experian, the demerged credit checking division of GUS, surprisingly conceded to demands of bondholders last night.