French bank BNP Paribas has created a sub-index to its CJ50 index of the 50 most liquid Japanese credit default swaps (CDS). Called CJ Flex, the sub-index is referenced on about 30 investment-grade credits, worth a total notional amount of more than ¥10...
Japan’s Aozora Bank has become the eighth credit derivatives dealer to join the CJ 50 Index, a multi-dealer credit index which tracks the 50 most liquid credit default swaps in Japan.
The CJ50 index that tracks the movement of Japan’s 50 most actively traded credit default swaps started trading today, with volume reaching beyond ¥10 billion ($83 million), according to BNP Paribas.
The cost of credit protection on Japanese electronics companies ended the week off their highs, as market participants finished re-adjusting portfolios and protection sellers re-emerged in the market.
UBS Warburg has become the fifth credit derivatives dealer to contribute to the CJ 50 index, a joint venture product that tracks Japan's 50 most liquid credit default swaps.
Credit protection on Japanese names continued a tightening trend this week, on the back of positive sentiment globally with the war in Iraq nearing a close and the absence of negative news in the domestic market.