Credit markets
CDPCs: Closed for business
Credit derivatives product companies, the specialised financial insurers who sold protection to structured credit counterparties, have seen the bottom fall out of their market with the demise of the structured products asset class. Some CDPCs, like…
CDS: Citi, BoA lead rally
Credit default swap 5-year mid-levels for structured products issuers (August 28)
Financial CDS spreads stable
Market sentiment towards financials has been steady over the past week, with the cost of credit protection largely unchanged on US and European banks.
CDS: Citi, MS lead spreads wider
Credit default swap 5-year mid-levels for structured products issuers (August 27)
CDS: Narrowing trend continues
Credit default swap 5-year mid-levels for structured products issuers (August 26)
CDS: Spreads narrow again
Credit default swap 5-year mid-levels for structured products issuers (August 25)
Thomson restructuring causes headache for CDS index tranches
Market participants are uncertain how to deal with index tranche products referencing the iTraxx credit default swap (CDS) indexes following the restructuring credit event at French media company Thomson, which was a member of the indexes.
CDS: Spreads narrow on better-than-expected US housing data
Credit default swap 5-year mid-levels for structured products issuers (August 21)
CDS: US banks lead spreads narrower
Credit default swap 5-year mid-levels for structured products issuers (August 18)
CDS: Spreads widen on weak Japan and falling US data
Credit default swap 5-year mid-levels for structured products issuers (August 17)
CDS spreads widen on financials
Market sentiment towards financials has worsened over the past week, with the cost of credit protection rising on US and European banks.
Isda declares first Small Bang restructuring credit event
The International Swaps and Derivatives Association (Isda) declared the first restructuring credit event to be settled under its Small Bang Protocol on August 12.
Bleak prospects for monolines
Mixed second-quarter results for monoline insurers have raised fresh worries about their future prospects.
Bank CDSs hit by poor results
Market sentiment towards financials has been varied in the past week as more second-quarter bank results were announced.
Ice clears €5.9 billion of CDSs in first week
Atlanta-based IntercontinentalExchange’s (Ice) European central clearing facility, Ice Clear Europe, has cleared €5.9 billion of credit default swap (CDS) index trades in its first week of operation.
Credit spread shocks: how big and how often?
The second half of 2007 saw violent moves in credit spreads. In the fallout, there has been much discussion about how to estimate the probabilities of these severe events, but few conclusions have been obtained beyond the fact that historical data is…
Remake/remodel
The credit downturn has coupled with unprecedented fear over counterparty risk to stymie opportunities for credit derivatives product companies. Some market participants are investigating restructuring, but is there a way forward? By Mark Pengelly
The CDS curse
There has been growing concern about the influence credit default swaps (CDSs) can have on corporate reorganisation talks. Some have argued that because lenders can also hold CDS protection, they might block a debt reorganisation in order to force the…
Financial CDS spreads steady
Market sentiment towards financials has steadied in the past week as the flow of positive second-quarter results from major financials in Europe and the US continued.
CDS: Spreads move in both directions across the regions
Credit default swap 5-year mid-levels for structured products issuers (Wednesday July 29)
JGBi breakevens rebound as investor liquidation subsides
The Japanese inflation-linked bond (JGBi) market has rebounded from its lows of last year as fewer investors are liquidating their positions, while some domestic players are starting to buy the heavily discounted bonds.
Ice Clear Europe launches CDS clearing
Ice Clear Europe, the facility set up by Atlanta-based central counterparty (CCP) IntercontinentalExchange (Ice) for the clearing of European credit default swaps (CDS), has obtained regulatory approval and started clearing operations.
CDS: Spreads widen again after run of tightening
Credit default swap 5-year mid-levels for structured products issuers