Credit markets
CDS spreads tighten on French automakers
French auto manufacturers were trading significantly tighter in intraday trading today after the government provided credit guarantees worth €779 million ($1071.9 million) to two of the country's biggest firms.
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Interbank lending rates continue to fall
Despite continued market unrest, healthier interbank lending rates over the past week indicate financial institutions are increasingly confident in lending to one another, while the perceived level of counterparty risk, as measured by the Ted spread, has…
CDS spreads on automakers widen after bail-out rejected
The cost of credit protection on US and European car manufacturers rocketed in early European trading today following the US Senate's rejection of a $14 billion rescue package for the US auto industry.
CDSs tighten on American commercials and widen on Australia
The cost of credit protection on American commercial brands fell in early US trading today, while credit default swap (CDS) spreads referencing South East Asian sovereigns also tightened and spreads of Australian sovereign debt hit a record high.
Kashkari details Tarp oversight plans
Assistant secretary for financial stability Neel Kashkari defended the US Treasury against accusations of poor oversight of the $700 billion Troubled Assets Relief (Tarp) programme in front of the House of Representatives' financial services committee…
CDSs on European financials tighten
The cost of credit protection on financial institutions fell in early trading this morning, while a number of industrial names traded wider.
China set to provide funding to foreign banks
Chinese authorities may introduce their own version of the Federal Reserve's term auction facility (TAF) to help foreign banks get through their toughest test yet in dealing with China's still-developing interbank market.
Auction sets 52.5% recovery on Masonite LCDSs
A final settlement value of 52.5% was set for loan credit default swap (LCDS) trades referencing first-lien loans to Ontario-based door manufacturer Masonite, during a cash-settlement auction held today.
LNG fundamentals - Natural selection
The LNG market for Europe and Asia has been traditionally tight, but new supply looks set to change market dynamics. Katie Holliday reports
Cultural exchange
EEX and Powernext's agreement to share their electricity spot and derivatives markets represents groundbreaking Franco-German energy market co-operation. The CEOs of both exchanges talk to Roderick Bruce about the challenges involved and what the merged…
Interbank lending benefits from rates cuts
The sterling interbank borrowing rate has dropped significantly after the Bank of England's (BoE) move to cut interest rates to their lowest levels since 1951 on Thursday.
NY approval brings Ice CDS clearing platform a step closer
The Intercontinental Exchange (Ice) has won permission to create a New York-chartered trust company, the next step towards the creation of its central counterparty (CCP) facility for credit default swaps (CDS).
AIG terminates $46.1 billion of credit-default swaps (CDS)
AIG announced on Tuesday that an off balance sheet vehicle created by the Federal Reserve Bank of New York (FRBNY) has purchased $46.1 billion of its toxic collaterised debt obligations (CDOs).
CDSs on G-10 sovereigns hit record high
The cost of credit protection on several Group of 10 countries reached record levels in early trading this morning.
China NDFs weaken sharply on devaluation jitters
The price of Chinese renminbi non-deliverable forwards (NDFs) spiked sharply against the dollar in active trading this week, following a cut in interest rates by the People's Bank of China (PBOC) last week and fears that China would be unable to avoid…
Sovereign CDSs hit all time highs
The cost of credit protection on a number of eurozone sovereigns reached record levels this morning, while financial institutions suffered from declining market sentiment.
Editor's letter
The credit-default-swap rate offers benefits that a credit rating does not, which is a perspective from the people who have to buy and sell the paper. Sometimes a solution to a problem comes along that is so simple it defies all the thought and toil that…
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Discussing distressed debt - A roundtable
One area that looks poised to benefit from the turn in the credit cycle is distressed debt, with funds readying themselves to take advantage of any opportunities that may arise. Six thought leaders of the industry consider the outlook for distressed debt