Credit markets
CDS portfolio trading platform hits market
Creditex launches online auction service for trading bulk CDS, named Q-Wixx, that it claims will cut costs and risk for dealers and CDO managers
Government bond yields
Talkingpoint
Enel
In our usual roundup of eye-catching deals in the credit market, we focus on Italian utility Enel's EUR5bn bond, a natural catastrophe CDO from ABN Amro, and SocGen's green CDO
The Big Interview - Tim Polglase
As a massive increase in covenant-lite loans sends jitters through the investor community, the head of leveraged finance at law firm Allen & Overy in London tells Nikki Marmery that cov-lite merely reflects a changing market dynamic
Q&A - Robert Gardner
Under pressure to improve transparency, pension schemes are increasingly seeking to manage deficit/surplus volatility. The co-founder of consultancy Redington Partners in London explains how credit can play a part in that drive
Banks break new ground with managed CPDO deals
Two constant proportion debt obligations, from JPMorgan/Cairn and Barclays Capital/DeAM, add new variations to the existing managed CPDO structure
Market Graphic - Subprime haircuts
Matt King, global head of credit products strategy at Citigroup in London, explains how CDOs of ABS will be vulnerable to forced selling if subprime haircuts rise
Moody's fighting talk on structured CMBS
Moody's Ratings has released a report detailing reaction to its changes in subordination levels required for US commercial mortgage-backed securities (CMBS).
Fitch: credit derivatives growth continues
Trading in credit derivatives increased 113% in 2006 to $49.9 trillion worldwide, according to a report released by Fitch Ratings, which warned that the market was still vulnerable to a sudden downturn.
Deutsche lists 25 new db x-trackers ETFs
Deutsche Bank has taken its tally of db x-trackers ETFs listed on Deutsche Boerse this year to 49 with the addition of 25 new launches.
IIC Launches iTraxx Total Return Indexes
International Index Company (IIC) has launched three iTraxx Total Return Indexes which measure the performance of holding the respective on-the-run iTraxx credit default swap (CDS) contracts with the remaining notional invested in money market…
BBVA poaches Isla from BarCap
BBVA has hired Lorenzo Isla from Barclays Capital (Barcap) as head of credit derivatives structuring. Isla will be based in Madrid and he joined from BarCap in London where he was head of structured credit strategy.
Basel II “doubly flawed”, according to UK researcher
Basel II is “doubly flawed” in comparison with Basel I, because external credit rating agencies and in-house models are used to set risk weights.