Credit markets
Fanciful funding
Credit default swaps
CDSs on European banks remain stable
The cost of credit protection on European banks remained largely unchanged this morning, as bank holidays in mainland Europe reduced trading levels.
NYSID causes first monoline CDS default
An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May 1.
Providers bank on Russia recovery
Arc Capital and Income has launched the second tranche of its Emerging Markets Russia plan for UK investors. The latest issue follows the launch of four new tradeable Russian sector indexes on March 31 by the Vienna Stock Exchange (VSE), which are…
CDS: Spreads narrow on financials, ICICI trading under 400bp
Credit default swap 5-year mid-levels for structured products issuers (Thursday April 30)
Breakevens echo US government's deflation fears
Despite concerns that economic stimulus efforts in the US could pump up the country's money supply, the bond market, like the Treasury's Federal Open Markets Committee (FOMC), still regards deflation as the main concern in the short term.
CDSs on European financials tighten on positive Fed comments
The cost of credit protection on European financial institutions fell this morning following the US Federal Reserve's announcement yesterday that the economic outlook is improving.
CDS: US banks narrow
Credit default swap 5-year mid-levels for structured products issuers (Wednesday April 29)
BoE stability chief: Financial network needs 'rethinking'
The growth of complexity and widespread pursuit of similar products and strategies has created a fragile financial network in need of reform, according to a senior Bank of England (BoE) official.
CDSs on Chinese financials tighten on positive corporate results
The cost of credit protection on Chinese banks fell this morning as a series of positive results for Chinese corporates boosted the Shanghai Composite Index 2.78% and Hong Kong's Hang Seng Index 2.76% in overnight trading.
CDS: US bank spreads continue to widen
Credit default swap 5-year mid-levels for structured products issuers (Tuesday April 28)
Credit Suisse has FX Factor
Swiss dealer Credit Suisse has launched its FX Factor index, which is designed to provide exposure to a portfolio of macroeconomic and market-driven FX strategies comprising carry, momentum, valuation, growth, terms of trade and emerging markets. The…
CDSs on Australian financials widen
As National Australia Bank - Australia's largest bank by assets -predicted a grim economic outlook for the country, the cost of credit protection on Australian financials rose this morning.
CDS: Spreads remain stable but BofA widens to 294bp
Credit default swap 5-year mid-levels for structured products issuers (Thursday April 23, Friday April 24 and Monday April 27)
CDSs on airlines widen on swine flu fears
The cost of credit protection on major airlines increased this morning, as fears mounted that tourism would decline due to the swine flu outbreak in Mexico.
City of London defends OTC derivatives markets
Political pressure for reform risks crushing the over-the-counter derivatives market, warns a report published today by the City of London.
Auctions held on credit derivatives referencing three US companies
Three credit event auctions run by data vendor Markit and broker Creditex have determined final settlement values for credit derivatives trades referencing Missouri-based cable operator Charter Communications, Pennsylvania-based financial services firm…
CDSs on US banks tighten
The cost of credit protection on US banks fell yesterday, in the week US Treasury secretary Timothy Geithner asserted "the vast majority" of the nation's banks are well-capitalised.
European CDS dealers to follow US to fixed coupons
An agreement between the major dealers to move to standardised fixed coupons for trading European credit default swaps (CDSs), following a similar move in North America, could speed global moves towards central clearing, say market participants.
CDS: Bank spreads narrow
Credit default swap 5-year mid-levels for structured products issuers (Wednesday April 22)
CDS spreads tighten on financials
The cost of credit protection on European and US banks fell in early trading today after Credit Suisse became the latest major bank to post positive first-quarter earnings.
Isda AGM: US regulator identifies six weaknesses in OTC market
Theo Lubke, senior vice-president at the Federal Reserve Bank of New York, identified six main problem areas in the over-the-counter derivatives market during a panel discussion on public policy at the International Swaps and Derivatives Association's…