Credit markets
Lloyds and RBS CDS spreads steady despite downgrade
The decision by Moody’s to downgrade Lloyds and RBS fails to spark surge in CDS spreads, while other European banks finish more or less unchanged on the week despite continuing woes in the eurozone
Are Aussie iTraxx trades the right hedge?
On the right iTraxx?
ICB bail-in proposal revives CDS fears
CDS contracts would not trigger in the event a bail-in bond is written down, say lawyers – threatening their use as a hedge
SG and Crédit Agricole CDS spreads tighten despite downgrade
Traders say decision by Moody’s was already priced in as major French banks escape CDS blow out
Société Générale CDS spreads recover after shaky start
French banks see further spread widening, before disclosure by Société Générale on its eurozone sovereign exposure prompts a turnaround for that bank
LCH.Clearnet looks to expand CDS offering
Clearing house looks to extend its Paris-based CDS offering, rebranding it CDSClear to sit alongside SwapClear and the forthcoming ForexClear
Rumours drive Société Générale CDS wider for second straight day
CDS spreads on SocGen continue to rise - with no obvious driving force - while share prices of the three major French banks fall
European debt twilight zone claims Société Générale
Markets turn against French banks in general - and SG in particular - on a day short on solid news and long on rumours
US bank CDS spreads spike following US downgrade
Spreads on Bank of America spike following US debt downgrade and news of AIG lawsuit; other US names also widen
German CDS spreads soar 80% in a month as crisis hits eurozone core
Credit spreads on core eurozone countries climb on market jitters
Italian CDS spreads endure wild ride
Morgan Stanley strategist urges decisive policy response
CBOE relaunches credit event binary options
CBOE relaunches credit event binary options
Portugal CDS spreads widen 22% following downgrade to junk
Downgrade triggers spread widening across the eurozone, including 10% leaps for France and Germany
Credit risk
Special report
Greek crisis poses problems for CDS market
The pros and cons of restructuring
Worry about Greek CDS misguided, dealers suggest
Dealers believe fears about Greek sovereign CDS trigger event are overplayed
EU support for naked CDS sets up collision with Parliament
Draft text would allow uncovered CDS but sketches out new reporting regime that could spook hedge funds
Resolution regimes could cause bank CDS spreads to tighten
Credit analysts predict drop in credit default swap spreads under new bank resolution regimes
Structured hybrid products prove popular in Korea
Reinforcing structures
Recovery sparks spate of distressed asset sales
Making good on bad assets
Standard & Poor's changes US outlook to negative
Ratings agency cites growing deficit and debt as rationale behind the change
EU confusion over cash collateral rules
Collateral confusion
Sovereign debt managers criticise ban on naked CDSs
Sovereign debt managers criticise ban on naked credit default swaps
CDO ratings arbitrage “reasonable and justifiable”, UK court finds
CDO ratings arbitrage ‘reasonable and justifiable’, finds UK court