Credit markets
Liquidnet sees electronic future for grey bond trading
TP Icap’s grey market bond trading unit has more than doubled transactions in the first quarter of 2024
Buy side fuels boom in single-name CDS clearing
Ice single-name CDS volumes double year on year following switch to semi-annual rolls
Ice to clear single-name bank CDSs from April 10
US participants will be able to start clearing CDSs referencing Ice clearing members
iHeart CDS saga sparks debate over credit rules
Trigger decision highlights product's weaknesses, warns Milbank’s Williams
TLAC-driven CDS index change tipped for September
UK and Swiss bank Holdco CDSs likely inclusions in next iTraxx index roll, say strategists
Fears that bumper coupon could skew iHeart CDS payouts
Market pushes for change to auction date amid fears of reduced single-name and index CDS payouts
Bank CDSs straining under TLAC
UK and Swiss bank Opco CDSs losing relevance as a hedging tool, experts warn
Lawyers disagree over iHeart CDS trigger
Isda DC to consider whether non-payment of debt held by an affiliate is a failure-to-pay event
SG buys $1.3 billion Japan CDS portfolio
French bank strengthens position in Asia
Skewed views: banks, auditors split on CDS index trades
Views on risks and accounting treatment of arbitrage repack differ across the Street
Buy side turns to credit skew notes for yield pick-up
Revival of credit derivatives arbitrage strategy targeted at insurers and private banks
Traders blame bail-in for Deutsche CDS jump
Debt subordination behind spread widening from January; CVA desks may need to adjust hedge ratios
Building credit: China's CDS market faces headwinds
Regulatory fragmentation threatens take-up of planned new credit instruments
Lack of sellers could hold back Chinese CDS market
Demand for credit protection increases, but traders say sellers will be hard to find
Bank names obstruct single-name CDS clearing
Ice is “working through” wrong-way risk issues, may need to revamp auctions
Isda escapes CDS case pledge to help CFTC
Association still faces licensing overhaul as part of pending settlement
A non-linear PDE for XVA by forward Monte Carlo
Vladimir Piterbarg considers a non-linear partial differentiation equation that appears in a number of XVA-related contexts, including a one-way credit-support annex, credit value adjustment with risky closeout, option pricing with differential borrowing…
Markit unveils new CDX index rules
Up to 10 new names from under-represented sectors could be added to high-yield CDX index
Provincial bond issuance could revive Chinese CDS market
China's CDS market needs new structure if it is to win over investors
Bond-CDS basis trades have 'stopped working', hedge funds say
Arbitrageurs have exited trades, leaving basis structurally higher
Full capital structures allow revival of synthetic CDOs
Managed deals could be next, but market's potential is expected to be limited