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Asian buyers driving callable SSA market have resurfaced in public benchmark deals
◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
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A clutch of Citigroup credit staffers formed a boutique called Novarum to advise Street firms on managing counterparty risk using contingent credit-default swaps--CDS whose notional value varies with the mark-to-market value of the underlying swap. [Trading in CCDS has been slow with one desk head seeing about a deal a week. At Novarum's urging, 23 dealer members of the International Swaps and Derivatives Association formed a working group and met in January in an attempt to boost flows (DW, 1/26)].
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BNP Paribas has started marketing hybrid credit-linked notes that reference a basket of sovereign credit default swaps but pay coupons based on a different basket containing fx options.
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--Scott Morrison, treasurer of U.S. packaging manufacturer Ball Corp., on why regulations mandating exchange trading of over-the-counter derivatives are not necessary to protect end-users.