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JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
◆ Chinese bank treasury shift from USTs to dollar callables considered ◆ Some European SSAs face cross-currency limitations ◆ Previous market staple 'almost non-existent'
Bank intermediaries eye resurgence in profitable trades
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A key area of derivatives focus in the planned merger between data firms Markit and IHS will be opening up Markit's credit default swap analysis to IHS corporate clients, according to sources with knowledge of the matter. -
Index provider Markit has teamed up with commercial mortgage backed securities data and pricing specialist Trepp to launch total return swaps (TRS) on a cash CMBS index. The initiative targets several gaps in the market, by boosting returns for CMBS investors, providing a hedging tool for originators and giving big corporate clients access to a market otherwise denied them by punitive US tax rules.
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Heightened talk around Brexit is adding to the pressure on UK credit spreads and, combined with European Central Bank promises of an investment grade corporate bond purchase programme, causing British names to underperform their eurozone peers. But market participants say this presents a buying opportunity as a reversal could follow.
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Standard & Poor’s astonished the equity-linked bond market on Wednesday evening by stripping the equity credit from Vodafone’s £2.9bn mandatory convertibles, issued in February, only a month after assigning the credit. The change knocks away one advantage of the deal for Vodafone and may damage banks’ hopes of replicating it.
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Credit derivative indices rolled into new series on Tuesday, with traders reporting a big long bias in the outgoing US and European investment grade indices among buyside participants that caused the new series to trade tighter than the level implied by fair value.
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Concerns about further delays to the finalisation of the Markets in Financial Instruments Directive II were raised this week, after communications between the European Commission and the European Securities Markets Authority (ESMA) appeared to have become strained.
