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The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
Internal restrictions mean SSAs issue fewer CMS-linked notes
JP Morgan and Dutch pension fund PGGM transacted derivatives margin trade
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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. -
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.
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Credit Suisse will shrink its global markets business even faster than previously planned, shutting several desks entirely, including European securitization trading, distressed credit, and long-term illiquid funding. The bank wants to shrink its trading unit to $60bn of risk-weighted assets before the end of the year, rather than $83bn-$85bn as previously announced.
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Credit derivative indices rolled into new series on Tuesday, with traders reporting a big long bias in the outgoing Series 24 of iTraxx Europe among buyside participants that caused the new index to trade tighter than the level implied by fair value.
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Credit index options prices have fallen so far following recent central bank moves that implied volatility measures are below trailing measures of realised volatility for the first time in four years.
