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◆ 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
Japanese firm plucks banker from UBS
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Earlier in July, every market tracked in our recurring indicator of option implied volatility showed pricing at above-average levels. US and European large-cap stocks had short term put options priced more than two standard deviations above their average levels. Hang Sang Index options were five standard deviations higher: as mainland investors discovered the sell button and margin calls rolled in, both A- and H-shares briefly gave back all of their gains year-to-date.
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Greater stability in European credit spreads has brought a big reversal of iTraxx index options, say traders, after the volatility skew reached an all time record inversion during the recent Greece debt negotiations.
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Bayside Capital, a credit investment firm and affiliate of private equity house HIG Capital, has lost a managing director and a founding member of its European credit platform. -
UBS has added to its emerging market credit sales capabilities with a hire from Mizuho.
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The all-important deadline of July 20 passed without incident, Greece having redeemed its debt to the ECB with the help of a bridging loan. That doesn’t mean the crisis in Greece is resolved – far from it – but it does give the market some breathing space.
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A return of stability in the European credit market has exposed mounting concerns for companies involved in commodities trading, with sector names underperforming credit indices and cash bonds.
