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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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Asset managers are extending their maturities in credit default swaps on iTraxx indices to benefit from wider spreads on seven year and 10 year trades. -
Institutional investors have been picking up protection via options on energy-linked stocks driven by a decline in energy markets. Market participants were seen both selling calls and/or buying puts.
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The US Congress is scheduled to consider a proposal included in the government funding bill which would allow banks to keep swaps trading units, rescinding a provision in Dodd-Frank that forces banks to spin off certain derivatives trading activities into another legal entity.
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Kay Swinburne, Conservative co-ordinator for economic and monetary affairs, has hit back at the idea that the more controversial aspects of the Markets in Financial Instruments Directive can be fixed when the European Securities and Markets Authority writes its technical standards.
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Volatility was the name of the game earlier in the first quarter as credit was swept up in the maelstrom affecting other asset classes, particularly US Treasuries and equities. The main credit indices spiked upwards and the Markit VolX Europe, which tracks realised volatility in European investment grade CDS, spiked upwards to 75%, its highest level since the taper tantrum of 2013.
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This week, the German Federal Statistical Office reported that the country’s current account surplus rose to €23.1bn for October. Allowing for the September estimate, which was revised higher, this represents the third-highest level on record. While German competitiveness has explained, historically, some of the surplus, International Monetary Fund and European Commission officials have long warned that the country’s current account imbalance amounts to a policy of needlessly importing demand in a world already starved of it.
