Derivs - Credit
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The latest version of the European Market Infrastructure Regulation could give market participants more leeway in clearing intragroup transactions, according to speakers at yesterday’s International Swaps and Derivatives Association’s European conference in London.
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UBS has sold over USD7 million in a fixed to floating rate structured note mostly to one large institutional investor that pays out at a higher level if the 3-month LIBOR rate rises after the first year, subject to a cap.
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Barclays Capital is recommending trades based on the difference in spreads between credit default swaps and cash bonds as CDS spreads have gapped out wider than cash by the greatest amount since 2008.
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Antoine Thibaud has joined UBS in London as a high-yield trader covering cash bonds and credit default swaps.
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The recent rally of prices on the U.S. subprime credit default swaps market has come to a halt with a sizeable drop-off last month due to concerns over unemployment and stagnating economic growth, according to the latest index results from Fitch Solutions.
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UBS has appointed Paul Lambert as head of fx and fixed income at the bank’s operations in the U.K. as well as portfolio manager for its Currency Alpha Fund and other currency strategies.
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BlueMountain Capital Management has named David Rubenstein ceo of its operations in Europe.
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BlueMountain Capital Management has named David Rubenstein ceo of its operations in Europe.
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UBS has appointed Paul Lambert as head of fx and fixed income at the bank’s operations in the U.K. as well as portfolio manager for its Currency Alpha Fund and other currency strategies.
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The Basel Committee is expected to release additional guidance on the risk capital treatment of initial margin and default fund contributions within the next four weeks.
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Interest in total return swaps on bond indices has risen over the past few months as pension funds and hedge funds have increasingly sought either synthetic exposure to the corporate bond indices or different ways to play the difference in spread between the cash bonds and the credit default swaps.