Derivs - Credit
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Twenty-five Asia-Pacific synthetic collateralized debt obligations have come under threat of downgrade due to exposure to U.S. monoline insurers and American corporate debt.
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Approximately EUR2 billion of constant proportion debt obligations and constant proportion portfolio insurance transaction have been downgraded in another round of rating slashing.
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Several hundred credit officials attended Information Management Network's 12th Annual CDOs, Credit Derivatives and Structured Credit conference at Bridgewaters in New York City last week.
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CQS Management, with ISD10 billion in assets, on March 1 launched the CQS Credit Volatility and Correlation Fund with an undisclosed amount of seed capital from external investors.
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The credit markets continued to gap out early last week spurred on by rumors Bear Stearns is facing a liquidity crunch.
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About EUR200 million of leveraged super senior notes were printed last week as buy-and-hold investors came back to corporate correlation.
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Market participants are working to create a cash-settlement auction for the European LevX leveraged loan index, similar to the one used for the North American LCDX and CDX indices.
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A chunk of Asia-Pacific collateralized debt obligations are under threat of downgrade, due to exposure to monoline insurers and U.S. corporate debt.
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European investors have been buying up a flurry of leveraged super-senior notes.
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Market participants are working to create a cash-settlement auction for the European LevX leveraged loan index.
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The price of protection on monoline Ambac Financial Group jumped Wednesday after the firm announced it will issue USD1 billion on stock. -
A former mortgage-bond analyst in New York is mulling using credit derivatives for a long/short mortgage fund due to launch next year.
