Derivs - Credit

Kuoni, the Swiss travel firm, finally allocated a €575m seven year cov-lite term loan ‘B’ at much wider pricing than original talk, and after a drawn out syndication process.

Axoni, a New York based start up firm specialising in distributed ledger infrastructure for capital markets and derivatives, has hired a former Citadel executive as its chief operating officer.

HSBC has begun offering a clearing collateral service for over-the-counter (OTC) derivatives to help clients comply with G20 swap reforms.

A credit event auction to settle Norske Skog credit default swaps is being delayed because ISDA’s EMEA Determinations Committee has been unable to source an intercreditor agreement.

Post-crisis regulation, funding pressures and liquidity demands are leading investors to favour derivative products over underlying assets in novel ways, said analysts.

The prospect of the European Central Bank (ECB) buying up corporate bonds, potentially squeezing supply in the sector, has meant investors have looked for alternative ways to take on risk exposure.

Bank of England governor Mark Carney’s latest warnings on Brexit may have dominated market attention this week, but the Bank also put major central clearing houses in its crosshairs with a call for global stress testing to stop them becoming ‘too big to fail’.

ENSO Financial Analytics, an ICAP Group company that analyses data for hedge funds and prime brokers, has added a platform that is targeted at new managers.

The recent stabilisation of financial markets, following February's turmoil, has been good for some investors but not a positive for many trading in the options market.

Global stress testing is required for derivatives clearing houses to ensure that they do not become ‘too big to fail’, the Bank of England has said.

Primary issuance of euro corporate bonds is catching up fast with the €134bn issued in the first half of 2015 .

Concerns of rising central clearing costs are pushing derivative market participants to step up compression initiatives and shrink trade volumes to a post-2007 low, according to an industry report.