Derivs - Credit
-
Fears that the Chinese stock market bubble has finally burst brought a new wave of worry to credit derivatives trading this week, adding to volatility as Greece concerns took a backseat for the first time in weeks.
-
Despite the mounting uncertainty over the future of the euro and Greece’s membership of it, US markets have so far taken the weekend’s Greek referendum result in their stride.
-
European financials have seen their credit risk nearly double since March, steered by the prospect of less government aid for banks and the ongoing Greek crisis.
-
Fears that the Chinese stock market bubble has burst brought a new wave of worry to credit derivatives trading on Tuesday, with Greece concerns taking a backseat for the first time in weeks. -
Traders said the decision of Greek finance minister Yanis Varoufakis to resign was a key brake on credit market panic following the country’s decision to reject European creditor proposals.
-
The European Central Bank’s decision to add 13 corporate issuers to its bond repurchase programme boosted cash markets but did little to lift the mood in European credit default swap indices ahead of a Greek referendum on Sunday.
-
The CME Group will phase out open outcry trading of almost all futures products on Monday.
-
Puerto Rico’s unsustainable debt problems have intensified this week, but the wider municipal bond market has so far remained resilient.
-
An illiquid, niche space to begin with, credit default swap markets on US municipal debt are being sorely tested by an unprecedented risk of Puerto Rico default.
-
The ramping up of tensions around Greece debt over the weekend has brought two days of high volatility in credit markets, but traders say there is little appetite among participants to position in either direction.
-
BNP Paribas has made two senior hires in high yield secondary markets, poaching trader Mike Wheeler from Morgan Stanley and salesman Justin Perry from JP Morgan.
-
Credit market traders are gearing up for volatility this week with the Greek debt crisis mounting and threatening to twist in unpredictable directions.
