Derivs - Credit

BNP Paribas has shaken up its London high yield sales effort with several staff moves, in an efficiency drive and attempt to align cash and derivative coverage more closely.

Bank of America Merrill Lynch has hired two new DCM bankers in origination and liability management

ADM Investor Services has hired around 10 futures and alternative asset management sales staff in New York. They have all been hired from Jefferies’ wound-down Bache division.

Mounting tensions over Greece’s debt repayments and continued volatility in eurozone government bonds has pushed iTraxx Europe wider than US credit index CDX IG, having traded 10bp-15bp tighter in March.

US credit markets' ability to shrug off turmoil in Europe has been reflected in recent ETF trading, traders said this week, but hedging for a US interest rate rise is becoming a bigger headache.

Deutsche Bank has picked John Cryan as its next leader after Anshu Jain and Jürgen Fitschen resigned as co-chief executives after a turbulent three year reign.

MarketAxess, the fixed income electronic trading platform, data and post-trade services provider, has hired veteran credit trader Scott Eaton as its chief operating officer for Europe.

With European markets in recent sessions a jigsaw puzzle where seemingly any piece can change size and shape at a moment’s notice, credit traders have noted that one pressure on credit indices — US corporate bond supply in euros — could soon abate.

Many expect the European economy to perform better this year — not difficult, some might say — but recent spreads movements suggest those in credit markets are sceptical.

Oil futures markets have experienced a marked lack of volatility in recent sessions, despite the Organisation of the Petroleum Exporting Countries (Opec) meeting in Vienna on Friday.

European high yield credit has lost a key market-making banker, say sources, as Goldman Sachs has moved a big name trader to its distressed business.

The International Swaps and Derivatives Association has declined to answer a question to its determinations committee about whether to declare a credit event on Grohe, the German bathroom fittings maker.