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A director in credit-default swap trading has left Deutsche Bank in London to return to France.
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Distressed debt investors are finding too many other players in their sandbox, crowding their space and taking some overdue distress out of the distressed market.
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Last week's auction setting the recovery rate for index-traded credit default swaps on Delphi Corp. has likely affected the way the market will price recoveries of highly referenced names and CDOs containing them in the future, according to Derivatives Week, a CIN sister publication.
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The $295 million deal for J. Crew Group was pulled from the market Wednesday following the company's decision to delay its initial public offering until next year.
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Investors were griping over the repricings for the Dex Media East and West "B" loans, which were being cut to LIBOR plus 1 3/4% while the pro rata spread went untouched.
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This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.
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Miguel Biamon, v.p. and director of fixed income with around $800 million in fixed income assets under management at Bryn Mawr Trust, is shifting his primary investment focus from corporates to agencies.
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--Maria Boyazny, principal at private equity firm Siguler Guff & Company, on the likelihood of hedge funds surviving the distressed cycle.