Pre-migration untagged articles
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The US dollar credit market, which has weakened slightly over the past fortnight, turned tail and fled this week as the bankruptcy of car parts maker Delphi sent investors scurrying for cover.
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The US dollar credit market, which has weakened slightly over the past fortnight, turned tail and fled this week as the bankruptcy of car parts maker Delphi sent investors scurrying for cover.News of the bankruptcy was the last straw for a high grade bond market which had shown surprising resilience in recent months. The market has shaken off a back-up in Treasury yields (the 10 year is now at 4.49%), the likelihood of further Fed rate hikes, stubbornly high energy prices and rising event risk as companies sought to please shareholders rather than bondholders.
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Talking of Credit Suisse First Boston, which is soon to disappear into the maws of Credit Suisse, don't believe that all the news is bad, just because Parmalat's administrator Enrico Bondi is trying to close in on the bank's tail with an 18 inch naval gun.
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The declaration of Chapter 11 by US car manufacturer Delphi has long been expected, but when it finally occurred last weekend it still cast a shadow over the credit markets this week. By the end of the week, amid enormous volumes trading, a general change of sentiment appeared to be under way.
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Delphi's Chapter 11 filing could harm the US dollar CDO market, according to research firm CreditSights. "A large number of investors are holding tranches of structured deals that they would be forced to sell if the rating agencies downgraded the CDOs [that include Delphi as a reference entity]," said Louise Purtle, chief credit strategist at CreditSights.
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The Delphi bankruptcy has pushed to centre stage a potentially damaging fissure in the credit default swap market — whether to cash-settle or physically settle contracts after a credit event.
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The Delphi bankruptcy has pushed to centre stage a potentially damaging fissure in the credit default swap market — whether to cash-settle or physically settle contracts after a credit event.
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The triple-A dollar sector bounced back to life this week as Treasury yields continued to rise after last Friday's US payroll data.
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The triple-A dollar sector bounced back to life this week as Treasury yields continued to rise after last Friday's US payroll data.
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The Kingdom of Denmark returned to the EuroCP market this week with two $100m two week tickets. The sovereign had been absent from the debt market since March 2004, when it issued a Eu2.1bn five year bond. Traders reported that the Kingdom of Denmark hoped to come in, do a few short issues and be out by the end of the year, without funding over the year-end. Otherwise, the sovereign market remained quiet, with muted interest from China and Hong Kong.