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Monday, 18 December 2017

Christopher Whittall' s stories

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  • Opportunities emerge on credit sell-off

    Ticker | 15 August 2014

    The recent sell-off in European credit markets has provided a swathe of arbitrage opportunities for investors looking to use the correction as an entry point, but some analysts are advising against jumping back into cash bonds just yet.

  • IG Group trading floor

    Investors turn to CDS as junk bond liquidity evaporates

    Capital City | 13 August 2014

    Thin secondary bond market liquidity has spurred investors to step up their use of credit default swaps during the last month’s sell-off in US high yield, but there is still a risk of substantial losses even though there has been no major change to underlying credit fundamentals.

  • BAML Fund Manager Survey

    Investors move into cash, bracing for market sell-off

    Capital City | 12 August 2014

    The number of investors buying crash protection against a sharp fall in stock markets over the coming months has risen to its highest level since October 2008, according to Bank of America Merrill Lynch’s fund manager survey for August.

  • New CDS comes too late for BES protection

    Top News | 08 August 2014

    Bond investors were given a stark reminder last week of why the old model of credit default swaps is no longer fit for purpose, less than two months before new improved CDS documentation is rolled out.

  • A woman speaks on her mobile phone outside a branch of Sberbank in the Adler district of Sochi

    Russia CDS booms on sanctions

    Derivatives | 08 August 2014

    Trading in Russian sovereign CDS has almost doubled since the start of the year, as US and EU sanctions have steadily ramped up pressure on the Russian economy.

  • ISDA sets out stall on MiFID liquidity debate

    Derivatives | 08 August 2014

    The derivatives industry has set out its stall on the Markets in Financial Instruments Directive by suggesting that swaps must trade between 15 and 40 times a day, every business day, in order to be considered liquid.

  • BES CDS transfer to Novo Banco

    Ticker | 08 August 2014

    A succession event has occurred with respect to Banco Espirito Santo, the ISDA Determinations Committee has ruled, in a move that will transfer the US$953m net notional of credit default swaps referencing the ailing lender to Novo Banco.

  • Russia CDS

    Russia CDS trading booms following sanctions

    Capital City | 08 August 2014

    Trading in Russian sovereign CDS has almost doubled since the start of the year, as US and EU sanctions have steadily ramped up pressure on the Russian economy.

  • BES

    No CDS trigger for BES, succession event likely

    Capital City | 06 August 2014

    No bankruptcy credit event has occurred with respect to Banco Espirito Santo, the ISDA Determinations Committee has ruled, removing the possibility of junior bondholders that had bought CDS protection on the ailing lender from receiving any compensation for their losses.

  • Banco Espirito Santo

    Decision on BES CDS delayed

    Capital City | 05 August 2014

    The ISDA Determinations Committee has postponed its decision over whether a succession event has occurred with respect to Banco Espirito Santo, which would transfer US$900m of CDS from the ailing lender to Novo Banco.