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August 31, 2010
China first yuan swap or domestically insured corporate bond? (Part 2)
Part 2 of China’s first credit default swap/bond insurance issue
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August 30, 2010
Brazil negative basis turns positive
Brazil just saw a 3-year average small negative basis turn positive amid the current low/falling interest rate environment.
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August 27, 2010
Credit Analysis: BHP Billiton & PotashCorp
A detailed credit analysis on two companies (BHP Billiton and Potash Corporation of Saskatchewan) currently involved in hostile takeover talks.
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August 26, 2010
US Treasury bonds say one thing, US CDS say another
As US Treasury rates keep dropping lower and lower and talk of a bond market bubble exacerbate, one thing that is clear is that money is flowing into government debt not because of a rise in safety but likely because of a lack of confidence in most other investment assets. Credit default swap prices on these so-called “risk-free” assets (US government bonds) have actually increased on a percentage basis, more than the fall in yields. United States CDS prices are up 40% in August alone while 5-year Treasury yields have only fallen 15% over the same time period.
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August 25, 2010
Ireland rating down, CDS up, Jameson still happy, John (Corrigan) is not
The Standard & Poor’s credit rating agency downgraded Ireland’s credit rating one notch to from AA to AA- overnight as fears mount about the impact on public finances for supporting/bailing out the Irish banks.
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August 24, 2010
China’s first yuan swap or domestically insured corporate bond? (Part 1)
Is it an insured bond or a corporate credit default swap that was sold in China last month? That is the debate amongst onlookers in the Chinese financial markets after a test run with some form of credit protection being sold along side a recent bond issue.
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August 23, 2010
New Basel Proposal could disrupt Financial CDS
A new proposal being floated by the Basel Committee (BC) aimed at preventing and dealing with future banking crises could throw a wrench in the way credit derivative markets covering financial single-names currently function.
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August 20, 2010
Pakistan CDS on a wild monsoon ride
Pakistan CDS has been on a wild ride this week beginning the week at or just under 500 bps, rising over 600 bps on Tuesday before falling back down closer to 500 again then back up again close to 600.
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August 19, 2010
Investors quarry Vendanta Resources CDS
Vendanta Resources, India’s largest copper mining company, saw its credit default swaps rise after announcing its deal to buy a stake in Cairn India
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August 18, 2010
Negative basis trade in Tyson Foods
Reuters and Credit Derivatives Research (CDR) analyst Bryan Douglass earlier today highlighted negative basis trade opportunities in the debt of meat producer, Tyson Foods.
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