Archive for the ‘Contributor Post’ Category

Millions made on Dixons Retail CDS in less than a week

See the pdf version of the report here……or continue reading below……

Credit market obervers last week would have noticed that Dixons Retail CDS was a very volatile name having soared past 1000 bps intraday last week*. What they may not …

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Analysis: What happened to Pershing Square’s BP swaps

An analysis of Pershing Square’s BP CDS trade and BP’s latest financials.

Pershing Square’s latest third quarter investment letter covered a number of past, present and future investments – with one notable exception: BP CDS.

The reason for the …

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Credit Analysis: PIGS Banks (Part 2)

credit analysis on several European/PIGS Banks and their respective sovereign. Continued from Part 1.

Some highlights:

  • Sovereign CDS spreads are generally tighter than the banks’ with some notable exceptions including Santander & BBVA (almost 50 bps and 20
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Credit Analysis: PIGS Banks (Part 1)

credit analysis on several European/PIGS Banks and their respective sovereign.

Some highlights:

  • Inverted CDS curves in a number of PIGS (european) banks like Anglo Irish, AIB, Caixa General, BES as well as their respective sovereigns (Ireland and Portugal).
  • Some
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Credit Analysis: Nasdaq 100 Holdings

A credit analysis on constituents of the Nasdaq 100.

Some highlights…

  • Fiserv CDS trades at a 25 bps premium to its sector & rating peers. On the other end, Oracle trades at a 37 bps discount to its sector &
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Credit Analysis: H&R Block

A detailed credit analysis on tax prep firm H&R Block.

Some highlights…

  • H&R Block CDS has more than doubled over the summer while its peer BBB-rated Financials have more or less remained steady.
  • In a previous study conducted by the
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Credit Analysis: US & European Banks ahead of Basel 3

Here is a broad credit analysis on 5 large American and 5 large European commercial banks (Banco Santander, Bank of America, Barclays, Citigroup, Credit Agricole, Deutsche Bank, HSBC, JP Morgan Chase, Unicredit and Wells Fargo) ahead of the upcoming Basel …

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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 from the credit derivative perspective.

Some highlights:

  • BHP Billiton CDS currently at 106.5 bps (up +10%,+ 30%, +36% over the
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