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Daily Credit Summary: October 28 - Banks, Builders And Bailouts

Wed, 28 Oct 2009 22:30:14 GMT

Spreads were broadly wider in the US as all the indices deteriorated (moving to their widest levels since 10/02). Curves were modestly flatter but roll trades saw significant decompression (both in HY and IG) especially between series 9 and 12/13. At 109bps, IG is within 1bps of its widest close since 09/04 (as we note intraday wides of almost 115bps as a significant eye-ball level for many to watch).[More...]

Daily Credit Summary: October 6 - Aussie Rules, Fisk Drools

Wed, 07 Oct 2009 00:30:23 GMT

Spreads are mixed in the major indices today as single-names lagged any underperformance intraday and credit notably underperformed equities all day. Aside from very early trading tights in IG12/13, the on-the-runs were unable to break yesterday's tights (while SPY managed to gap up and hold well off yesterday's highs). Intraday ranges in IG and HY remained very muted again despite a pick up in volumes (as talk was of elevated activity in rolls and curves once again).[More...]

Daily Credit Summary: September 28 - Divergent Dullness

Mon, 28 Sep 2009 21:55:10 GMT

Spreads were tighter in the US as all the indices improved (though were unable to break Friday's tights and closed wider than Thursday's close). IG trades only 8.1bps tight (rich) to its 50d moving average, which is a Z-Score of -0.7s.d. At 105bps, IG has closed tighter on only 8 days so far this year (192 trading days). The last five days have seen IG converging to its 50d moving average.[More...]

Daily Credit Summary: September 16 ,2009

Wed, 16 Sep 2009 21:55:48 GMT

Spreads were tighter in all the major indices today as new 2009/contract tights were seen everywhere with the high beta compression, roll compression, and curve steepening trend continuing - although HY and IG both ended well off their best levels of the day (even as stocks closed at their highs).[More...]

Daily Credit Summary: September 10

Thu, 10 Sep 2009 22:45:54 GMT

Spreads were tighter in the US as all the indices improved (with IG and HY at their tightest closes since 08/10 and rallying for the fifth day-in-a-row for the first time since the Dec08 roll).[More...]

Daily Credit Summary: August 10

Tue, 11 Aug 2009 22:15:22 GMT

Spreads were broadly wider in the US as all the indices deteriorated (as HY underperformed IG and both closed at one-week wides). Indices typically underperformed single-names with skews widening in general (extending the trend of single-name weakness from the middle of last Friday) as IG underperformed but narrowed the skew, HVOL outperformed but widened the skew, ExHVOL's skew widened as it underperformed, XO's skew increased as the index outperformed, and HY's skew widened as it underperformed. The names having the largest impact on IG are International Lease Finance Corp. (-21.93bps) pushing IG 0.14bps tighter, and American International Group, Inc. (+58.65bps) adding 0.35bps to IG. HVOL is more sensitive with International Lease Finance Corp. pushing it 0.64bps tighter, and American International Group, Inc. contributing 1.53bps to HVOL's change today. The less volatile ExHVOL's move today is driven by[More...]

Daily Credit Summary: June 18 - Hurry Up And Wait

Thu, 18 Jun 2009 22:09:56 GMT

Spreads were broadly wider in the US as all the indices deteriorated. Indices typically underperformed single-names (as we note some pre-roll activity is holding single-names in while macro players drive indices wider) with skews widening in general as IG underperformed but narrowed the skew, HVOL underperformed but narrowed the skew, ExHVOL outperformed pushing the skew wider, XO's skew increased as the index outperformed, and HY's skew widened as it underperformed (with rumors of another HY list today trying to take advantage of the large skew). Only 9.6% of names in IG moved more than their historical vol would imply as higher vol names outperformed lower vol names by 0.82% to 1.31%. IG's vol is around 4.38% per 1 day period, which leaves 98 names higher vol and 27 lower vol than the index. The names having the[More...]

Daily Credit Summary: June 15 - June Unwinds

Mon, 15 Jun 2009 22:15:41 GMT

Spreads were broadly wider in the US as all the indices deteriorated (as IG underperformed HY and made new June wides). Indices generally outperformed intrinsics with skews mostly narrower as IG underperformed but narrowed the skew, HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew. The names having the largest impact on IG are Transocean Ltd. (-4.16bps) pushing IG 0.03bps tighter, and CIT Group Inc (+65.04bps) adding 0.37bps to IG. HVOL is more sensitive with International Lease Finance Corp. pushing it 0.06bps tighter, and CIT Group Inc contributing 1.65bps to HVOL's change today. The less volatile ExHVOL's move today is driven by both Transocean Ltd. (-4.16bps) pushing the index 0.04bps tighter, and Valero Energy Corp. (+16bps) adding 0.16bps to ExHVOL. [More...]

Daily Credit Market Summary: June 8 - Risk Is Good

Mon, 08 Jun 2009 22:38:39 GMT

Spreads were broadly wider in the US as all the indices deteriorated (despite a big leg tighter towards the close which leaked back wider after the close). Indices typically underperformed single-names with skews widening in general as IG underperformed but narrowed the skew, HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew, XO's skew increased as the index outperformed, and HY's skew widened as it underperformed. The names having the largest impact on IG are International Lease Finance Corp. (-45.39bps) pushing IG 0.3bps tighter, and CIT Group Inc (+79.54bps) adding 0.45bps to IG. HVOL is more sensitive with International Lease Finance Corp. pushing it 1.31bps tighter, and CIT Group Inc contributing 2.01bps to HVOL's change today. The less volatile ExHVOL's move today is driven by both Constellation Energy Group Inc. (-12.5bps) pushing the index 0.13bps tighter, and Fortune Brands Inc. (+10bps) adding 0.1bps to ExHVOL.[More...]

Weekly Credit Market Summary: May 29 - The Week In Credit

Sat, 30 May 2009 18:48:32 GMT

Spreads were tighter in the US this week as all the indices improved. Indices typically underperformed single-names with skews mostly narrower (as curves steepened and high beta outperformed low beta) as IG underperformed but narrowed the skew, HVOL underperformed but narrowed the skew, ExHVOL intrinsics beat and narrowed the skew, XO underperformed but compressed the skew, and HY outperformed but narrowed the skew. The names having the largest impact on IG are American International Group, Inc. (-272.37bps) pushing IG 1.24bps tighter, and Pfizer Inc. (+3.5bps) adding 0.03bps to IG. HVOL is more sensitive with American International Group, Inc. pushing it 5.5bps tighter, and Caterpillar Inc. contributing -0.07bps to HVOL's change today. The less volatile ExHVOL's move today is driven by both National Rural Utilities Cooperative Finance Corporation (-65.63bps) pushing the[More...]

Services/Suppliers

Mon, 27 Jul 2009 07:46:00 GMT

Geoservices Group, Paris, has acquired Petrospec Technologies Inc., Conroe.Tex., and Kuala Lumpur.
Geoservices has appointed Petrospec Pres, and CEO Mark A. Herkommer CEO of its Petrospec division.
Geoservices provides a range of oil field services that help evaluate hydrocarbon reservoirs and optimize field exploration, development, and production, including mud logging, well intervention, and field surveillance.

: iStockAnalyst.com Symbols Feed

Daily Credit Summary: October 28 - Banks, Builders And Bailouts

Daily Credit Summary: October 6 - Aussie Rules, Fisk Drools

Daily Credit Summary: September 28 - Divergent Dullness

Daily Credit Summary: September 16 ,2009

Daily Credit Summary: September 10

Daily Credit Summary: August 10

Daily Credit Summary: June 18 - Hurry Up And Wait

Daily Credit Summary: June 15 - June Unwinds

Daily Credit Market Summary: June 8 - Risk Is Good

Weekly Credit Market Summary: May 29 - The Week In Credit

Services/Suppliers

Credit Markets Seen Thawing

Waiting for a Turnaround: The Oil and Gas Business Has Seen Many Slumps Before, so Industry Veterans at the Offshore Technology Conference Focus on Long Term

Ellsworth Fund Ltd. Announces Earnings and Financial Update

Oil States Announces Third Quarter Earnings of $0.53 per Share

Oil States Announces Third Quarter 2009 Earnings Conference Call; Wednesday, November 4, 2009 At 11:00 Am Eastern Time

Bancroft Fund Ltd. Announces Earnings and Financial Update

Oil States Announces Second Quarter Earnings of $0.42 Per Share Before Goodwill Impairment

Oil States Announces Second Quarter 2009 Earnings Conference Call; Thursday, July 30, 2009 At 11:00 Am Eastern Time

Oil States Announces Second Quarter 2009 Earnings Conference Call

Oil States and Uniao Engenharia Form Joint Venture to Serve Brazil's Growing Offshore Market; Joint Venture Will Enhance Access to the Latest Technologies, Products and Services

Oil States and Uniao Engenharia Form Joint Venture to Serve Brazil's Growing Offshore Market

Oil States to Participate in the Calyon Conference

Form 4 TAYLOR CINDY B For: Sep 14 (10K)

Form 4 TAYLOR CINDY B For: Aug 25 (10K)

Form 4 TAYLOR CINDY B For: Jun 19 (10K)

Form 4 Dodson Bradley J For: Jun 19 (10K)

Form 4 Steen Lias Jeff For: Jun 16 (10K)

Form 4 HAMPTON ROBERT WESLEY For: Jun 05 (10K)

Form 4 Dodson Bradley J For: Jun 04 (10K)

Form 4 CRAGG CHRISTOPHER E For: Jun 04 (10K)

Form 3 Steen Lias Jeff For: May 18 (10K)

Form 4 VAN KLEEF WILLIAM T For: May 14 (10K)