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Weekly Credit Strategy Update
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Obama administration has put forward a new proposal for regulating the US financial sector
Fri, Jun 19 2009, 08:39 GMT
by Danske Research Team
Summary
- CDS spreads are wider following higher risk aversion
- The Obama administration has put forward a new proposal for regulating the US financial sector
- In Denmark, Fionia Bank Holding has conceded that all equity capital is lost. The healthy part of the bank is expected to be sold.
Headlines from the credit market this week
A sense of weakness seems to have crept into the credit market recently and in the Nordic region it is once again the Baltic exposures of the banks that grabs the negative headlines. CDS spreads have widened somewhat as volatility has increased. In the cash market, which has performed strongly for several months, we also see more offers and we expect this picture to remain the same at least until the end of Q2. Still, the shorter end of the curve continues to be well bid.
The investment grade index, iTraxx Europe, currently trades at 123bp, which is 15bp higher than last week. The high yield index, iTraxx Crossover trades at 750bp up from 682bp last week.
During the week we continued to see good activity in the primary market. If the recent increased volatility gathers speed, the activity in the primary market may slow considerably in the coming months as the summer season is approaching fast.
Published on Fri, Jun 19 2009, 08:43 GMT
Archive
- CDS indices remain range bound
Published On Fri, Nov 6 2009, 13:28 GMT - High spread volatility on the back of mixed economic news from the US
Published On Fri, Oct 30 2009, 18:24 GMT - The trend continues as spreads go gradually tighter
Published On Fri, Oct 23 2009, 10:49 GMT - Macroeconomic disturbances hurt markets
Published On Fri, Oct 2 2009, 12:32 GMT - Spreads are slightly tighter in an uneventful week
Published On Fri, Sep 25 2009, 09:40 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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