Bond traders’ big week ends with Fed rate cuts even less certain
Traders are pricing in roughly 20% odds that the Fed holds rates steady in either November or December.
Investments
Latest repo volatility raises new concerns about QT’s future
Quantitative tightening has helped to keep mortgage rates elevated, but new concerns over how it impacts market liquidity could lead the Fed to end the program.
FS Investments’ Bridge Street preps new CLO, considers CLO ETF
FS grew its CLO business and now manages four CLOs totaling $1.4 billion. The manager's risk-averse growth avoids complications that are still unfolding liability management exercises.
By
John Hintze
Top bankers chase a big payday by defecting to private credit
Goldman Sachs Group Inc.'s Luke Gillam and Bank of America Corp.'s Murad Khaled, set to join AlbaCore Capital and Apollo Global Management, are the latest in a growing list of top bankers to make the leap.
Treasury yields march higher as bond supply daunts investors
Five-year notes were the worst performer among Treasury benchmarks, with yields rising by more than 5 basis points, though all rose by at least 4 basis points.
Passive funds boost Treasury trading at month-end, Fed blog says
There's been a marked change in trading volume over the past four years at that time as well as a drop in transaction costs that coincide with the growth of passive funds that track index changes.
Apollo’s Atlas SP gets license to start secondary trading
In recent weeks, the firm has told structured credit investors that it will be able to soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities.
Three former Wilmington Trust execs head for UMB Bank in CLO expansion
The team will report to Vincent Pham as UMB Bank enhances its capabilities in CLO trustee and loan administration services.
A second private credit ETF filing lands within days of Apollo’s
An application for the BondBloxx Private Credit CLO ETF landed with regulators on Thursday afternoon. Subject to regulatory approval, the proposed fund would invest at least 80% of its assets in collateralized loan obligations.
Palmer Square Capital launching two ETFs that will buy CLOs
The Kansas City-based firm created the ETFs in response to demand from clients, in particular the wealth management community.
Chatham launches CLO platform, taps CSAM’s flannery
Chatham will provide funding for the equity portion of CLOs, according to a person with knowledge of the matter. CTM will start issuing CLOs — leveraged loans repackaged as bonds — in 2025.
Liability management exercises grow, exceeding defaults
As corporate treasurers use the debt reorganization technique to head off disruptive defaults and bankruptcies, lenders seek more blockers and cooperation agreements to mitigate risks.
By
John Hintze
Citadel Securities, Jane Street on track for record revenue haul
First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.
Citadel Securities, Jane Street on track for record revenue haul
First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.
Strong CLO issuance should remain through 2024, despite volatility
Observers and investors weigh in on how rate cuts may shift pricing dynamics for CLO tranches.
By
John Hintze
Treasuries on track for best rally since 2021 ahead of rate cuts
Treasuries have returned 1.7% this month through Aug. 28, on pace for a fourth straight monthly gain, according to the Bloomberg US Treasury Total Return Index.
Canadian Dollar Offered Rate end unlocks $90B liquidity opportunity for ABCP
Canadian asset-backed commercial paper issuers eye chance to narrow massive financing gap created by the CDOR benchmark cessation.
By
Amilda Dymi
Wall Street braces for ‘reality check’ from Powell: markets wrap
In the run-up to Powell's Jackson Hole speech, Treasuries tumbled across the US curve, with the move led by shorter maturities.
Powell may provide clues about rate cuts at Jackson Hole, economists say
"Fed watchers will be parsing Powell's comments for signs that a 50bp rate cut is on the table for September," noted Lauren Saidel-Baker, an economist with ITR Economics. "However, the notoriously tight-lipped chair is unlikely to confirm this, making a 25bp cut the most likely outcome."
Charles Koch’s firm backs new CLO fund for the public market
The fund, Sound Point Meridian Capital, invests in CLO equity. Fewer than 10 of these closed-end funds trade now, partly because starting one requires a backer willing to leave the money invested for years.
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