CDS

According to Simon Thorp, Fund Manager of the Aperture Investors SICAV - Credit Opportunities Fund (ACOF), a more inflationary environment has a direct impact on the valuation of its long positions. In such a context, he aims to reduce the duration of our portfolio...

According to BofA Merrill Lynch Global Research report, Month-to-date, investment-grade cash bond spreads are 21bp wider and high-yield cash bond spreads are 73bp wider. September is shaping up to be the worst month of the year for performance, and the year-to-date picture is no rosier.

In accordance with the Right Upon Future Offers or RUFO clause (similar to a conventional clause requiring creditors to be treated pari passu) contained in the 2005 agreement on the restructuring of the debt of the exchange bondholders (preventing Argentina from making more favourable repayments to holdouts unless the conditions are the same as for exchange bondholders), the funds paid by Argentina were not handed over to the creditors.

United First Partners (UFP) is pleased to announce the appointment of Pascal Marionneau as Global Head of the Credit Solutions business line. Pascal will be a Managing Partner and a member of the Executive Board.

Fitch Ratings has affirmed Denmark’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ’AAA’ with a Stable Outlook. Fitch has simultaneously affirmed the Short-term foreign currency IDR at ’F1+’ and the Country Ceiling for Denmark at ’AAA’.