Financials remained heavily active in US credit default swaps markets throughout the month of August, with insurance among the more actively traded sectors, according to a report from G
Financials remained heavily active in US credit default swaps markets throughout the month of August, with insurance among the more actively traded sectors, according to a report from GFI Group.
Financial services companies and real estate also remained active, having been among the top five most active sectors in July.
Publishing saw an upswing in activity throughout August, with McClatchy attracting the most significant amount of volume at a corporate level.
In Europe, iTraxx Europe Senior Financials Series 11 trade prices were volatile intra-month, albeit ending the month widening only slightly.
In European corporates, Gazprom continued to be heavily traded, particularly in the short end of the curve, while trading in Accor and Diageo 5YR CDS saw prices widening significantly during the month.
In European sovereigns through the month, the focus remained on Russia, Turkey and the Ukraine, with trade prices in the Turkey 5YR showing significant volatility, though calming by month end, having widened marginally overall.
In Asia, Japan continued to dominate volume, with large corporate contracts seeing good levels of activity. As with July, auto manufacturing was the most active sector in the Japanese market – Nissan Motors and Toyota Motor were two of the most active corporates – while financial services also saw continued activity. Last month also saw a pick-up in CDS activity in the trading companies and distributors sector with Sumitomo and Marubeni the more actively traded names in the sector.
Turkey, Russia and Brazil were the three most active sovereigns joined by Mexico and Kazakhstan.
