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Happy New Year!

06 January 2014 by HCM

First and foremost, the teams of Hellebore Capital Management and DataGrapple both wish you all a Happy New Year!
The credit market entered 2014 as it finished 2013: the first few sessions have been constructive and the reduction of risk premia has been broad based - with the notable exception of HTZ ( Hertz Global Holdings Inc.) following the news of a stake in the company built by activist investor Carl Icahn -. Investors have allegedly cash to invest and corporates can issue at historically low yields. Hence plenty of new issues are expected over the next few weeks. We will see if it triggers some hedging activity in the CDS market…