24 April 2018 by lberuti
It felt like a relatively quiet session overall and the volumes traded on credit indices – you can find them on OTCStreaming - were on the light side. They traded sideways for most of the session before leaking wider into the close when the Nasdaq plunged. At a micro level, it was much more active and there was actually a fair bit of dispersion playing out, particularly in the European Crossover universe with a number of names moving in opposite directions. For instance, UK debt collectors moved tighter after S&P affirmed IJSS’s ( Intrum Justitia AB ) rating at BB+ and confirmed their stable outlook following their recent strategic partnership with Intesa Sanpaolo to co-manage a significant amount of the Italian bank’s nonperforming loans portfolio. At the same time, LADLN ( Ladbrokes Coral Group Plc) was moving wider after an article in the press suggesting the Treasury is ready to impose a £2 FOBT – Fixed Odd Betting Terminals - limit and offset tax revenue losses with an increased tax on online POC - Point Of Consumption -.