Dan Alderson

London

Editor at 9fin

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Articles

Avon CDS payout ends 66 cents after second-half surge in auction

Sep 23, 2024 | 9fin.com | Dan Alderson

A remarkable second half turnaround in the 24 September Avon Products credit default swap auction shifted the balance from protection sellers to protection buyers. The Avon auction, hosted by Creditex, produced an initial market midpoint of 63.375 cents.
Atos ruled as credit event in Europe's first CDS trigger since Casino

Jul 30, 2024 | 9fin.com | Dan Alderson

News and AnalysisDan Alderson30 July 2024•3 min readAtos SE has triggered a credit event on CDS contracts, making it the first company in Europe for almost a year to do so. And the decision this time was a lot faster in coming than in the 2023 Casino Guichard-Perrachon case, sources noted. The EMEA Credit Derivatives Determinations Committee initially met on Friday and today (Tuesday) at 2pm London time ruled Atos has triggered a bankruptcy credit event.
Worth the Accell? TLB low bid puts whitelists back in focus

Jul 8, 2024 | 9fin.com | Dan Alderson |Laura Thompson |Tanvi Gupta

News and AnalysisDan Alderson+Laura Thompson+ 1 more8 July 2024•5 min readA mystery bid for Accell’s Term Loan B has piqued the curiosity of market participants and reignited discussion about the adverse impact of whitelists on investors, sources have told 9fin.
After Altice, and after Covid - Are European labs the next CLO test?

May 22, 2024 | 9fin.com | Dan Alderson

News and AnalysisDan Alderson23 May 2024•6 min readThe loan market is on lookout for the next Altice-like shock, and some believe the laboratory services companies that thrived during Covid and dived afterwards could create the next big headache for European CLO managers. The impact of distress in widely held capital stacks took centre-stage in March when Altice France said it expected creditors to take losses in order to tame leverage.
CDS shake-up leaves names such as Atos and Altice in limbo

May 12, 2024 | 9fin.com | Dan Alderson

News and AnalysisDan Alderson13 May 2024•10 min readAn overhaul of market infrastructure is about to impact high yield and distressed credit markets, yet may have gone under the radar. It will also provide morbid fascination for onlookers if — as seems likely — the plans encounter pushback from those who operate that very market infrastructure. Read all our public content for freeSign up for our newsletter to read this article nowWe won't spam. You can unsubscribe at any time.
Altice debt blowout a hit to CLOs across capital structure

Mar 20, 2024 | 9fin.com | Dan Alderson

The price action on Altice France (SFR) debt following the company’s fourth quarter earnings has dramatically punctured trading prices and quotes in its bonds and loans, both of which are held broadly across CLO funds.
Macro Prophet - WAL and Peace

Feb 20, 2024 | 9fin.com | Dan Alderson

“If everyone fought for their own convictions there would be no war.”However you associate the part of February just gone — Lunar new year, Presidents' Day, or just plain half term holiday — it often marks a change of gears, after which financial markets properly pick up the pace. In recent years, however, it has also been when unusual events out of left field have wreaked havoc on the best laid plans of mice and money managers.
Macro Prophet - The sleeping dragon rumbles

Feb 6, 2024 | 9fin.com | Dan Alderson

Market WrapDan Alderson7 February 2024•10 min readNian was a fierce dragon that used to rule the land until a magical warrior put a spell on him. Because of this spell, Nian was forced to hide in a mountain under the sea. But in spring Nian came out to fill his empty stomach…Financial markets are at a pinch point, to use the parlance of novel writing, in which the actions and agenda of the main antagonist are liable to appear.
Macro Prophet - Ones and zeros

Jan 16, 2024 | 9fin.com | Dan Alderson

Market WrapDan Alderson17 January 2024•8 min read“We are all living, at most, half of a life, she thought. There was the life you lived, which consisted of the choices you made. And then, there was the other life, the one that was the things you hadn’t chosen.”Only halfway through January and already the outlook for 2024 looks incredibly binary for credit risk.
Macro Prophet - Barbenheimer II

Jan 4, 2024 | 9fin.com | Dan Alderson

Market WrapDan Alderson5 January 2024•9 min readWhen a war breaks out, people say: “It’s too stupid; it can’t last long.” But though a war may well be 'too stupid', that doesn’t prevent its lasting. Stupidity has a knack of getting its way; as we should see if we were not always so much wrapped up in ourselves.