June in derivatives: tranche warfare as bespokes take flight

The major credit indices look quiet, but Alt Credit Intelligence finds there’s plenty of activity below the surface

June has been a swan-like month for credit derivatives. ­ The headline credit indices have appeared calm and tightened relentlessly, but behind the scenes there has been frenetic activity in tranches and ‘bespokes’ or CSOs on the back of some significant moves in some sectors. In US investment grade credit,