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IFAs get free online guide to CDS levels

Jubilee Financial Products is publishing a weekly overview of credit default swap levels on its website to help advisers evaluate the counterparty risk of major UK issuers in the structured product market.

Companies which source CDS pricing can charge up to £20,000 a year for access to live pricing but IFAs will now be able to access free online indications of mid-market CDS levels based on Jubilee FP’s daily interaction with market participants.

CDS curves will be offered on BNP Paribas, Societe Generale, UBS, Morgan Stanley, Barclays, Credit Suisse, Royal Bank of Scotland and Citigroup.

The firm is also providing an indication on the iTraxx-XOVER CDS index, giving a view on the credit quality of the top 50 traded BBB sub-investment-grade companies on the market.

This is designed to give advisers a proxy on how the companies are moving and how wide their spreads are relative to Libor.

Jubilee Financial Products chief executive Adam Habib says: “There is no access to the credit default swap market and there is no information given to IFAs.

“The credit ratings are doing a good job but unfortunately things are moving so fast that they are just not relevant which is why we need to have CDS spreads there.”

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