Credit hedge funds (October 2021)
Credit hedge fund returns

Ucits at a glance: Angsana recovers from July slump
Just under 75% of Ucits funds made positive returns in August, holding steady from June and July

Credit funds at a glance (October 2021)
A round up of fundraising and people moves in credit

Big name family business lines up corp hybrids fund
Edmond de Rothschild Asset Management (Edram) plans to launch a corporate hybrid fund and has hired Alex Eventon to lead the effort

Hedging picks up as dip-buying is weighed against inflation
Inflation and rates will be the central drivers of credit market performance into the end of the year and beyond, investors and strategists agree

French hedgers price in election six months ahead
The CDS market is well known to be more reactive than cash credit to changes of sentiment. However, a growing fixation among participants to price in macro and political risk ahead of time appears to have hit an extreme in the case of French presidential election hedging — more than six months before the country goes to the polls

CSAM regains best manager throne
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around

Credit Fundraising: September breaks 2021 record and poses question - is it sustainable?
The third quarter ended with $36.5 billion being raised in credit last month, doubling July and August figures. Several of the new funds have embedded Sustainable Finance Disclosure Regulation or ESG criteria at the heart of their investment thesis   

German convergence as travel co surges inside troubled real estate firm
Amid rocky markets there has been a tale of two diverging credits in the European high yield market on Wednesday, with two of the riskiest names passing each other on sharp convergent moves

Credit suffers double punch from treasury and energy surge
Credit markets are nursing their wounds after taking a battering on Wednesday, prompted by a surge in oil prices and spike in government bond yields that add to concerns about rising inflation

Squarepoint takes over from CSAM as it supports star trader's new long-short credit fund
Arini, led by highly regarded former Credit Suisse trader Hamza Lemssouguer, has found support in Squarepoint Capital as it launches its first European credit fund

M&G launches ESG loan fund with Prudential UK and Kapan backing
M&G has launched a leveraged loan fund focused on environmental, social and governance

German real estate co surges tighter on asset sale review
Adler Real Estate is a big improver in European credit at the start of the week, after the company notified investors that Adler Group will initiate a strategic review as it looks to cut leverage

CIFC launches $2bn loan SMA with Texas pension fund
CIFC Asset Management has teamed up with Teacher Retirement System of Texas to launch a separately managed account named Texas Debt Capital LP to invest in senior secured loans

Senior credit PM departs M&G after 20 years to join Insight
Insight Investment has hired a senior portfolio manager within its strategic credit team from M&G

Hayfin confirms Euro CLO PM hire as business scales to €3 billion
Hayfin Capital Management has confirmed the appointment of European CLO portfolio manager 

German real estate co hits new wides as single names catch up with index rout
Adler Real Estate is again one of the biggest movers in the European credit market, as the week comes to a bearish close and October begins with heightened uncertainty

Adler resumes downward slide as European real estate woes mount
Market sentiment is weighiing heavily on European real estate once again, with Adler bonds and CDS in particular adding to their recent deterioration

Manager wins £1.7 billion IG credit mandate from UK's St James’s Place
The UK wealth manager has awarded a £1.7 billion ($2.28 billion) global invevstment grade credit mandate

Investors shrug at new Evergrande bond deadline a week on from roll havoc
Chinese real estate giant Evergrande looks unlikely to meet a $45 million bond payment due on Wednesday despite reports it plans to sell a $1.5 billion commercial bank stake. But credit markets are showing very little reaction despite initial default concerns having up-ended CDS index rolls only last week

Healthcare M&A offers diverging prognoses in high yield as market recuperates
Grifols, the Spanish healthcare business, is making a push wider at odds with rallying markets, having brought €2 billion equivalent of bonds to back its acquisition of European plasma player Biotest

Chinese power crunch brings off day for credit as investor optimism dims
Concerns about a China slowdown, Germany's election result, rate hikes and the US government's inability to lift its debt ceiling have contributed to a sharp move wider in credit, as investors attempt to digest a variety of big unknowns

HY set to roll after rocky week scuttles investors
Market participants are holding their breath ahead of the roll of US high yield index CDX HY, after a week of volatility and fund outflows

Credit rally extends as Fed hurdle passes and Evergrande views evolve
Credit markets are rallying for a second day, after the US Federal Reserve meeting indicated a shortening timeline to rate hikes but no shocks. A key deadline for China Evergrande bond payments still overshadows the Thursday session, but investor expectations have gravitated to a more localised impact for any fall out

GIB brings in ESG expert for fixed income expansion
GIB Asset Management has hired from Abrdn as it looks to grow beyond emerging market credit and index strategies