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It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
Credit trends wider as it makes bad first compression in 2021
3 years ago
With credit spreads starting the year close to the absolute tights they reached in early 2020, investor emphasis is heavily on relative value. But so far the most signposted of these trading strategies are failing to perform, while market-neutral opportunities have greatly diminished -
High yield credits play catch up as central banks put brakes on bull run
3 years ago
High yield single names gained attention on Thursday, as financial markets took a breather after three days of improvement to digest UK and China central bank policy signals -
Biden buzz highlight's credit's growing pains
3 years ago
Stimulus and a “reflationary window” are the dominant themes of early 2021, particularly in the US, and they will favour growth assets over credit in the near term, say investors. -
Credit funds at a glance (February 2021)
3 years ago
A round-up of fundraising and people moves -
Fund performance: CLO funds keep up momentum as Napier Park finishes top
3 years ago
2020 ended with funds in our CLOs category taking the top few spots -
Ucits at a glance: Advent ends calendar year on top
3 years ago
Ucits ended 2020 on the rise as 89% of funds achieved positive returns in December -
Credit hedge funds (February 2021)
3 years ago
Monthly credit hedge fund tables -
They said it: "I am extraordinarily proud of the firm I have helped build"
3 years ago
Apollo chief executive officer Leon Black announces he is stepping down. -
Search firm highlights lack of diversity across Euro credit
3 years ago
A report on diversity within the corporate credit industry has shed light on the imbalances that persist -
Italian credits lead race tighter as Super Mario eyes new mission
3 years ago
Italian sovereign, bank and corporate spreads are in the spotlight today, after the country's president Sergio Mattarella asked former European Central Bank president Mario Draghi to lead a government in the wake of Giuseppe Conte's coalition collapse -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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Anchorage upsizes 2016 bond-flex CLO by $267 million with reset
3 years ago
Anchorage Capital Group has reset its 2016 vintage bond-flex CLO, Anchorage Credit Funding 4, upsizing the deal by $266.7 million in the process -
Silver squeeze reaches credit in brighter trading mood
3 years ago
Financial markets are beginning the week and the month in a more positive mood after a volatile end to January. But retail investor power - the bane of hedge funds last week - is again exerting an influence that permeates through to credit -
Credit grasps for stability after midweek swoon
3 years ago
Credit markets look to have regained some composure at the end of a rocky week, with indices flattening out despite a continuing decline in stocks -
US looks for stronger open after sell off
3 years ago
US credit is opening slightly stronger on Thursday, after its sharp Wednesday rout, prompted by Federal Reserve messaging, carried over forcefully into Asian and European markets -
Credit touches November levels as nerves fray on France and Fed
3 years ago
Fears of a third national lockdown in France and the risk of disappointment from Wednesday's US Federal Reserve meeting have pushed credit wider along with a sell off in stocks -
Credit lags in market recovery after borders panic
3 years ago
Financial markets are recovering after Tuesday's sell-off, but credit is lagging stocks despite having taken more of a hit in the initial rout -
Credit Rendezvous: heading for homes
3 years ago
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. -
Credit beats fast retreat as Biden boost dissolves in sea of troubles
3 years ago
The improvement of financial markets following the inauguration of Joe Biden as US president on Wednesday is looking short-lived as the week comes to an end, with CDS indices once again among the poorer performers -
Financials lead tightening as calm markets greet Biden inauguration
3 years ago
If there is any volatility around the transition on Wednesday to Joe Biden's US presidency, it looks unlikely to come from financial markets, with CDS indices among the better performing assets in an unruffled day -
Italian spreads signal Conte confidence ahead of Senate vote
3 years ago
Italian banks are among the best performers in credit on Tuesday as hopes rise for a vote of confidence in prime minister Giuseppe Conte's government and the CDS market returns to tighter spreads -
Comment: Europcar auction dented short-sellers but not CDS
3 years ago
Far from showing the CDS market is not fit for purpose, last week's Europcar Mobility Group credit event auction was a lesson that speculative short selling is a dangerous ploy - especially when the trade is crowded -
Alcentra co-CIO for liquid credit set to leave this month
3 years ago
A high profile figure in the US CLO business is leaving Alcentra -
Europcar CDS auction shocks protection buyers with zero pay-out
3 years ago
Wednesay's auction to settle Europcar Mobility Group CDS has left protection buyers on the company with nothing to show for their investments and hedges, after dealers produced an unexpected 100% recovery on contracts due to a technical mismatch in bids and orders
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